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Financing | From 'Urb to 'Burb Blog

Tuesday, July 28, 2020   /   by Vanessa Saunders

The clock is ticking on unemployed Americans with mortgages to pay.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
As politicians in our legislatures grind on trying to agree on how much less out-of-work Americans can receive in unemployment payments, the clock is ticking for home-owners trying to figure out a way to make the mortgage payment next month. For those of you who have never been in this situation, this is a reminder that you do have options to get help.
Temporary Mortgage Relief Due to Coronavirus Pandemic
In response to the Coronavirus pandemic, under the CARES Act, the owners of single-family homes with federally-backed mortgages can get two types of financial help.
Eviction and Foreclosure Moratorium
An eviction and foreclosure moratorium that went into effect on March 18, 2020, has been extended again. It now continues until August 31, 2020. During that time, homeowners:
-Will not be charged late fees
-Will not be evicted from their homes
Lenders:
-Will not initiate foreclosure proceedings ...

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  hudson valley real estate, hudson valley home owners, 'urb to 'burb, financing, pandemic, mortgage, fha, unemployment, veterans, rent moratorium

Tuesday, July 21, 2020   /   by Vanessa Saunders

Another suspect keeping houses for sale off the Hudson Valley market.

We wrote yesterday about the factors keeping homes for sale off the Hudson Valley real estate market. We named six "suspects" causing the dearth of housing inventory. There's one more:
30 year fixed rate mortgage interest rates that recently fell below 3%.
Freddie Mac’s nationwide survey of mortgage rates, released on Thursday, July 16th, showed the average on a 30-year mortgage at 2.98 percent, the first time this key rate has fallen below 3 percent since the government-backed mortgage finance firm began publishing the data in 1971. But unfortunately for home buyers in the Hudson Valley, mortgage rates so deliciously low have caused many existing homeowners to to refinance and stay put.
Mark Fleming, the chief economist at First American said in an appearance on Yahoo Finance, "I never thought I’d be able to say that a 30-year fixed-rate mortgage would be less than 3 percent but now we have it,” Fleming said. “That is in large part because of the economic ...

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  hudson valley real estate, hudson valley property, hudson valley home, hudson valley home owners, housing sales, selling your home, housing sales inventory, financing, pandemic, mortgage, bidding war

Monday, July 13, 2020   /   by Vanessa Saunders

How to win in a bidding war without raising your price.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
As people anticipate an economic recovery this summer, more home buyers are actively entering the Hudson Valley housing market. What some buyers will be surprised to discover in this seller's market is that unlike the last recession, prices are rising, not falling. The difference this time is the severe shortage of homes for sale. Buyers should expect and be prepared for getting into bidding wars when they make an offer on a property. As bidding wars go, there are going to be more losers than winners. As a buyer, you should be prepared for the battle. Here are some ways to get an edge over other buyers that do not involve upping your price.
Be ready with your pre-approval paperwork.
Sellers want strong offers from strong buyers, buyers who are prepared to see a contract through to closing. Show you are serious by having a pre-approval letter from your lender. (Not just "pre-qualified." There is a h ...

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  hudson valley real estate, hudson valley property, hudson valley home, buying a home, hudson valley home owners, 'urb to 'burb, hudson valley home sellers, why work with a realtor, first time home buyer, financing, home inspections, bidding war

Tuesday, July 7, 2020   /   by Vanessa Saunders

Yesterday's mortgage rate blog: We forgot to mention something

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
I wrote a blog yesterday about how mortgage loan interest rates set a new all time low record last week. The story we told was about how such attractive financing, paired with the low number of homes for sale in the Hudson Valley and a predicted up-tick in home prices this season should be great news for sellers. We forgot one thing.
Low mortgage rates are also great news for buyers. Even first time buyers. Here's why.
Home prices may be heading for a rise right now, but buyers can offset paying a little extra for a home by the astonishing amount they'll save by financing now.

What many people often forget when they decide to buy is that the price they agree to pay for a house at contract isn't how much they'll actually pay. Leaving aside taxes and other ancillary home ownership expenses, what they actually pay is the amount they'll borrow for the home AND the interest they'll pay on their mortg ...

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  hudson valley real estate, hudson valley property, hudson valley home, buying a home, home investment, 'urb to 'burb, mortgage rates, first time home buyer, financing, mortgage

Tuesday, May 5, 2020   /   by Vanessa Saunders

Forbearances creating havoc among some home buyers.

From Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
05-05-2020
The Coronavirus outbreak has left many Americans dealing with reduced income or unemployment. In response, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (CARES), which in part directs lenders to provide mortgage relief options to affected homeowners. But some lenders are mishandling the program and innocent borrowers are suffering the consequences.
The CARES Act requires lenders to offer borrowers up to 180 days’ forbearance, with the option for borrowers to request an additional 180 days’ forbearance or to stop the forbearance at any time. You can be directly or indirectly affected by the COVID-19 outbreak to qualify for forbearance, and you do not have to be delinquent on your mortgage. You can apply before you’ve missed a payment.
Under the terms of the CARES Act, lenders won’t report forbearance to the credit bureaus. ...

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  hudson valley real estate, hudson valley property, buying a home, hudson valley home owners, hudson valley house, financing, mortgage, credit scores, pandemic, lending

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258


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The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

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