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Lending | From 'Urb to 'Burb Blog

Friday, March 20, 2020   /   by Vanessa Saunders

Three reasons this time won't be as bad as last time.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
March 20, 2020
The spread of the Corona Virus in America is only starting to have an effect on our economy. People will soon be out of work, and will wonder where their next mortgage payment will come from. The good news is that this time isn’t like the last economic downturns we have experienced. Here’s why:
The Government Learned its Lesson the Last Time
During the previous housing crash, the government was slow to recognize the challenges homeowners were having and waited too long to grant relief. Today, action is being taken swiftly. Just this week:
The Federal Housing Administration indicated it is enacting an “immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages” for the next 60 days.
The Federal Housing Finance Agency announced it is directing Fannie Mae and Freddie Mac to suspend foreclosures and evictions for “at least 60 ...

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  hudson valley real estate, hudson valley property, hudson valley home, hudson valley home owners, 'urb to 'burb, house pricing, lending, the future of real estate, pandemic, home equity

Tuesday, March 17, 2020   /   by Vanessa Saunders

5 Simple Graphs Proving This Is NOT Like the Last Time

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate
 
With all of the volatility in the stock market and uncertainty about the Coronavirus (COVID-19), some are concerned we may be headed for another housing crash like the one we experienced from 2006-2008.

There are many reasons, however, indicating this real estate market is nothing like 2008. Here are five visuals to show the dramatic differences.
1. Mortgage standards are nothing like they were back then.
During the housing bubble, it was difficult NOT to get a mortgage. Today, it is tough to qualify. The Mortgage Bankers’ Association releases a Mortgage Credit Availability Index which is “a summary measure which indicates the availability of mortgage credit at a point in time.” The higher the index, the easier it is to get a mortgage. As shown below, during the housing bubble, the index skyrocketed. Currently, the index shows how getting a ...

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  hudson valley real estate, hudson valley property, hudson valley home, lending, the future of real estate, pandemic, the economy

Friday, March 6, 2020   /   by Vanessa Saunders

Now's the time to beat down your lender's door.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems.

Interest rates and stock prices have been bouncing all over the place recently, but yesterday was a shocker. 
What’s going on? We're seeing the effects of the Federal Reserve's interest rate-cutting on 10-year Treasury notes this week. The average rate on a 30-year fixed rate mortgage dropped to 3.29% this week, its lowest level... ever.


What’s going on? We're seeing the effects of the Federal Reserve's interest rate-cutting on 10-year Treasury notes this week.

First, keep in mind that 30-year mortgage rates have no free will. They move in lockstep with 10-year U.S. Treasuries. Treasury yields were already at all-time lows because of concerns the Corona Virus would hit future economic growth. (Investors buy Treasuries when they want to play it safe, and yields move inversely to prices.)

In an emergency move this week, the Fed cut interest rates,sending those Treasury yields even ...

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  hudson valley real estate, hudson valley property, buying a home, home investment, 'urb to 'burb, housing sales, selling your home, housing sales inventory, mortgage rates, financing, first time home buyer, lending, fha

Friday, February 21, 2020   /   by Vanessa Saunders

How you may be flushing thousands right now.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
Don't know your mortgage interest rate? You are not alone. A recent survey by Bankrate, a consumer financial services company, found that over one fourth of home owers don't know what their mortgage interest rate is. Why is that important? "Because if you don’t know your rate, you may be missing out on the opportunity to cut your monthly mortgage payment, the biggest item for most homeowners,” the study points out.
Bankrate also polled homeowners about how many more years they planned to stay in their current primary residence, whether or not they were planning to remodel and how they would pay for their home remodel. The vast majority of respondents, 56 percent, reported that they didn’t plan to ever move out of their home. Sixty-three percent of respondents said they were likely to remodel or renovate their home in the next five years.
About a third of respondents who own pay less than 3.99% ...

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  hudson valley real estate, hudson valley property, hudson valley home, home investment, 'urb to 'burb, mortgage rates, mortgage process, financing, mortgage, lending

Friday, February 7, 2020   /   by Vanessa Saunders

Buying a Foreclosure Home: Negotiations and Financing.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems


The wheels of banking grind exceedingly slow, and purchasing a foreclosure home is no exception. The start of a buyer's long road to owning a distressed property starts with making an offer, and proceeds through negotiations to closing. Most lenders with properties to get rid of are accustomed to low-ball offers. Buyers making offers that are at least 20% below the current market price are normal. A lender might agree to offers even lower than that if the particular property has been on their books for a long time. Lenders will also discount properties in an area with a high incidence of foreclosures. 

Many times, the winning offer will be all cash, including enough for the property and any necessary renovations. This is why buyers will often team up with outside investors who can help them cover up-front costs, then share any profits when the home is sold. 

Financing an REO.
Lenders don't part ...

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  hudson valley real estate, hudson valley property, hudson valley home, buying a home, home investment, 'urb to 'burb, orange county ny, westchester county, rockland county, ulster county, sullivan county, hudson valley house, manhattan, dutchess, financing, first time home buyer, lending, short sale, fha, fabulous renovations

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

The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, 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. ©2020 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.
The data relating to real estate for sale or lease on this web site comes in part from One Key, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the One Key, Inc logo or an abbreviated logo and detailed information about them includes the name of the listing broker.

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.

©2020 One Key, Inc. All rights reserved.

The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.