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Mortgage | From 'Urb to 'Burb Blog

Tuesday, September 29, 2020   /   by Vanessa Saunders

Is there a debacle coming to the real estate market?

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Keith Jurow, a long-standing financial analyst and writer for financial magazines including Advisor Perspectives, Yahoo Finance, MarketWatch, Barron's, and RealClearMarkets has spent much of the last few years predicting a collapse of the housing market. In March, 2019  he warned that the cash-out re-financing of the 2004-2008 real estate bubble could "start to take down numerous major housing markets within the next year."
In October, 2018 he wrote that the housing recovery was built on quicksand because of weak home sales volume. In June, 2018, he warned that re-defaults on mortgage modifications would undermine housing markets. Jurow's own LinkedIn page says, "I have stood alone warning investors that the so-called real estate recovery has been simply an illusion."
Jurow is either Chicken Little, or the canary in a coal mine. So far, his worries haven't been borne out, but he now has anothe ...

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  hudson valley real estate, hudson valley home, buying a home, home investment, 'urb to 'burb, hudson valley home owners, housing sales, pandemic, mortgage, the economy

Friday, September 18, 2020   /   by Vanessa Saunders

Don't be shocked by your mortgage closing costs!

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


According to a recent survey conducted by ClosingCorp, over half of all home buyers are surprised by the closing costs required to obtain their mortgage.


After surveying 1,000 first-time and repeat home buyers, the results revealed that 17% of home buyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected. “Home buyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”


According to Barry Goldenberg, Senior Loan Originator for Luxury Mortgage:


"Closing costs are fees and expenses paid by the buyer to the lender or third-party servicers such as title companies and attorneys who are part of the process of closing on a home. Closing costs can be rolled in with the mortgage loan, or paid up front. These costs c ...

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

Wednesday, September 9, 2020   /   by Vanessa Saunders

Today's mortgage rate is 3.047%! Interested?

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
When people decide to buy a house, one of the first things they think about is how much house they can afford. But affordability isn’t just about how much down payment they can put down or what portion of their monthly income can go toward mortgage payments. The price of a house is about all that, but the most important factor that affects cost is the rate of interest on the mortgage.
Today’s mortgage rates are phenomenally low right now, which means buyers can afford much more house. Because it’s less expensive to borrow money, purchasing a home while mortgage rates are this low may save you significantly over the life of your home loan.
According to Mortgage News Daily, “Those shopping for a home can afford 10 percent more than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.”
A $315,0 ...

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  hudson valley real estate, hudson valley home, buying a home, home investment, 'urb to 'burb, hudson valley home owners, mortgage rates, financing, mortgage

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

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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