The Party is Over for the Lowest Mortgage Interest Rates

If anybody is in the middle of the mortgage process now, either refinancing or purchasing a home, you are probably aware that the mortgage rates have increased dramatically (i.e. .25-.5%) since mid-April. If you are not aware, then you certainly are not working with me or anybody else who is watching out for your best interests. For everybody else, you will know soon since the newspapers are very good at writing stories about interest rates (either up or down) when it is already "Old News." The "new normal" is likely going to be interest rates in ...

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Giving Thanks for 7 Things that Surprised Me in Housing and Mortgages in 2014

Has it really been nearly a month since Halloween?  Apparently so since traffic on the highways, near the mall mecca of Paramus, is reminding me that holiday shopping mode is in full swing!  However, before we get there, we need to fulfill the American rite of giving “Thanks” for the overabundance of food in our country by gorging ourselves on turkey, stuffing and sides. We then leave room for dessert pies, including the season bellwether, pumpkin pie on which with we will “gourd” ourselves! Like the variety of side dishes on Thanksgiving, some of which are ...

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Halloween: What is Scaring Me?

Halloween Houses
This year, some of the most popular Halloween costumes are Elsa and Anna from Frozen and a Hazmat suit inspired by our current Ebola scare. The dichotomy of the innocence of Disney princesses with the macabre of a terrifying and, IMHO (ask your kids for translation) not very funny healthcare worker’s protection suit, can be an analogy for this holiday, this season and, as applicable to this email, the housing market. In the housing arena, there are the Annas who see beyond the isolation that many have felt in losing their homes to foreclosure or seeing their equity ...

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If it’s still Spring why are we already in the Summer doldrums?

BlogPost
After getting out of the gate in May like California Chrome at the Kentucky Derby, the housing market finds itself out of the Winner's Circle in the middle of June.  Other than in parts of our most affluent local counties, housing sales as represented by number of units sold of existing homes are very low.  In the Northeast, the annualized volume is estimated to be only 600,000 homes this year which will be down 6.3% from 2013. Nationally, we are looking at annual sales of 4.59M for 2014 which is down from almost 7M during the height of the market in 2005!   More ...

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What effect will the cold, snowy winter have on the Spring Housing Market?

So, here goes...I believe that due in a large part to this winter"s weather, the spring housing market will be extremely strong. The top 5 reasons (in no real order) are as follows: 1. After years of procrastinating due to both indecision and depressed housing prices, the "younger" senior citizens (i.e. those from 60-75 years old) will finally have had enough of the cold and snow. They will put their houses on the market in large numbers to either move to warmer climates or to maintenance free townhouses and apartments. No more large heating bills or snow shoveling for ...

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Last Dance, Last Chance to…..Refinance

Over the past 6 weeks, interest rates have increased by about .75%. So now, rates on the 30 year fixed range from 4.0%-4.5% (depending on loans size, credit, property type, value, etc.) while 15 year fixed loans are 3.25%-3.75%. This is the result of mostly positive economic news; increased consumer confidence; tremendous stock market gains; recovering in the housing market; and last, but not least, the feeling that the Federal Reserve will slow and eventually stop buying billions of dollars in Treasury Bills. So, I suggest that if you have one of the following types of ...

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What do the leaves in Autumn and interest rates have in common?

As the weather is starting to turn colder, it is clear that summer is long gone.  Fortunately, now, in addition to the leaves falling, the interest rates are falling as well.  Anybody who has an interest rate of 4.25% or higher should be asking themselves, "Can I save money by refinancing?"  For most people, the answer will be a resounding "Yes!" In addition to an uptick in refinancings, the activity in the real estate market has been picking up over the past few weeks as well. Sellers and buyers are finally meeting on price.  Sellers have accepted that their ...

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Mortgage Industry Update

I am pleased to announce that I, along with my co-owner and the staff of FCMC Mortgage Corp., have now joined Classic Mortgage LLC.   Classic Mortgage is a mortgage banker in New York, New Jersey and Connecticut.  At Classic, we will be able to offer the same excellent service; low lender interest rates and variety of brokered mortgage products as we did at FCMC Mortgage Corp. However, in addition to brokering loans, since Classic Mortgage LLC, is a mortgage banker, Classic will make the loans themselves on many conforming, high balance conforming and FHA ...

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LOOK OUT BELOW….Interest Rates Fall to Historic Levels

NEWSFLASH!!        DON’T BE LATE --BEAT THE RUSH AND REFINANCE NOW!              As you likely have heard, interest rates have now fallen to their lowest levels in decades!. You may want to consider refinancing your current fixed rate mortgage. If you have an ARM with a few years left on it,  you may want to convert into a fixed rate loan or just lower your monthly payments by taking out another ARM.    In addition, if you have a 30 year loan and want to save on interest expense by shortening the term, you may want to consider converting it ...

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WHO LET THEM LOW RATES OUT, WHO, WHO?

After all the bad news that has been coming out recently about the real estate market generally and the mortgage industry, specifically, I am here to finally report some good news.  Unbeknownst to most homeowners, interest rates on conforming/non-jumbo loans (i.e. loan amounts of $625,000.00 or less) have now fallen enough that we are firmly entrenched in a refinance market. Interest rates on these loans are now available in the low 4s on 30 year fixed rate loans and the low 3s on 15 year fixed rate loans.  Due to the tightening in the lending markets, banks are ...

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