A very good and easily navigated site to learn the best steps to take to obtain any type of home loan

I love this site. Clients and friends interested in securing home loans have found it both informative and easy to use. I believe that your first step should be to take a look HERE

And then call me to find your next home

Housing Recovery?

According to the latest breakdown of sales prices and sales volumes, it is clear that the entry level sales are strong in comparison to last year, but the "moving up" sector sales are in trouble:

• Houses Priced $0-$100,000 - Sales rose by 20.9%

• Houses Priced $100,000-$250,000 - Sales roseby 4.9%

• Houses Priced $250,000-$ 500,000 - Sales fellby 9.6%

• Houses Priced $750,000-$1 million - Sales fellby 22.5%


In my opinion these figures tell us people aren't moving "up" as they leave their lower priced homes. They are either moving to renting or back to mom & dad. Until the lower end begins to feed the higher end, overall sales figures are a bit deceiving and we have a ways to go.
These are the national numbers but the general trend is true here on Long Island as well. Bottom line is that competition amongst sellers above the $4000,000 mark here is fierce and you'd better be priced well in that sector to get your house sold.

Top 10 Home-Selling Mistakes

HGTV’s FrontDoor.com identified what it believes to be the top 10 home-selling mistakes.

10. Waiting until spring to sell. People buy homes all year, so play up the home’s seasonal amenities and take advantage of serious buyers looking in the off-season.

9. Not understanding the real estate contract. Go over the fine print of the agreement with your real-estate agent or attorney before signing to make sure you understand your responsibilities as well as any demands the buyer has made.

8. Going it alone without researching first. Selling a home for-sale-by-owner take time, and requires you to do paperwork, marketing and showings. Make sure you’re up for the work involved in return for saving on the real-estate agent commission fee.

7. Ignoring lowball offers. If buyers submit a low offer, don’t reject it completely. Counteroffer to see if they are willing to negotiate.

6. Wasting time on an unqualified buyer. Make sure a potential buyer is prequalified for a loan before accepting an offer.

5. Skimping on marketing. Mix traditional advertising, including a sign in the yard and an ad in a homes magazine, with Web techniques, including online photos and video.

4. Sabotaging the showing. Leave the home when it is being shown to prospective buyers so they can more easily focus, and make sure the home is accessible w! ith convenient showing hours and a lockbox for agents.

3. Not prepping for the sale. Visit open houses in the neighborhood to get a sense of what the competition offers, then make fixes and updates, declutter and clean to outshine them.

2. Overimproving. Don’t make so many upgrades that you price your home out of the appropriate range for the area and fail to recoup your investment.

1. Overpricing. Your home should be priced in line with homes in the area that are of similar age, style and size.

Kitchen and Bath renovation is the #1 value adding investment for your home

Updated, beautiful, well designed kitchens and baths are always a great way to increase the value of your home. This designer is the best on the Island.

Please visit their site by clicking HERE

Identifying the Most Desirable Home Features

Thinking of selling your house? What are buyers looking for in today's market? Is your house ready for this market?

This video will give you an idea of what today's buyer is looking for

Making Home Affordable

Have you discovered the new Making Home Affordable program for mortgages owned by Fannie Mae and Freddi Mac? It is a program put in place to help America's homeowners.

Click this link to visit their homepage

Suffolk Holds Drawing for Foreclosed Homes

It was a foreclosure fest last night as Suffolk County Executive Steve Levy and others dipped into a barrel of 68 names to determine the order in which house hunters could buy rehabbed foreclosures at affordable prices.

“Yay!” screamed Minnie Mitchell, 45, of East Morichesm who was picked fifth. The assistant head teller at a bank and a single mom with two boys threw up her hands when hearing her name.

“Do you know how bad I want to own a home?” said Mitchell, one of 30 people who attended the lottery at the H. Lee Dennison building in Hauppauge. “I am the happiest person in the world.”

It's the first housing lottery drawing on Long Island under the federally funded Neighborhood Stabilization Program, which funneled about $30 million to Long Island municipalities to buy, rehab and sell empty houses.

Suffolk and Nassau, which will hold its lottery Monday, have been working with nonprofits to identify eligible buyers who will have to pay up to $225,000 for houses that could be worth far more. Those payments would be dumped back into buying more foreclosures.

"We really want you to get these homes and put your heart and soul into it because you're helping the neighborhood. . . . You're helping the county," Levy told the group.

The Long Island Housing Partnership will determine which house hunters meet income, credit and other eligibility rules. Money not allocated for a house in the next three years will return to federal coffers.

Suffolk is in contract on three properties but expects to rehab at least 70 homes in four years in target areas such as Mastic, Bay Shore, North Amityville and other places hit hard by the foreclosure crisis. Nassau expects to rehab 100 homes.

Joe Sanseverino, Suffolk's director of community development, said both counties and the Partnership have prepared a proposal for $20 million in competitive grants in the second round of federal funds. In target areas, properties seized by the county for nonpayment of taxes would be repaired with federal funds and sold as affordable homes, he said. "While we have not as severe problems as some of the other areas, like Nevada and California, we think we can make a bigger impact in communities with our funding," Sanseverino said.

Mitchell had been house hunting for a year but couldn't find an affordable home. A real estate agent told her about the program.

"Finally," she said. "I got a break."

You can learn more about the program and if you may qualify at The Long Island Housing Partnership website by clicking here

Credit Scores: What You Need to Know Now

By KAREN BLUMENTHAL
Are you keeping score?

Credit scores have been getting a lot of attention lately, as lenders tighten credit standards and contend with new legislation that has, among other things, reined in how credit-card issuers can raise rates.

Meanwhile, several firms, preying on our insecurities, are pushing credit scores and credit-score-tracking services for a monthly fee.

For all the attention they generate, though, credit scores are largely misunderstood. For instance, your precise score matters only when you're in need of new debt, like a home, auto or education loan or a new credit card, which should be a fairly rare occurrence.

You don't have just one score, but many. Your FICO score, the one developed by Fair Isaac Corp. that runs from a low of 300 to a high of 850, will vary depending on which credit bureau is reporting it and the kind of lender that requested it.

.So the score that costs you $15.95 at MyFico.com may not be the score your lender sees. Beyond that, the three credit bureaus— Equifax, Experian and TransUnion— sell their own proprietary scores.

Confused about what to believe? Here are some common myths about credit scores:

My credit score is a good reflection of my financial smarts and good behavior.

Not really. Your score doesn't reflect your income, employment history or your assets, which should be a part of your overall financial picture. It also doesn't show whether you pay your rent or utilities on time. As a result, a credit score is less like a report card and more like an SAT score—your results on a particular date that seek to predict your future credit success or failure.

I pay my card off every month, so I must be a low credit risk.

True, your financial habits are excellent. But they won't affect your score. That's because the credit bureaus don't have a clue whether you pay your bill in full or carry a balance on your cards each month. All they know is the amount you owed on your most recent statement.

Journal Community
Vote: How well do you understand what affects your credit score?
.Instead, the crucial fact is how much available credit you have used. Steve Ely, president of personal-information solutions at Equifax, says you should keep your credit use to less than half your credit limit to minimize the impact on your score.

Taking advantage of reward cards shouldn't affect my creditworthiness.

Unfortunately, about 30% of your FICO score is based on "credit utilization," a broad term that includes how much you've used of each credit limit, how much you've borrowed as a percentage of your total available credit and even how big the dollar balances actually are.

If you're a rewards junkie like I am, charging groceries, charitable contributions and just about everything else to get points, you may be jeopardizing your score. Based on reports I paid for, my TransUnion score was 11 points lower than my Equifax score, apparently because of my vacation-enhanced balance, even though I used less than 10% of my available credit.

Luckily, there's an easy solution: Cut back your credit-card use for two or three months before you plan to seek a car loan or mortgage so that your balances will be more modest.

Scored Straight
Credit scores, while crucial to one's financial health, are widely misunderstood. Some oft-forgotten points to consider:

They don't reflect your whole financial picture, but a snapshot of your debt at a point in time.
It doesn't matter whether you carry a balance, but it does matter if you pay on time.
The score you buy isn't necessarily the score lenders see.
You don't need to apply for new credit for credit inquiries to show up on your report.
.I was late on a payment, but the debt is now paid off. So I'm good, right?

Afraid not. The single most important factor in your score, accounting for 35% of the total, is whether you have paid your bills on time. One late payment will ding your score for up to a year, very late payments can hurt you for two or three years, and collections and bankruptcies can sting for up to seven years.

What counts as late? In theory, one day. But because credit-card companies know that people move, get sick or misplace their bills, they commonly wait to report your late payment to credit bureaus until about 30 days have passed, or you have missed two due dates. (You will likely be assessed a late fee right away, however.)

If you have missed a payment, pay it as soon as possible and consider calling and doing the honorable thing: groveling. Many companies will waive or reduce fees the first time a good customer makes a mistake, and they may even agree to withhold reporting the infraction to the credit bureau.

Information stays on my credit report for no more then seven years.

That's largely true for bad news, including late payments. But good news hangs around—and pays dividends—a lot longer. My credit report reflects the 30-year history of the credit card I got back in college.

In addition, closed accounts in good standing will stay on your record for a decade, says Barry Paperno, FICO consumer-operations manager. Both old and closed accounts can help your score because the length of your credit history is another, if smaller, piece of the formula.



Your credit card behavior affects your overall credit score.
.Preserving your credit history is one reason that Kenneth Lin, CEO of Creditkarma.com, recommends that you don't formally close an account but let the issuer close it for lack of activity. The longer the account stays open, he says, the more you'll add to your credit history and the longer you'll benefit from the additional available credit.

I haven't gotten a loan in a while, which should boost the "new credit" part of my score.

You don't have to get new credit to show a so-called hard inquiry on your credit report. If you have opened a new checking account, the bank may have checked your score. Last year, I bought a car and the dealer, unbeknownst to me, checked my credit. I never applied for a loan, but that one inquiry knocked 15 points off my Equifax score—and that's typical.

For that reason, Curtis Arnold, founder of Cardratings.com, suggests you ask up front if a bank, insurer or car dealer plans to check your credit record. Luckily, shopping around for a car or education loan or mortgage counts only as one inquiry as long as you do it within a few weeks. Otherwise, multiple inquiries may knock your score back for a year.

That said, when you check your score, when your current card company keeps tabs on your credit or when someone pre-approves you for a credit-card—all so-called soft inquiries—your score won't be affected.

The score I pay for or get for free is my real score.

Most free scores are not the FICO scores that lenders request. You can buy FICO scores from Equifax and TransUnion—but not Experian—on MyFico.com for $15.95 each, but even then, they may not be the exact score the lender actually sees. You can, however, see each of your three credit reports—which include all the activity that is used to determine your score, but not the score itself—for free once a year by going to AnnualCreditReport.com. Because your scores aren't likely to vary by much, ongoing tracking services are usually unnecessary.

I should aspire to a score above 800.

Sadly, a score of 800 or more—the holy grail for "high achievers" on online FICO forums—won't make you thinner, smarter, richer or more attractive to lenders or anyone else. True, every 20 points in your score can mean a slightly lower mortgage rate or better car loan, but only up to the mid-700s.

That means it's worthwhile to take steps to improve a score in the 600s or low 700s, and in the high 700s, you'll have plenty of room for score fluctuation. Beyond that, a higher score is meaningless.

Ben Bernanke Leaves Clues About The Future Of Mortgage Rates

On the 1-year anniversary of the Lehman Brothers collapse, Fed Chairman Ben Bernanke said Tuesday that the “recession is very likely over at this point”.

His comments were supported by a Retail Sales report for August that was much better-than-expected.

Equities improved on the day, mortgage markets worsened, and home affordability suffered.

The days of ultra-low mortgage rates may be coming to an end.

Since last September, mortgage bonds markets have been in Rally Mode. As the Financial Crisis of 2008 worsened, investors fled the relatively risky world of stocks and moved dollars into safer investments like cash and bonds — including the mortgage-backed kind.

Risk aversion is common when market uncertainty exists but last year’s aversion was so strong that, by late-November, it had forced mortgage rates down to an all-time low.

Since November, however, rates have been on the rise. Stronger economic data and a general feeling of optimism have helped stock markets recover and some of those gains are coming at the expense of low mortgage rates.

Therefore, if you’re wondering what mortgage rates might do going forward, listen to the words of the Federal Reserve Chairman. If he sees economic recovery ahead, it’s probably going to happen.

It should spell higher mortgage rates into 2010.

7 Tips for First-Time Home Buyers

A year after the financial collapse of 2008, the housing market is very different than it was before the foreclosure crisis.

Here are seven bits of wisdom from economists and financial planners for anyone contemplating a home purchase today:

Old-fashioned basics are more important than ever. The safest way to purchase a home is to put down 20 percent on a fixed-rate, 30-year (or less) mortgage.
Don’t become overconfident about income growth. Even though buyers in their 20s and 30s will likely see their incomes grow more quickly than previous generations, it is important to act sensibly when borrowing.
Anyone contemplating adding children to the family should calculate whether they could live on one income because having both halves of a couple work may turn out to be impractical.
Include a maintenance budget. Even new homes need upkeep and repairs.
Buyers who can't afford their dream home now should opt for a starter home where they can save money each month for what they really want.
Consider a property that can be expanded and improved down the road when money is available.
No two buyers are the same, but they should all feel confident with the loan they enter into, no matter the size of the mortgage.

Source: The New York Times, Ron Lieber (09/12/2009)

Get Lawns Ready Now for Next Year

Get Lawns Ready Now for Next Year
Anybody who will be selling a property in the spring should get a jump on curb appeal by working now on beautifying the lawn.

Here are some key tasks that will lead to a green and healthy yard in the next selling season:

Calculate the total lawn area to learn how much seed and chemicals are required.
Treat weeds with an herbicide.
Test the pH level and, if indicated, add lime.
Plant ground cover like pachysandra and hardy ferns in low-light or slopping areas.
Before preparing, seeding and fertilizing the rest of the lawn, consider whether there are areas that might be better candidates for stepping stones or another attractive alternative to plantings.

Source: Charlotte Observer, Nancy Brachey (09/05/2008)



The Yard Doctor is Ready to Triage Your Lawn With These 6 Tips for Fall

There is no better time than fall to get yards looking great, according to the “Yard Doctor” Trey Rogers, a professor of turfgrass management in the crop and soil sciences department at Michigan State University.

Here are 6 tips from Rogers to help you and your clients take advantage of the seasonal weather and vibrant colors to add dramatic curb appeal.

1. For home owners in the northern portion of the United States, fall is the single best time to fertilize a yard. During the first 10 days of September, lay a complete nitrogen and potassium combination fertilizer.

2. Fall is also the best time to reseed grass. If you have bare spots from the summer, put down a seed mix that matches the yard during the first 15 days of September. Yards with crabgrass will notice the patches turn purple with the first frost. It is important to thoroughly seed and water those areas.
“It’s a good time because the ground is still warm, but the days are getting shorter so you don’t have as much day length to rob the moisture out of the soil,” Rogers says.

3. During the first 10 days of October, take care of those pesky weeds and dandelions. Spray a liquid broadleaf herbicide over the yard. Weeds germinate in the fall, so by treating the problem in October, there will be fewer dandelions in the spring.
4. Mow, mow, mow. If you really want a yard to look smashing, dedicate yourself to mowing twice a week with the blade set at 2 ½ to 3 inches through mid-October.

“They’ll be surprised when they see how much that makes the grass grow,” says Rogers. Don’t forget to keep watering, too.

5. It’s important to get those leaves off the ground as to not suffocate the lawn. But a better option would be to grind up the leaves and mulch them back into the yard. Most lawnmowers have blades designed for mulching. This provides natural nutrients and can be an organic weed controller — particularly maple leaves, which are a natural herbicide toward dandelions, Rogers says.

6. Play with the fall colors. Display potted mums. Think red. Dogwood bushes are cold-weather hardy and have red or yellow branches. Holly is another great way to decorate the outside of a home, where the bright red berries on the branches can standout.

Mortgage Applications Rise as Rates Fall

Mortgage rates declined last week, triggering a dramatic jump in mortgage applications.

The Mortgage Bankers Association reported that its weekly index of mortgage application volume rose 17 percent on a seasonally adjusted basis compared to the previous week. On an unadjusted basis, the index increased 15.8 percent and was up a whopping 64.5 percent compared to the same week a year ago.

Much of the increase was in refinances, with the refinance index increasing 22.5 percent, the biggest jump since March. The purchase index rose 9.5 percent, which was the largest gain since early April.

Mortgage rates were down across the board:

30-year fixed-rate mortgages decreased to 5.02 percent from 5.15 percent.
15-year fixed-rate mortgages decreased to 4.45 percent from 4.57 percent.
1-year ARMs decreased to 6.69 percent from 6.71 percent.

Source: Mortgage Bankers Association (09/09/2009)