Diana's Neighborhood

Real Estate in New York & Connecticut – Won't you be my neighbor?

Century 21 VJF Realty Newsletter ~ August 2011

 
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 August 2011

Newsletter

In This Issue
NEW LISTINGS
What NOT to do When Buying
Featured Listing
What Affects Credit Scores?
***RATE ALERT!***
How Are We Doing?
Century 21 Quick Links
NEW LISTINGS  
  

 

1 Meadowlark
1 Meadowlark Dr, Carmel $480,000
The Arch Restaurant
Restaurant for sale! 1292 Route 22, Brewster $1,150,000

  

136 Towners
136 Towners Rd, Carmel $310,000
14 Lake Ellis
14 Lake Ellis Rd, Wingdale $199,900
16 Phillard
16 Phillard Rd, Patterson $449,900
17 Oakwood
17 Oakwood Dr, Brewster $419,000
224 Cricket Hill
224 Cricket Hill Rd, Dover Plains $445,000 ALSO FOR RENT MLS #3124747
2404 Village
2404 Village Dr, Brewster $234,900
459 Barrett Hill
459 Barrett Hill Rd, Mahopac $399,999
509 E Branch
509 E. Branch Rd, Patterson $569,000
82 Livingston
82 Livingston, Carmel $229,900
Martling
537 Martling Ave, Tarrytown $499,900
Union
13 Union Rd, Carmel $309,000

  

1801 Village Dr, $224,900
1801 Village Drive, Brewster $224,900

 


What NOT to do Before Buying a Home
   A lender will examine your debt-to-income ratio to qualify you for a mortgage. Debt-to-income ratio is the percentage of your gross monthly income, before taxes, that is reserved to pay down debt. If you’re serious about buying a home, avoid these common mistakes that will compromise the amount of your approved loan:No new debt!Delay large purchases. This includes jewelry, vacations, appliances and especially vehicles. Hold off on buying a new vehicle, as a sizable monthly car payment can push the debt-to-income percentage over what lenders feel is a safe limit, and you may be denied the loan or have to settle for a smaller loan.Do not co-sign on a loanfor anyone else. Although you will not be making the payment, the lender still views this as your debt.Don’t move money around. A lender will require you to supply bank statements for all your accounts during recent months. Any large deposits or withdrawals will be red flags to the lender, and may slow or inhibit the escrow. Changing banks is also unadvisable. Remember, the simpler your finances are, the better.

Avoid changing jobs. When you change jobs, it can be difficult for lenders to predict future earnings. Any major career changes, such as corporate employee to self-employed, should also be delayed. Remember, the lender will look two years back and average your income. Anything that will make that process difficult is a bad idea.

For more tips on the home buying process, please contact one of our Century 21 V.J.F. Realty professionals  today.

FEATURED LISTING

 
16 Phillard Rd - Patterson, NY 12563
16 Phillard Rd – Patterson, NY 12563

DEPART FROM THE ORDINARY.  Contemporary colonial in lovely area on private cul-de-sac.  3 bdrms, 2.5 baths, 2,268 square feet. Enjoy 2-story entry, Pergo floors thruout, large gourmet EIK with cherry cabinets, granite counters & island. Large deck is perfect for entertaining. $449,900

What Affects Credit Scores?   7 Misconceptions about what affects your score If you’re trying to raise your credit score to get a good rate for a refinance or HELOC, you might be surprised by what affects–or doesn’t affect–your score.You have to keep your credit score up in case you want to take out a second mortgage or home equity line of credit (HELOC), or get the lowest premiums on your home owners insurance. Here’s the 411 on how various money management tactics goose up or ding your credit score.More money improves your credit scoreFalse. Your level or sources of income don’t affect your credit score, although lenders may look at it when making loan decisions, according to the Fair Isaac Corp., the company that issues the commonly used FICO credit scores.

Ownership of several credit cards can hurt your credit scorecredit

Mostly false. Having many credit lines isn’t necessarily a bad thing, says credit expert Liz Weston, author of Your Credit Score. Multiple lines give you a favorable debt-to-available-credit ratio. But use them correctly: It’s best to keep any balances below 10% or 20% of the total credit line, she says. Anything more will affect the ratio of debt-to-available-credit, which can decrease your credit score.

Opening and closing credit lines can hurt your credit score

True. New credit applications can decrease your credit score, so be careful about applying for new credit cards or personal loans before applying for a HELOC, second mortgage, automobile loan, or other large line of credit.

Surprise: Closing existing credit lines may also hurt your credit score, since it’ll damage your debt-to-available-credit ratio. A good rule is not to make any credit changes in the months leading up to a major credit request, such as for a HELOC.

Consolidating credit lines will help your credit score

Mostly false. Although it may seem like a good idea to move all your balances to one card, that can actually hurt your credit score, since your debt-to-available-credit ratio will spike on that card, says Weston.

However, credit expert Harrine Freeman says such a slight decline isn’t necessarily a deal-breaker for a loan, especially if the card has a lower interest rate and will allow you to pay off the balance sooner. Your score will increase as soon as that ratio goes down.

Changing jobs can hurt your credit score

Partly true. Taking a new job or losing your job doesn’t affect your credit score. However, if you have a spotty employment history, lenders may hold that against you in making a loan. Dips in income may signal that it could be difficult to pay bills in a timely manner.

Co-signing for others can hurt your credit score

Partly true. Simply co-signing on a loan for someone else may not affect your score, but if that person is late on paying the loan, it’s likely to show up on your report, says Freeman. And that’s a nasty surprise if you didn’t know the person was late.

Judgments and liens aren’t considered in your credit score

False. If you’ve had a judgment or lien filed against you, it’s considered in your payment history, which represents 35% of your score.

Similarly, while most utility companies don’t report payment history to credit bureaus, your account will likely be reported if it is seriously delinquent and referred to a collection agency.

Additional details on how to manage your FICO score are available on the FICO site.

Article From HouseLogic.com 

By: Gwen Moran

***RATE ALERT!***RATE ALERT!***RATE ALERT!***  

RATES ARE AT 60-YEAR LOWS!

 

Debt Ceiling Fears and Economy Fears createGHMC UNBELIEVABLE borrowing benefit.

Rates have plummeted to 1950′s levels

(Happy Days are here again?)

30 Year Fixed Rate: 4.375%, No Points, 4.43% APR

30 Year Jumbo Fixed: 4.375%, 1 point, 4.403% APR

  

I’m often asked: What makes rates go up or down?

Here’s a simplified answer: YOU and the economy.

Are you spending more or saving more?  If you are spending more that means companies may do better; hence, rates will probably go up.  If you save money, companies may show less profit, and this usually translates to lower rates. 

The same is usually true with the state of the economy: When the economy does well, the rates typically go up. When the economy is not doing well the rates typically go down.

If you are looking for a home, there could be a silver lining in the state of the economy for you, and that silver lining is unbelievably low mortgage rates.  So don’t wait…call me today to see what you qualify for!  

Carey Lance Hollander

(914) 424-5962 Cell

NMLS # 94044

chollander@ghmc.com

 

Not available on all programs. Rates are for informational purposes only. Not all applicants will qualify. Certain restrictions apply.  

HOW ARE WE DOING?  
How are we doingThis is our 3rd year of providing you with real estate news and we want to thank you for reading and being such loyal supporters. 
In our continuing effort towards excellence, we want to know what you, Reader, are looking for in real estate news. We would be pleased to hear suggestions about what topics are relevant to you today. 
Better yet, if you have a specific question, feel free to email that question to us at info@century21.com and we can highlight that topic in next month’s newsletter.
If you enjoy reading this newsletter each month, please put yourself on our official mailing list by pressing the
Join Our Mailing List button below.   Thank you!

 

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Century 21 V.J.F. Realty Inc. | 973 Route 22 | Brewster | NY | 10509

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August 5, 2011 - Posted by | Century 21 V.J.F. Realty, Real Estate, Uncategorized | , ,

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