Stay tuned to news 12 for updates and this blog for comments. The legislature is currently voting, to learn more click here.
Tuesday, June 29, 2010
Monday, June 28, 2010
Instructors: Andrew Lieb, Esq., MPH (Managing Attorney, Lieb at Law, P.C.) and Karen Laurence (Mortgage Loan Officer, Bethpage Federal Credit Union)
It’s time to learn the secrets in order to qualify for a mortgage. This seminar will begin with the basics, discussing everything from the definition of a mortgage to types of mortgages. You will learn who the players are at the bank and how their respective roles impact your deal. Mr. Lieb will discuss the differences between a prequalification and a commitment and how to close your deal smoothly under the Real Estate Settlement Procedures Act. Mrs. Laurence will share secrets that occur behind the scenes at the banks and let you know how to navigate through issues with credit scores. This course will enable you to weed-out high-risk clients and to advise average credit score clients on structuring their applications to get approved. Let’s prevent mortgage contingency clauses from killing our deals.
Friday, June 25, 2010
Everyone talks about the first time homebuyer tax credit & that home prices are at record lows, thats nice, but I am interested in this headline in Newsday from today: "Mortgage rates plummet to record lows". In the article its reported that the "30-year fixed interest rate fell to 4.69 percent". That makes borrowing money so cheap. To illustrate I went to http://www.mortgagecalculator.org/ and plugged in borrowering $350,000 on a $400,000 purchase at 4.69% and than at 5.69%. This illustrates the difference in 1% interest on a 30 year loan.
At 4.69% the monthly payments are $2,323.55 and the total payment would be $836,476.53. At 5.69% the monthly payments are $2,539.60 and the total payment would be $914,256.26. To be clear, that is a difference of over $200 per month and over $77,000 paid over the life of the loan. Thats a reason to buy now.
At 4.69% the monthly payments are $2,323.55 and the total payment would be $836,476.53. At 5.69% the monthly payments are $2,539.60 and the total payment would be $914,256.26. To be clear, that is a difference of over $200 per month and over $77,000 paid over the life of the loan. Thats a reason to buy now.
