Port Jefferson homes for sale, Stony Brook real estate, Long Island real estate

Finance Category

What is “QM” And Why Does It Matter?

I am frequently discussing the difference between the PRICE and the COST of a home to my buyers. I want buyers to realize, that the cost of a home is more important to them than the actual price. Obviously, price is part of the cost equation. The other piece, available financing, is also crucial. There will soon be a major decision finalized by the government regarding house financing moving forward. These decisions could negatively impact many buyers. “QM” is a new term which stands...Continue Reading!

3 Housing Trends Emerging This Selling Season

There is absolutely no better time to buy than NOW....but with the improving housing market....buyers are facing many changes.   1. The Competition is Fierce Housing affordability is at record highs, this is due to falling home values and low mortgage rates.  Buyers realize the opportunities and are taking action.  Mixed with sinking inventories of good homes listed for sale, the competition is getting more fierce. Investors are snapping up bargain prices, both in short sales, REO'S, and conventional sales.  Most are all-cash deals, which means greater competition for...Continue Reading!

Good Faith Estimate Tip

Here's a good tip for you on the Good Faith Estimate.  Knowledge is Power!  If you recall, several years ago U.S. Congress tried to protect consumers from a few unscrupulous lenders by requiring all lenders to calculate and disclose the annual percentage rate (APR) you pay on your mortgage loan.  But most homebuyers will learn more by concentrating their attention to the Good Faith Estimate of Settlement Costs (GFE).  Although Congress meant well, the APR is not helpful and may be confusing. If you are...Continue Reading!

3 Important Things A Home Buyer Needs To Know

Very simply put: 1.  YOU NEED TO KNOW YOUR CREDIT SCORE - 640 OR BETTER 2.  YOUR EMPLOYMENT STATUS - EMPLOYED AT LEAST 2 YEARS 3.  YOUR DEBT TO INCOME RATIO -  which is the percentage of a consumer's monthly gross income that goes toward paying debts.  If you are a home buyer, the first step is to set up a budget before you go house shopping.  There are plenty of homes on the market for sale, so don't feel the urge to find...Continue Reading!