Diana's Neighborhood

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

Personal Letter Lands a Home Sale

Personal Letter Lands a Home Sale ~ www.RealEstate.AOL.com

                         ~~~~~~~~~~~~~~~~  CLICK Here to View  ~~~~~~~~~~~~~~~~~

                                                        Delwin Steven Campbell – Flickr.com

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October 23, 2011 Posted by | Home, Real Estate, Uncategorized | , , | Leave a comment

64 Cunningham Lane Pawling NY

Beautiful Colonial For Sale in Pawling NY

                                                64 Cunningham Lane ~ Pawling NY

                                    Click Here to View Listing Sheet with Additional Photos!

October 11, 2011 Posted by | Home, Pawling, Real Estate, Uncategorized | , , , , | Leave a comment

Buying a Short Sale

Another great video from http://www.AOLRealEstate.com 

                               ““““““““CLICK Here to View  “““““““““ 

October 11, 2011 Posted by | Home, Real Estate, Uncategorized | , , , | Leave a comment

Details Home Staging

Looking for someone to help you organize your home or office? To stage you sell your home – or staging for youself – contact Details Home Staging!

October 9, 2011 Posted by | Home, Real Estate, Uncategorized | , , , | 3 Comments

PMI Insurance is Tax Deductable

As you probably know, “piggy back” loans to avoid mortgage insurance are non existent and therefore homebuyers have no choice but to pay mortgage insurance when the down payment is less than 20%.  What you may not know is that PMI IS tax deductable (see article below) which makes it more palatable.  

 

   

  Carey Lance Hollander
Retail Sales Manager
Guaranteed Home Mortgage Company
Phone: 914.424.5962
License: 74044
chollander@ghmc.com
www.ghmc.com
 

 

     
 
       

 

 

Congress Makes PMI Tax Deductible
Millions of Borrowers Will Benefit

The federal government’s Private Mortgage Insurance legislation is great news for the real estate industry! Enacted on January 1st, 2007, the bill makes Private Mortgage Insurance (PMI) tax deductible for borrowers whose personal adjusted gross income is $100,000 or less. For millions of home buyers, the bill creates an amazing opportunity to finance a more expensive home or potentially obtain a lower payment for the same-priced home, while reducing annual income taxes by hundreds of dollars.

What is PMI?
Designed to protect lenders from defaults and foreclosures, Private Mortgage Insurance is required for loans exceeding 80% of the property’s value or sale price. Prior to the legislation, PMI was generally viewed with contempt by home buyers because of its perceived high cost and the fact that it was not tax deductible. For many borrowers, PMI was the only means available for financing their mortgage.

It wasn’t until the 1990s, when lenders began allowing “piggyback” financing, that homeowners and home buyers had an opportunity to finance a home without PMI. Under this scenario, buyers would take out two loans to cover the total amount borrowed. The first mortgage accounted for 80% or less of the purchase price or appraised value of the home; and the second mortgage, or “piggyback”, covered the remaining amount required to fund the transaction.

Reconsidering PMI
Now, thanks to Congress, potential borrowers may want to reconsider their aversion to PMI. After all, PMI makes it easier for some borrowers to qualify for a loan. Consumers should be aware that when the primary loan is accompanied by a Home Equity Line of Credit (HELOC), the approval of the first loan is contingent upon the approval of the second. In most cases, the approval requirements for the second loan are more stringent than those for the first. Alleviating this obstacle may enable buyers to consider a more expensive home or the purchase of preferred upgrades today rather than years from now.

It’s also important to remember that PMI doesn’t last forever. If a home appreciates at a rate of 4% annually, borrowers will be in a position to remove PMI within four years, resulting in an automatic reduction in the mortgage payment.

What to Do Now
Whether consumers are considering purchasing a new home or restructuring their finances, the first thing they should do is call a mortgage professional. There is a wide variety of options to consider, beyond those that have been presented here, and a mortgage professional will help them to determine which scenario best fits their needs.

If you would like to discuss how your clients can take advantage of the benefits of PMI, please call me! I would welcome the opportunity to speak with you.

October 9, 2011 Posted by | Mortgage, Real Estate, Uncategorized | , , , | Leave a comment

Century 21 VJF Realty October Newsletter

C21 Agents rock
logo

Happy Halloween!

 

October 2011

Newsletter

 

In This Issue
Our YouTube Channel
NEW LISTINGS
Take The Stress Out
Top Priorities for First Time Buyers
Importance of a Checklist
Century 21 Quick Links
HUGE PRICE REDUCTION!
 
989 Peekskill Hollow Rd, Putnam Valley
989 Peekskill Hollow Rd, Putnam Valley $299,999
NEW LISTINGS  
  

 

20 Deans Corner
20 Deans Corner Rd Brewster $1,150,000
18 The Terrace
18 The Terrace Katonah $575,000

   

5 Ivy
5 Ivy Ln, Wappingers Falls $240,000
19 Elizabeth
19 Elizabeth Ct Brewster $599,999
20 Saratoga
20 Saratoga, Carmel $339,000
1025 N Horsepound
1025 N. Horsepound Rd Carmel $325,999
24 Allen
24 Allen Dr, Brewster $249,999
5 Freemont
5 Freemont Rd, Brewster $169,999
Kent Rd
Kent Rd, Wappingers Falls $379,000

 

Join Our List
Join Our Mailing List
 TAKE THE STRESS OUT OF HOME BUYING   Couple peeking into a homeBuying a home should be fun, not stressful. As you peek into windows looking for your dream home, keep in mind these tips for making the process as peaceful as possible.1. Find a real estate agent who you connect with.Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer – you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family – the people who will be living in the home.

4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself – room size, kitchen, etc. – that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.

7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.

~ courtesy Realtor.org

TOP PRIORITIES FOR FIRST-TIME HOME BUYERS   Buying a homeIt’s easyfor first-time homebuyers to become overwhelmed as they begin their home search. Often, buyers get distracted by a newly renovated kitchen or finished basement, and lose sight the big picture when choosing a home. See below for three factors that should be a priority as you navigate the home buying process.

1.  Pricey proposition – Set a price point BEFORE you start looking for homes. It is important to talk with your REALTOR® about your budget so he/she can focus on homes within your price range. It’s helpful to leave yourself a financial cushion when deciding on what to spend. Factor in closing costs, repairs, down payment and even unexpected expenses to help you find a price you feel comfortable with.

2.  Location, location, location – This is one of the few things you absolutely cannot change about your property. If you need to be in close proximity to mass transit or within a specific school district, only view homes that fall within this area. Is it really your dream home if you are out of your desired commuting distance? Also, be aware of the condition of the neighborhood. Is it safe for you to live or desirable should you decide to sell down the line?

3.  Room to grow – Remember to ask yourself how long you plan on staying in your new home. Will the one-bedroom loft or two-bedroom cottage work for you in five years?

THE IMPORTANCE OF A CHECKLIST   ChecklistWhen looking for a property, the price is far from the only prerequisite. Simplify the home buying process with a checklist of necessary criteria that your new property must fulfill. When you focus on what you absolutely need in your home, you save yourself (and your real estate agent) both time and money. Share your list of priorities with your Realtor, so if needed, she can narrow down the search and eliminate any properties that are out of proximity to your work, public transportation, or desired school district.

When viewing potential properties, bring your checklist, so you can easily compare and rank different homes according to how each meets your needs. Remember there is a difference between your wants and your needs. You may need three bedrooms and although you would prefer hardwood floors, they are not essential. You can always do upgrades later, such as finishing off the basement or attic space or pulling up those carpets…what you can’t change is your property’s location and the size of your lot.

We suggest the following should be included on your list: number of bedrooms, number of bathrooms, number of stories, presence/size of a backyard, style of kitchen, presence of a formal dining room, basement, attic and living room, amount of storage and living space, type of heat, presence of central air, and type of siding.

If you plan to enlarge a home, check with your Realtor to make sure construction is a possibility. For added assistance, century21vjf.com has a buyer’s checklist that you can download here.

 
 
 
 

October 4, 2011 Posted by | Century 21 V.J.F. Realty, Real Estate, Uncategorized | , , | Leave a comment