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Bedford, Bedford Corners, Pound Ridge, Armonk, Katonah, Chappaqua

By Robert Paul, 914-325-5758 | Agent in Bedford, NY
  • Bedford NY Mortgage Rates | Bedford NY homes for sale

    Posted Under: Home Buying in Bedford, Home Selling in Bedford, Financing in Bedford  |  June 30, 2011 8:56 AM  |  1,018 views  |  No comments

    Buy a Bedford NY Home with a great low interest rate.

    Home Purchase Loan Rates for June 28, 2011*
    CONFORMING LOAN LIMIT up to $417,000*
    30 year fixed rate = 4.625%, 0 Points
    15 year fixed rate = 3.750%, 0 Points
    5/1 year ARM = 3.125% / 0 Points (Interest Only also available)
    7/1 year ARM = 3.500% / 0 Points (Interest Only also available)
    10/1 year ARM = 3.875% / 0 Points (Interest Only also available)
    HIGH BALANCE CONFORMING LOAN LIMIT >$417,000 up to $729,750*
    30 year fixed rate = 4.625% / 0 Points
    15 year fixed rate = 3.750%, 0 Points
    5/1 year ARM = 3.250% / 0 Points (Interest Only also available)
    7/1 year ARM = 3.625% / 0 Points (Interest Only also available)
    10/1 year ARM = 4.125% / 0 Points (Interest Only also available)
    JUMBO Loans **
    30 year fixed rate = 4.875% / 0 Points (Interest Only also available)
    15 year fixed rate = 4.125%, 0 Points
    5/1 year ARM = 3.375% / 0 Points (Interest Only also available)
    7/1 year ARM = 3.750% / 0 Points (Interest Only also available)
    10/1 year ARM = 4.250% / 0 Points

    Thank you Fady-Wells Fargo Mortgages

    Buy a Bedford NY Home
  • Title Insurers Worried About Foreclosures in Bedford Corners | Bedford Corners NY Real Estate

    Posted Under: General Area in Bedford Corners, Market Conditions in Bedford Corners, Financing in Bedford Corners  |  January 7, 2011 1:43 PM  |  1,048 views  |  No comments

    It hardly requires a crystal ball to foretell that this sparkling New Year will soon be sullied by the ongoing mortgage mess. Joining last year's headline-grabbing robosigners and rocket dockets will be this year's new players: the title insurance companies.

    As New York Times columnist Ron Lieber recently wrote, title insurance companies will likely be the next institution to have their mettle tested by the mortgage fiasco, which is feeling more like a chronic condition than a crisis by now.

    When we think of title insurance, if we bother to think of it at all, it's as the largest fee on our home settlement statement at closing. Unless we're buying the home outright, our mortgage lender requires us to purchase title insurance in case someone should turn up claiming to be the rightful owner of the property. Warning: spoiler alert.

    The previously placid title insurance industry received a major wakeup call last fall when the mortgage giants put foreclosures on pause in light of some seriously sloppy paperwork being jammed through the courts by the foreclosure mills. They've all started up again, of course, but for title insurers, the nail-biting has just begun.

    "What would happen if scores of people who had lost their homes to foreclosure somehow persuaded a judge to overturn the proceedings?" Lieber wonders. "Could they somehow win back their rights to their homes, free and clear of any mortgage?"

    From kicked to the curb to full ownership? The thought fairly boggles the mind.

    To make that billion-dollar question even more chilling is the fact that, in many cases, the banks have already sold said homes to new buyers -- new buyers with title insurance of their own. If the average title search is anywhere near as flawed as the document checks of the robosigners, we're in for some wild court cases.

    Read more: Hot potato time for title insurers | Bankrate.com http://www.bankrate.com/financing/mortgages/hot-potato-time-for-title-insurers/#ixzz1AO5sUbiv
  • FDIC May Sue Mortgage Officers Over Lousy Loans | Armonk NY Real Estate

    Posted Under: Market Conditions in Armonk, Financing in Armonk, Foreclosure in Armonk  |  January 7, 2011 8:11 AM  |  1,302 views  |  No comments

    The Federal Deposit Insurance Corp. may sue as many as 109 former executives of failed banks in an effort to recover federal losses. According to data, which the agency began releasing Tuesday, the FDIC authorized lawsuits to recover approximately $2.5 billion.

    The FDIC can sue former bank officials after a bank failure in what it calls a "personal liability lawsuit," because the federal agency absorbs all the losses from the failure. Before seeking recoveries from former officials, the FDIC investigates the cause of each bank's failure.

    Executives including officers, directors, accountants, appraisers and brokers are eligible to be sued for either "gross or simple negligence" in overseeing the bank and its funds.

    Between 1985 and 1992, the FDIC brought claims against directors and officers in 24% of bank failures. In 2010, two lawsuits were filed with 107 others authorized.

    The FDIC sued IndyMac Bank in July after the bank's homebuilder lending endeavor essentially failed. According to the complaint, IndyMac's homebuilding division grew its outstanding portfolio from $1.1 billion in 2003 to $2 billion in 2006. The bank was seized in July 2008. At that time, the homebuilder's portfolio had an outstanding balance of about $898.3 million.

    The FDIC said bank losses from the operation of the homebuilder lending venture stemmed from two things: a disregard for credit policy by lending to individuals who were not credit worthy and a high loan-volume strategy coming off one of the longest appreciating housing markets in more than four decades.

    The second lawsuit was brought against Illinois-based Heritage Community Bank in November. The FDIC claimed 11 of the bank's former directors "failed to properly manage and supervise Heritage and its commercial real estate lending program." The agency is seeking to recovery $20 million from those executives.

    The FDIC noted on a new website devoted to tracking personal liability lawsuits that not all bank failure investigations lead to a lawsuit. In 2010, there were 157 bank failures. There were 140 in 2009.

    Full Story

    Armonk NY Homes

  • 7 Steps to Better Credit in Katonah NY | Katonah NY Real Estate

    Posted Under: Home Buying, Financing, Credit Score  |  December 23, 2010 12:36 PM  |  1,388 views  |  1 comment

    1) Pay down your credit cards. Paying off your installment loans (mortgage, auto, student, etc.) can help your scores, but typically not as dramatically as paying down -- or paying off -- revolving accounts such as credit cards.

    Lenders like to see a big gap between the amount of credit you're using and your available credit limits. Getting your balances below 30% of the credit limit on each card can really help.

    While most debt gurus recommend paying off the highest-rate card first, a better strategy here is to pay down the cards that are closest to their limits.

    2) Use your cards lightly. Racking up big balances can hurt your scores, regardless of whether you pay your bills in full each month.

    What's typically reported to the credit bureaus, and thus calculated into your scores, are the balances reported on your last statements. (That doesn't mean paying off your balances each month isn't financially smart -- it is -- just that the credit scores don't care.)

    You typically can increase your scores by limiting your charges to 30% or less of a card's limit. If you're having trouble keeping track, consider using a check register to track your spending, logging into your account frequently at the issuer's Web site, or using personal finance software like Microsoft Money or Quicken, which can download your transactions and balances automatically.

    3) Check your limits. Your scores might be artificially depressed if your lender is showing a lower limit than you've actually got. Most credit-card issuers will quickly update this information if you ask.

    If your issuer makes it a policy not to report consumers' limits, however -- as is the usual case with American Express cards -- the bureaus typically use your highest balance as a proxy for your credit limit.

    You may see the problem here: If you consistently charge the same amount each month -- say $2,000 to $2,500 -- it may look to the credit-scoring formula like you're regularly maxing out that card.

    You could go on a wild spending spree to raise the limit, but a more sober solution would simply be to pay your balance down or off before your statement period closes. Check your last statement to see which day of the month that typically is, then go to the issuer's Web site about a week in advance of closing and pay off what you owe. It won't raise your reported limit, but it will widen the gap between that limit and your closing balance, which should boost your scores.

    4) Dust off an old card. The older your credit history, the better. But if you stop using your oldest cards, the issuers may stop updating those accounts at the credit bureaus. The accounts will still appear, but they won't be given as much weight in the credit-scoring formula as your active accounts, said Craig Watts, an executive at Fair Isaac, one of the leading credit scorers. That's why Ferguson often recommends to her clients that they use their oldest cards every few months to charge a small amount, paying it off in full when the statement arrives.

    5) Get some goodwill. If you've been a good customer, a lender might agree to simply erase that one late payment from your credit history. You usually have to make the request in writing, and your chances for a "goodwill adjustment" improve the better your record with the company (and the better your credit in general). But it can't hurt to ask.

    A longer-term solution for more-troubled accounts is to ask that they be "re-aged." If the account is still open, the lender might erase previous delinquencies if you make a series of 12 or so on-time payments.

    6) Dispute old negatives. Say that fight with your phone company over an unfair bill a few years ago resulted in a collections account. You can continue protesting that the charge was unjust, or you can try disputing the account with the credit bureaus as "not mine." The older and smaller a collection account, the more likely the collection agency won't bother to verify it when the credit bureau investigates your dispute.

    Some consumers also have had luck disputing old items with a lender that has merged with another company, which can leave lender records a real mess.

    7) Blitz significant errors. Your credit scores are calculated based on the information in your credit reports, so certain errors there can really cost you. But not everything that's reported in your files matters to your scores.

    Here's the stuff that's usually worth the effort of correcting with the bureaus:

    Late payments, charge-offs, collections or other negative items that aren't yours.

    Credit limits reported as lower than they actually are.

    Accounts listed as "settled," "paid derogatory," "paid charge-off" or anything other than "current" or "paid as agreed" if you paid on time and in full.

    Accounts that are still listed as unpaid that were included in a bankruptcy.

    Negative items older than seven years (10 in the case of bankruptcy) that should have automatically fallen off your reports.

    You actually have to be a bit careful with this last one, because sometimes scores actually go down when bad items fall off your reports. It's a quirk in the FICO credit-scoring software, and the potential effect of eliminating old negative items is difficult to predict in advance.

    Some of the stuff that you typically shouldn't worry about includes:

    Various misspellings of your name.

    Full Story

    Katonah NY Homes

    Katonah Luxury Homes

  • North Salem NY Mortgage Rates Rise to 4.61% | North Salem NY Real Estate

    Posted Under: Market Conditions in North Salem, Home Buying in North Salem, Financing in North Salem  |  December 10, 2010 12:51 PM  |  1,186 views  |  1 comment

    Mortgage Rates Jump to 6-Month High

    Mortgage rates rose for a fourth-straight week to reach a six-month high as yields on government bonds continue to rise. The average interest on a 30-year fixed loan hit 4.61 percent, up from 4.46 percent a week ago, Freddie Mac reported.

    Also, 15-year fixed loans averaged 3.96 percent, up from 3.81 percent last week; and rates for variable adjustable-rate mortgages floated higher as well.

    North Salem NY Homes

    North Salem Luxury Homes

  • Prudential Douglas Elliman Acquires Holmes and Kennedy | Bedford NY Real Estate

    Posted Under: Home Buying in Bedford, Home Selling in Bedford, Financing in Bedford  |  December 9, 2010 11:44 AM  |  1,657 views  |  1 comment

    Dottie Herman of Prudential Douglas Elliman met all of the Prudential Holmes and Kennedy agents along with Bill and Ted Holmes to announce a merger effective immediately.

    Should be a great fit.  Douglas Elliman is a large NYC real estate firm with large offices in Long Island and the Hamptons.

    Douglas Elliman wants to expand into Westchester and now has a great foot print with Holmes and Kennedy offices in Chappaqua, Armonk, Bedford, Katonah, Pleasantville and Somers.

    We expect a great synergy with new Elliman technology and marketing.  We also expect a great influx of NYC apartment sellers with Douglas Elliman in NYC working with Douglas Elliman buyer agents in Westchester.

    Bedford NY Homes

    Bedford Luxury Homes
  • 6 Tips To Rise Above Mortgage Challenge in North Salem

    Posted Under: Home Buying in North Salem, Home Selling in North Salem, Financing in North Salem  |  October 31, 2010 6:45 AM  |  1,297 views  |  1 comment


    Tips and advice for helping buyers reach the closing table

    Today’s mortgage environment is unlike any we’ve seen before. Having weathered the worst financial crisis since the Great Depression, lenders and mortgage insurers have understandably rewritten the rules of what it takes for consumers to acquire a mortgage.

    In fact, when REBAC surveyed members last spring, ABR®s said that difficulties obtaining financing was the top issue preventing buyers from completing a purchase. People associated with the lending industry agree that the lending process has never been more complex and that the rules are changing much more rapidly than before.

    Since the crisis began, there have been extensive modifications to existing mortgage programs, plus the creation of several new ones, prompting enormous challenges for lenders to train staff and keep them up-to-date on revisions. With the rules constantly changing, it’s no wonder that it takes longer to process mortgage applications.

    While the current environment is admittedly challenging, it’s still quite possible for qualified buyers to secure attractive financing. Granted, it takes more work than before. But buyer’s representatives can provide a valuable service to their clients, and themselves, if they learn how to navigate the current lending environment and share their knowledge with their buyers.

    What steps can you take? Read on for expert advice from several ABR®s and mortgage lenders.

    One of the biggest mistakes consumers now make is sitting on the sidelines and waiting to buy a home because they are under the impression that it’s impossible to get a mortgage, or that the minimum down payment is 20 percent. But FHA loans, with just 3.5 percent down, now dominate the market. Even in today’s tougher lending environment, FHA remains flexible and buyer-friendly. 

    Full Article

    North Salem Homes

    North Salem Real Estate

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