Weekly Mortgage rates

February 6th, 2011
Mortgage Rates for NY
Product Interest Rates Annual Percentage Rate
15 YR Fixed Conforming 4.000% 4.139%
15 YR Fixed Jumbo 4.500% 4.696%
30 YR Fixed Conforming 4.750% 4.900%
30 YR Fixed High Conforming 4.875% 4.990%
30 YR Fixed Jumbo 5.125% 5.242%
30 YR Fixed Super Jumbo 5.375% 5.527%
5/1 YR ARM Conforming 3.250% 3.203%
5/1 YR ARM Jumbo 4.250% 3.543%
5/1 YR Portfolio Arm 4.125% 3.088%

Last Updated On: Monday, January 31, 2011

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 30 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. The above rates may change or not be available at commitment or closing. Property taxes and homeowners insurance are estimates and subject to change.
NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535

William Raveis Mortgage, LLC is a licensed, full-service Mortgage Banker/Broker (View our licenses)

All information provided is deemed reliable but is not guaranteed and should be independently verified.

Tips for brightening your home in winter

February 5th, 2011

After the holiday season winds down and the tree and candles are put away, it can be a challenge to keep your home look cozy and inviting in these dark, dreary, snowy winter months.

Inexpensive Paperwhites can liven up indoor spaces in winter.

Whether you are sprucing up the house in anticipation of putting your home on the market, or just need a fresh look to pick you up during this time, there are a couple of easy and inexpensive things you can do:

I asked local resident Missie Fahey for some additional ideas.  Missie has a successful interior design business, Missie Fahey, Inc., and I can’t say enough about her diligence, kind manner, and sweet southern charm! Here are her suggestions:

  • De-clutter! “While we are getting hit with massive amounts of snowfall, instead of letting cabin fever set in, get busy! It is amazing how fresh a space can become just be emptying it of a few unnecessary or unwanted things.
  • Repurpose. This can be as easy as taking a dusty vase off the shelf and filling it with fresh cut flowers or drop it off at your favorite florist and let them surprise you with a vibrant burst! On a slightly larger scale, “DIY” projects are a great way to use what you have, like spray painting a simple mirror frame to jazz it up. I really love the hi gloss paint finishes, which add a snazzy, sophisticated touch!
  • Rearrange. Let your inner designer speak to you! Again, while we seem to be spending more time at home than we would like to, don’t hesitate to start moving things around and thinking how spaces can be used differently and possibly more inviting and more efficiently (you can always change it back!).”
missiefahey.com

Feel free to contact Missie for additional ideas!

Missie also recommends fresh towels and bath mats to perk up a dreary bath, chic new lighting styles, or groupings of inexpensive picture frames. These items and more can be found inexpensively at Marshalls (Port Chester), Home Goods (New Rochelle) or T.J. Maxx (White Plains).

When all else fails, Missie suggests pulling out the votives and invite a group over,  have everyone bring a bottle of wine, toast the New Year and bask in the warmth of friends who will be there for you no matter what your home looks like!

Missie can be reached at 914-673-0861 or through her site HERE.

Thinking of selling? Check out this Quick Video by a fellow Raveis Agent on how getting an independent appraisal just might lead you to a QUICK SALE!

December 3rd, 2010

Why the Recovery in Westchester may be different that you think

October 24th, 2010

There have been a few interesting articles published lately pertaining to local real estate…the most interesting to me was in the October 13th issue of the Wall Street Journal, Home Deals in Suburbs Start to Dry Up*, which reaffirms what I have been stating all along- that certain areas of Westchester County that are within easy commuting range to the city, such as Rye, have been outperforming the market at large.

The article states that, “the stabilization of the Wall Street economy is helping drive sales- and boosting prices- in these affluent neighborhoods that have easy Manhattan commutes and offer good schools…”, and although the posted sales may have quieted recently as is typical this time of year, I am definitely noticing a pick up in activity in the past couple of weeks.

On the mortgage front, there has been a tide of refinancing activity…where as a couple of years ago, it was a struggle to get a bank to respond to an inquiry about refinancing, the banks are now actively courting that business, as evidenced in today’s N.Y. Times article, Plunging Mortgage Refinancing Rates aid the Thrifty.

*As reprinted here from Quinn & Co, PR website.

Rye and Harrison Recent Sales

October 18th, 2010

The number of closings dropped off significantly in September after a busy spring and summer… curious as to what closed in your area?  Find this information and more housing statistics on raveis.com.

Check out the past three months of posted sales on MLS in Rye and Harrison here:

RYE RECENT SALES


HARRISON RECENT SALES

Listing of the Month

October 17th, 2010

New Listing:  Immaculate 5 bedroom Cape Colonial in desirable Allendale Park!

This house features spacious rooms and great flow. There are many updates: gleaming wood floors , all new interior paneled doors, new central air and furnace, new roof, ceiling fans.  Two fireplaces, a large finished basement space, additional office room with separate entrance, and extra large 2 car garage. Many possibilities with this Rye City home, with space for all.

See the full pictures HERE.

This home is a hop to the town baseball fields and tennis courts, and a quick walk to award winning Osborn Elementary School.  A short stroll down Oakland Beach Avenue will take you to local shops and Rye Town Park and Beach.  Resident membership to Rye Golf Club and Pool.

Contact me for additional information or view a quick online brochure HERE!

Why Rye is really NOT the third most expensive housing market in the U.S…but still on the list.

October 11th, 2010

There was a recent uproar about a recent housing survey that ranked Rye as the 3rd costliest housing market in the nation by zip code, ahead of several exclusive Manhattan zip codes. While that makes for sensational press, how can that be possible? Granted, we know that Westchester County, along with the entire metropolitan N.Y. area is both an expensive and yet very desirable place to live, but is it more expensive to live here than premium California towns or New York City itself?

The report in question is the Coldwell Banker Home Listing Report, and the criteria for section at the bottom states, ” The HLR provides the average home listing price for four-bedroom, two-bathroom properties on www.coldwellbanker.com listed between February and August 2010 from nearly 300 select U.S. markets, where Coldwell Banker has a presence.”*

So, if the company does not have a presence in that market, for instance in Manhattan or some of the more exclusive Long Island (the Hamptons?) or New Jersey towns, it is not included in the survey.

A more representative survey was recently released from Forbes.com “America’s Most Expensive Zip Codes”.  California still dominates the list, with many N.Y.C. zips at the top. Greenwich, CT. at #27, Purchase at #47, and Rye #82.

Of course, none of these lists are truly accurate, anyway.  As a past Forbes article explaining the compilation reported, a zip code can include a wealthy area  with a less pricey one, and if measuring median home prices, that means half the prices are above and half are below, so it doesn’t really measure the top prices in an area. For instance, “ an estate could go for $30 million and another for $20 million. But if you have enough $200,000 condo sales, the median could end up being similar to that for a place where the top price is just $5 million, but homes start at $900,000.”**

*courtesy of Coldwell Banker HLR

** courtesy of Most Expensive Zip Codes 2005

Buyers: Understand the Difference between Mortgage Pre-Qualification, Pre- Approval & Commitment in today’s environment*

October 6th, 2010

*Courtesy of Michael DeRosa, William Raveis Mortgage LLC

Position yourself to be a Strong Buyer…

Pre-qualification: is an estimate of your borrowing power. This estimate is based on a credit report plus information you provide verbally and is not verified by a lender. Most sellers will not except an offer from buyers that have only been pre-qualified.

Pre-approval: is a preliminary approval issued by a lender after your income, assets and credit have been verified and deemed satisfactory for a given loan program. Once negotiated, the terms of the pre-approval must be met including a satisfactory appraisal of the property. You will be able to place an offer with a pre-approval.

Commitment: An agreement, in writing, between a lender and a borrower to loan money at a future date, subject to certain conditions.  A mortgage commitment is issued after an application has been submitted and credit, income, and asset documentation along with an appraisal of the selected property, has been reviewed by a lender.  A commitment is based on a specific property, and a specific mortgage program.

…. and position yourself for Success!

Michael DeRosa                                                                             

Executive Mortgage Banker

William Raveis Mortgage LLC

cell: 203-994-9988

michael.derosa@raveis.com

efax:    203-653-5687

NMLS Mortgage Loan Originator # 58223

Listing of the Month

September 28th, 2010

This comfortable 3 bedroom Rye City home is located in a friendly, residential neighborhood within walking distance to Osborn Elementary School and the Harrison train station.  This house has been renovated to reflect an open floor plan for today’s family living while retaining the old world character. Peaceful and serene, this “feel good” home is perfect for the busy buyer looking to just move in…additional square footage in the basement and a large private deck surrounded by views of nature make this home

MLS #3029836

feel much more spacious than the square footage suggests.  Must see inside to fully appreciate! The sale includes an additional lot in the back and the yard is complete with a children’s tree house hideaway and  access to a walking path in back of the property.

Living Room with Wood Burning Fireplace

We lived in this neighborhood when my children were younger, and have wonderful memories of Halloween parades and trick or treating on this street or strolling over to Osborn for their annual Fall Carnival every October. If you or anyone you know may be interested in this home, please contact me for further details.

10 Reasons to Buy a Home*

September 20th, 2010

Brett Arends puts a balanced view on why, in most cases,  it still makes sense to own a home in this recent Wall Street Journal article,  10 Reasons To Buy a Home. Watch the video!

*wsj.com 9/16/10