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Showing posts with label new milford ct real estate. Show all posts
Showing posts with label new milford ct real estate. Show all posts
Thursday, July 9, 2009
Meadowbrook 4 Bedroom Colonial, New Listing in New Milford CT
Sunday, May 31, 2009
First home? Dreams to reality!
Still sitting on that fence and dreaming about buying your first home? Confused about how to get started? I don’t blame you, there is so much negative press in the media about people who are losing their homes that it can be a very scary thing. Remember up until recently, sub prime mortgages and over inflated prices were the norm. Now the game has changed in your favor. Prices have come down, interest rates are low, and lenders are far more cautious.
What should you do first? Look into what mortgage program is the best for you. I went on the web to see how you would get your information. Wow, is it confusing! All these promises, how to trust someone you have never met with the largest single purchase you will make in your lifetime? Which program is right for you? Although you need to get approval before looking for your new home, find the realtor you want to work with, yes, sit down, interview them, find out if this is the person you want to work with. Then ask your trusted realtor for help in navigating the confusing world of the mortgage business. Realtors have mortgage resources, they know who to trust, were to go, where not to go. There are so many programs out there that I for one give my clients as much information as I have at my fingertips, then give them the names of the people I am sure can help them. No fly by night internet scams, real honest to goodness mortgage professionals who get the job done. 
Here are some examples of the programs that are available to first time home buyers. Remember, not all mortgage people can offer all these product so shopping around is a great idea. I would suggest contacting more than one person to find out what programs you qualify for, then do a comparison on the loan information to see which is right for you! (Most, but not all of this information is specific to Connecticut, and not all are in all areas of Connecticut)
The Housing Development Fund partners with certain lenders in the area to set you on the path to home ownership. A few different programs are available for you. Simply put, HDF will lend you the down payment, and the participating lender will lend the balance. There is even a fund for closing costs! These are not predatory loans, if you don’t have the credit scores, if you don’t meet their criteria they will tell you up front! You will have to attend a credit counseling session and there are sessions after the loan closes that you will also have to attend. My daughter used this program, it put her in a home that she loves at a price she can afford. No balloon payments, no surprises at all. She is happy as can be paying in total for her mortgage and taxes LESS than she did paying rent.
USDA Rural Development Loans are available for New Milford. Yes, this is the USDA that you know and love, that approves the milk and meat you eat! You too can get that seal of approval from the USDA to live in your own home. The home MUST fall within an approved address, there are certain requirements about the home, in Litchfield County the loan limit cannot exceed $285,000. The home must meet certain requirements which are clearly stated on their website. USDA Rural Development Loans can be used for up to 102% of the appraised value of the home.
CHFA loans are still alive and kicking! CHFA = Connecticut Housing Finance Authority. Low down payments, low income limits, low interest rates make these mortgages very attractive for the first time home buyer. A few of the lenders I work with on a regular basis are on the approved list of lenders for CHFA.
FHA loans are insured by the Federal Housing Authority. Low down payments, low income limits, low interest rates make these loans very attractive for the first time home buyer!
VA loans for Veterans, guaranteed by the Department of Veterans Affairs. There are criteria you have to meet, either as a veteran, or on active duty. This is a great product that is well deserved by those that can use it.
There are many more programs available which a qualified mortgage person would be able to tell you about!
After obtaining a mortgage pre approval it is then time to find your home! Based on which loan product you decided to go with can dictate the price range as well as the area you will purchase in. If you are interested in purchasing your first home in lower Litchfield or upper Fairfield County, I would be most happy to speak with you. Send me an email to andrea@andreaswiedler.com or give me a call at 203.460.1775, your choice!
And don’t forget about the $8,000 first time home buyer tax credit this year!
Looking to purchase or sell a home in the greater New Milford CT area? Please contact me , or visit my website to find out more about me. Search the MLS like I do, sign up for a Listingbook account.
What is good about New Milford and the surrounding communities? Check it out!
Before you hit copy and paste, please read the following….
© 2009 Andrea Swiedler. Unless otherwise noted, the content,
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both written and in pictures, is the property of Andrea Swiedler. If you wish to use something you see here, please email me (andrea@andreswiedler.com) with your request. Most likely I will oblige, with a link back to my original content as well as an acknowledgment. Although imitation is the highest form of flattery, please let me know before you decide to bestow this form of flattery on me! Thank you.
Thursday, May 21, 2009
Good Faith Estimates - Knowing & Understanding the Power of the paper!!!
Technorati Tags: Good faith estimates,mortgage information,Jeffrey Belonger,Important Mortgage Information,New Milford CT real estate information
It is time for another post by mortgage guru Jeff Belonger from Infinity Home Mortgage Company. Thank you Jeff for your spot on expertise! Jeff is ready, willing and able to help you obtain a mortgage for a home in the greater New Milford area. Want more information about a VA, FHA, USDA or conventional loan? Just ask Jeff!
Good Faith Estimates - Extremely important message below!!!
If you are a consumer looking to purchase or refinance, this is a must read. It could cost you thousands if you don't pay attention. This is not a threat, but a warning from someone that has over 16 years of experience in the mortgage industry.
When shopping for a mortgage, even if shopping with more than 2 lenders, you want to get a good faith estimate from everyone that you speak to.
So, here is my pet peeve. This is a major red flag - if you speak to a loan officer, on the phone or in person, and they didn't offer you a good faith estimate, don't walk, Run!!!
The Good Faith Estimate is an over abused term and can be misleading. If the loan officer qualifies you for a mortgage, no matter if its a FHA loan or a conventional loan, you should receive one in a few hours. In reality, if the loan officer qualifies you and tells you a rate, a payment, and your total costs, they should be able to give you that good faith estimate in a matter of minutes. Think about it, they had to do this already in order to give you those figures. There is no excuse. Sure, things happen, but just being busy is not good enough. Unless they specifically tell you that they will give it to you the next day. This can happen, but other than that, if they don’t communicate this with you, no excuse. And this could be indicative to how your loan process will go.
Let me ask you this. If you are shopping for a car, don't you want to see your payment, interest rate, and total costs? I know I would. If you have to keep asking for a good faith estimate and it's been 3 days, major red flag.
Overall, it doesn't matter if you are applying for a FHA loan, a conventional loan, or any other type of mortgage. If you have to beg for a good faith estimate, you are just asking for trouble in most cases.
THE GOOD FAITH ESTIMATE
So, what is a good faith estimate? Its an estimate of all your costs associated with buying or refinancing your home. But here is the catch. There are some costs that are known costs and not just estimates. These would be the lenders fees. The lender fees are all fees that are under lines 801 to 823. I enlarged this section below for you.
Three things that you want to look for when you first look at your GFE.
- Look at the loan program and make sure this is the program that you want. If it was an adjustable, it would say differently. This would fall under the term of the loan.
- Look at the mortgage rate. Make sure this is what you discussed when speaking to your loan officer. (Up top, middle of page, yellow highlight)
- The 3rd issue are the fees. As I mentioned above, everything in section 801 to 823 would be the lenders fees or anything the lender is going to charge you. (left hand column with highlighted items) Don't ever be fooled if one lenders fee is higher than the other. You still need to compare the mortgage rate.
(Speak to your tax accountant to make sure what can be written off and what cant. But typically just the points can be written off)
What not to do when comparing good faith estimates.
- Don't compare total fees at bottom of the GFE, which I will explain why below.
- Just don’t compare the APR of the loan. (explained here)
Conclusion: Again, don't always shop and ask for total fees. Compare the lenders fees the most. In regards to your escrows, each state is different. I highlighted this in red. Your property taxes are paid either quarterly, twice a year, or once a year. I have seen some loan officers sometimes not show enough for your escrows in regards to the property taxes. Its very easy for a loan officer to say at closing, ˜these aren't my fees, so all I can do is give an estimate. Word of advice, yes, its an estimate. But I have seen some loan officers estimate less to make the overall cost look cheaper. And just be careful, because some of these figures are not worth the paper that they are written on. It's just that, an estimate based on good faith. Make sure that you always speak with a Mortgage Professional. And don't shop yourself right out of the market.
One other thing, if you have 3 good faith estimates in front of you, always go back to the person that you had the best feeling with, that you are comfortable the most with, and share the other 2 with them. Just don't run to the person with the best rate and or fees. I always like my clients to come back to me no matter what. I might be able to point something out to them. And this next topic must be discussed when receiving a GFE, otherwise this Good Faith doesn't mean squat. Locking or floating my mortgage rate !!!!
Lastly... if you are going to shop rate & costs, ALWAYS shop on the same day !!! Rates change daily...
UPDATE : The laws in some states are different, when a good faith estimate must be given. In Paul McFadden's example, comment #15, they have 3 days from the day they pull credit. According to RESPA, the lender has 3 days from the time of application. When just casually shopping, there is no time period or law.
In regards to my example, with the rate and points, this is just an example. Besides, not all rates or good faith estimates come with points. And I don't charge fees. But there is a cost of doing business with any lender or bank out there.
- FHA Loans - USDA Loans - VA Loans -
- Energy Efficient Mortgages -
- Conventional Loans - 203 k loans -
- Mortgages -
Experience & Knowledge at its BEST !!!
_________________________________________________________________________________________
For more information on FHA loans, please go to this link. The FHA Expert
For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit
For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!
Copyright © 2009 by Jeff Belonger
Saturday, April 18, 2009
New Milford Weekly Market Watch
April 18, 2009
Single Family Homes
The market is definitly showing signs of improvement. Not only in the numbers, but in speaking to other agents, they seem to be MUCH busier than they have been with buyers!
There are currently 268 active single family home listings in New Milford, CT. That is up 4 listing from last week. Lowest price: $100,000. Highest price: $2,100,000, Out of these, 22 are under deposit, that is up by 6 from last week, lowest price $100,00, highest price $629,900. Average list price: $341,634, Average market time: 139 days. (Days on market seems to be coming down!)
There are currently 4 homes that are pending, 4 less than last week. Lowest price: $179,900. Highest price: $384,000. The average list price of these is $281,950, average market time: 103 days.
3 homes are showing as sold, 1 up from last week. 2 of these homes were foreclosures. Average List price $242,967, average sale price: $198,333 average market time, 50 days.
Condominiums
There are currently 81 active condo listings in New Milford, CT, no change from last 2 previous weeks.
Out of these, 7 are under deposit, up 3 from last week, lowest price $98,700, highest price $220,000. The average list price: $153,000, average market time: 78 days. That is down 6 days!
There are currently 2 condos that are pending, down 9 from last week. Lowest price: $89,000, highest price:$135,000. The average list price of these is $112,000. Average market time: 122 days.
1 condo is showing as sold. . Sale price was $125,000, market time was 135 days. This information seems to be off, we will wait to see what happens for next week. There should have been more condos showing as sold.
Information provided by the Greater Fairfield County CMLS. Information deemed reliable, but not necessarily accurate.
The market is definitly showing signs of improvement. Not only in the numbers, but in speaking to other agents, they seem to be MUCH busier than they have been with buyers!
There are currently 268 active single family home listings in New Milford, CT. That is up 4 listing from last week. Lowest price: $100,000. Highest price: $2,100,000, Out of these, 22 are under deposit, that is up by 6 from last week, lowest price $100,00, highest price $629,900. Average list price: $341,634, Average market time: 139 days. (Days on market seems to be coming down!)
There are currently 4 homes that are pending, 4 less than last week. Lowest price: $179,900. Highest price: $384,000. The average list price of these is $281,950, average market time: 103 days.
3 homes are showing as sold, 1 up from last week. 2 of these homes were foreclosures. Average List price $242,967, average sale price: $198,333 average market time, 50 days.
Condominiums
There are currently 81 active condo listings in New Milford, CT, no change from last 2 previous weeks.
Out of these, 7 are under deposit, up 3 from last week, lowest price $98,700, highest price $220,000. The average list price: $153,000, average market time: 78 days. That is down 6 days!
There are currently 2 condos that are pending, down 9 from last week. Lowest price: $89,000, highest price:$135,000. The average list price of these is $112,000. Average market time: 122 days.
1 condo is showing as sold. . Sale price was $125,000, market time was 135 days. This information seems to be off, we will wait to see what happens for next week. There should have been more condos showing as sold.
Information provided by the Greater Fairfield County CMLS. Information deemed reliable, but not necessarily accurate.
Tuesday, April 14, 2009
So, you think you want to buy your first home.
The news is all good, interest rates are lower than ever. Housing prices are down. The first time home buyers $8,000 tax credit is a great incentive to purchase a home this year. Check out what the National Association of Realtors has to say about it. What to do first?
Find a reputable lender. Find out how much you are qualified for, make sure that you look at what your mortgage payment will be per month, include your real estate taxes in this computation. You want to know this first, before even looking at homes. I insist on this with my buyers. Looking at homes with a price range you think will work often leads to heartache. Check out tips for finding a reputable lender by Mortgage RX.
Ask about first time home buyer programs. There are many good programs available to you, make sure you investigate all the options. One I have had great success with is the Housing Development Fund. Take a look at what they have to say.
Find a reputable Realtor. Remember, you will be spending time with this person, looking to them for advice, putting your trust in them to assist you with the largest purchase you will make in a long time. This is not a car, this is your home! About.com has written some very extensive articles that will answer questions you may have or didn't even know you had about chosing a Realtor.
Be ready to make changes. You should have a wants and needs list. But be prepared to make adjustments in these lists as you visit more homes. Perhaps the homes in your price range will not have that extra half bath you thought you couldn't live without. Maybe the home will not have a granite countertop. Be flexible and realistic. Here is a great article from about.com on things to think about when making the choice of what is important to you.
Be honest with yourself. If you fall in love with the idea of a particular home, but for instance, it will require too much work that you are not capable of doing or paying for, move on. This Old House has some good information on this subject.
Don't assume that all homes are overpriced. Putting in low ball offers can really become problematic. Let's say you find the home of your dreams, you really want this home and put in an offer. Because you have read somewhere that all homes are overpriced by at least 25% you base your offer on that premise. The seller does not have to sell, and never responds to you. You may anger them so much they may not look at any other offer you make as serious. Ask your Realtor to do a buyers market analysis for you. Trust your Realtor to do their job! A good Realtor will tell you if the house is priced correctly or not.
If you want that bargain priced home, look at foreclosures. Even short sales have to be approved by the bank, and they are not so willing to let it go for the price it might fetch when it has been foreclosed on and left vacant for a year. This is a reality of todays market.
Be patient. It could take time, especially in the lower price range.
Yes, it really is a good time to buy. But are you honestly ready? Have you done YOUR work? I will do my part for you to make your first home purchase a smooth transaction. If you are looking to purchase a home in the greater New Milford area I would love to hear from you. Give me a call, 203-460-1775, or drop me an email and we can discuss your options. I have great resources for you to check out lenders, I have a program called Listingbook that allows you to search the multiple listing service just like I do. Drop by my blog, real estate, real photography, real life and learn more about me and about the area, leave me a comment, tell me what you think. I hope to hear from you soon!
Tuesday, April 7, 2009
Looking to sell your home?
Looking to sell your home? In this real estate market you have to offer the buyer a reason to see your home, and then to like your home well enough to make that coveted offer. Just being on the market is not going to get the job done. Here is a checklist to see if you are ready to list your home.
Curb appeal. It all starts here. When a prospective buyer pulls up to your home, what are they going to see? Discarded items in the bushes, branches all over the yard, large areas of dead grass? I hope not. Set flowers by the entryway, clean up the yard, mow the lawn, paint the front door and garage doors if necessary. If you can't get them past the outside and in the front door, you can't sell them the house.
The Entrance. Make sure when a prospective buyer walks through the front door they see clean, they see fresh paint if needed, make sure there are no strange odors emanating from you house!
De-clutter. You must de-clutter and organize. What you have become accustomed to living with may really turn off a potential buyer. Keep items off the floors and counters. Keep your closets organized, if they can't see the closet for the junk accumulated in it, they will think you don't have enough storage space in the home for their own "stuff".
De-personalize. That wall that has the 50 portrait pictures of your family will do 2 things. It will highlight to the buyer that there will be 50 holes in the wall to repair, and it will distract them from really looking at the house. They will be too busy looking at the photos, and they will see YOUR family in the home, not theirs.
Clean. I can't stress this enough, the house MUST be kept clean. Clean floors, clean windows, clean tile and grout, clean towels in the bathrooms, clean all the way around.
Paint. Does your home need a fresh coat of paint? Probably. This could make all the difference in the world. That orange color that you just had to have in the dining room may just kill the deal.
Call a professional stager. It really is a monumental task to assess the situation when you are so close to it. If you find that you are overwhelmed, perhaps you need to contact a professional stager to help you reorganize, re think design, get it ready for sale.
Price it right. This is a BUYERS market. In order to sell your home needs to be priced to reflect a realistic selling price. Adding $50,000 for "negotiating room" will discourage prospective buyers from even looking at your property. Be realistic, reasonable, and listen to what your realtor is telling you!
If you are ready to make that move, contact a real estate professional. They will guide you through the process. If you owe more than it is currently worth, there are options available to you. Make sure you let your Realtor know in the first meeting that this is the case.
If you are in the greater New Milford area and would like to meet with a real estate professional, give me a call or drop me an email. I would be happy to discuss your options.
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