Articles Tagged "Mortgage"

Our real estate agents know that financing is one of a homebuyer's biggest worries. It continues to be a concern even on your second or third home. In fact, homeowners have unique challenges when it comes to selling their existing home and buying a new one!

When there's a gap between the time you close on a new home and closing day on your existing one, it can introduce real financial peril. In many cases, this can stretch your budget to the breaking point. But even if the timing doesn't line up perfectly, you still have options you can pursue.

One of those is the bridge loan.

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Pre-approval. It's the first step every homeowner should take before shopping for a new home. Our real estate agents recommend starting with this step because it helps narrow your search to homes within your price range. It also gives your offer added weight when you find the home you want to purchase. Whether you have excellent credit or a significant down-payment, getting pre-approved for a mortgage is a step you don't want to skip.

The Many Advantages of Pre-Approval

We are in a low inventory market, which means that sellers receive multiple offers for their homes. Many times the offers are above the listing price. As sellers consider their options, the knowledge you're serious about and can close the deal gives you an advantage. It also helps you know how high you can go if a bidding war erupts.

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Laffey Real Estate, a leading residential real estate broker on Long Island, launched their Virtual Showing Platform in early April to much acclaim.  The demand for virtual viewings is still strong.  Visit Laffey.com/OpenHouse page to participate.  Interested buyers can find homes to preview every Wednesday from noon to 1:00 pm via Facebook Premier and Laffey.com. 

This is simple and safe home showings.  Go to Laffey.com/OpenHouse page.  Choose the property.  Click on the Facebook Live button under the listing address.  The open houses are scheduled in advance so the date and time is shown on the listing page as well.  Visitors will be notified when they are registered and will receive a notification that their Virtual Open House is beginning.  It is easy to explore open houses from a desktop, laptop and smart device.   

The market is very robust.  Nationwide, there was a 20.7 percent increase in existing-home sales — which includes single-family homes, townhomes, condominiums, and co-ops — between May and June of this year, according to the National Association of Realtors. 

On Long Island, the number of pending sales spiked by 60.6% in Nassau County and by 55.6% in Suffolk last month, compared with a year earlier, OneKey MLS, the multiple listing service that includes Long Island, reported Thursday.

Prices increased in both counties. In Nassau, closed sale prices ticked up 1.1% annually, to a median $551,250, and pending sale prices rose by 6.4%, to a median $580,000. Suffolk County median closed sale prices jumped by 5.8% to $439,000 and pending sale prices rose by 8.4% to $450,000, the listing service reported.

In July 2020, the median list price of single family homes in Queens County, NY was $750K, and media sale price was $650,000; condos median list price was $638,000 and media sold was $530,000. Homes in Queens County, NY sold for 3.5% below asking price on average in July 2020

Combined with record-low interest rates and high rents, City dwellers are adding another element to the frenzied pace of available home buyers. The average interest rate was 2.96% last week, down 0.64 percentage points from a year ago, mortgage giant Freddie Mac reported Thursday.

"This method of engaging our customers have proven fruitful for everyone", explained Donnamarie Chaimanis, President Laffey Real Estate.  "With Zoom, WhatsApp, Google Meets live streaming and showing appointments, the overwhelming number of buyers coming to our website requesting virtual showings and meetings has been awe-inspiring." 

Since mid-April, during the height of the pandemic and beyond, Laffey Real Estate débuted more than 500 Virtual Open Houses reaching thousands of potential buyers across Laffey.com, Agent Websites and Facebook. 

Laffey Real Estate announced the appointment of Donnamarie Chaimanis, Licensed Associate Real Estate Broker, to the position of President of the brokerage effective immediately. 

In this newly created role, Chaimanis is tasked with maximizing branch productivity; supervise the daily sales operations, branch services, recruiting platforms and growth strategies in the markets served including Long Island and the five boroughs.  She will continue in the role of overseeing the team of branch managers and career leaders.

The announcement was made by Philip C. Laffey, Broker Owner via a senior management Zoom meeting.  "We are very pleased to have Donnamarie work alongside us.  Since joining the firm in 2005, she has been a proven leader, innovator and team player," explained Laffey.  "This offers both Mark and me the opportunity to continue to focus on more strategic initiatives while ensuring that our company is moving forward as we have envisioned." 

Chaimanis, a 15-year residential real estate veteran, has previously served in leadership positions including Branch Manager Brookville Office, Regional Vice President and Luxury Marketing Division Manager.  Before her promotion, she led the company's Luxury Marketing Division instituting training strategy, marketing initiatives and agent mentoring. 

Donnamarie has a real penchant for luxury real estate, as the market on the Gold Coast certainly warrants.  Overall, these legacy sales include the $36.5 Million Searingtown Road, Manhasset land; $20 Million Easton Estate, Muttontown; $19.88 Million Alan King Waterfront Estate, Kings Point; the $9.035 Million, Oyster Bay Cove Cassini residence and many other notable estates.  

In commenting on Donnamarie's appointment, Mark T. Laffey, Broker Owner added that "we've been grooming her for this position for a few years.  She stepped up naturally and efficiently. With her professionalism and knowledge, we are confident that Donnamarie will be an integral part of the strategic growth of Laffey Real Estate for years to come."

With her extensive experience and background in residential real estate, she will continue to work closely with the Broker Owners.  As the firm enters another chapter in their storied and well-regarded history, the vision for expansion will be well served under her guidance.  

Start off your new year with a new home by getting your loan pre-approval and preparing to purchase. A new year means a new start, and a sparkling home awaits.

Our real estate agents understand that the pre-approval process can be rather confusing. To start off your new year right, we're here to help guide you through this first stage of the home purchase process.

Know Your Credit

Knowing your credit score is a great place to start when deciding if you are ready for a pre-approval. Lenders will have varying minimum credit scores, but for the most part, you'll need a score of at least 620 to ensure you are approved for a loan.

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Inheriting a house often happens quickly and by surprise. You realize it will happen eventually, but many people are still unprepared when it does. Our real estate agents have worked with many people in this situation, and while it may be emotionally difficult, successfully navigating these circumstances is possible.

First Steps

Contact the homeowner's insurance and utilities to make any changes needed to continue coverage and service. While you may not want to pay utility bills for a house that isn't occupied, turning them off isn't practical. If you or others will be spending time in the house cleaning out personal belongings or making repairs, you will need electricity and water. During heating season, gas will need to stay on to prevent possible damage from frozen pipes. You'll also need the utilities on for a house inspection. You can discontinue anything that isn't essential such as TV, internet and phone services.

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Are you thinking about buying your first home? This is one of the biggest steps you'll ever take.

If you haven't yet found your dream home, our real estate agents can help you along the way. Before you can call that home your own, however, you'll have to pay for it. If you're like most people, that means working with a lender to take out a mortgage.

Although applying for a mortgage requires some effort, it's really not that difficult. These seven steps will help keep you organized and increase your chances of a fast approval.

1. Do Your Research
   Taking out a mortgage is a huge commitment, so you'll want to do your research before you make any moves. Begin by checking your credit score and reviewing your credit report to make sure it's accurate. If you notice any problems, you'll want to start working on fixing those right away.
   
   Decide what type of mortgage you want to apply for and begin researching lenders. Use an online calculator or contact a few lenders for pre-qualification so you have an idea of how much you can afford to borrow.

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