Connecticut Financing Update and Today's Mortgage Rates February 3, 2012

Government Initiatives Update: The HARP 2.0 initiative was aimed at helping agency homeowners refinance. Then came HAMP 2.0 (this past Friday), aimed at encourageing more modifications. Yesterday Obama unveiled a separate refinancing program targeted at non-agency homeowners (making refinancing easier for mortgages not backed by Fannie or Freddie). Finally, in the coming days/weeks we could get a final foreclosure settlement as well as a plan to sell foreclosed homes in bulk. In aggregate, all these policy moves could help at the margin but most believe they fall short of some grand Fannie/Freddie automatic refinance plan for which some investors had hoped.

 

There are many questions about how 2^nd mortgages fit into refinancing plans, and how institutions should handle the potential losses on the write-downs. This week the Board of Governors of the Fed, the FDIC, the National Credit Union Administration, and the OCC "issued supervisory guidance" on allowance for loan and lease losses (ALLL) estimation practices associated with loans and lines of credit secured by junior liens on one- to four-family residential properties.

This week MetLife Mortgage closed it's doors, loans in process must fund by April 30, 2012 and Citi Bank has just ended its wholesale division.   Of the major, top 4 or 5 investors who had wholesale divisions a few years ago, or bought loans from correspondents who dealt with brokers, who is left? Wells Fargo. Bank of American is gone, Citi is now gone, GMAC/Ally has scaled back, Chase won't buy TPO business. SunTrust is going through a massive retooling. That being said, there are plenty of investors and lenders willing to step into this arena, and already have.

Today's Mortgage Rates

30 Year Fixed 3.875% - 0 points for the rate

15 Year Fixed 3.125%

10 Year Fixed 2.875

5/1 ARM 2.875%

7/1 ARM 3.125

 

FHA

30 Year Fixed 3.50 %

Jennifer Buchanan,  Certified Mortgage Planning Specialist  is a seasoned veteran of the Mortgage, Banking and Broker Industry and specializes in mortgage loans throughout Fairfield County, Connecticut.
   Her attention to detail is unsurpassed, and her understanding of the marketplace makes it easy to find the right loan to fit her clients specific needs .  Jennifer's local processing and closing team are also known for their exemplary service.
   Understanding that the vast majority of mortgage brokers never discuss the long or short term  financial needs or goals with their clients, she set herself apart from the rest by obtaining the coveted CMPS  designation. (Certified Mortgage Planning Specialist)
    She is a member of the National Association of Responsible Loan Officers, and her commitment to ethics, understanding of the marketplace, and business acumen have earned her the respect of her peers and clients alike.

 

Jennifer Buchanan

jhvb51@aol.com

Relocating in CT? How to Determine the Best Resale Value Town vs. Town

If a job transfer, promotion, or a new job has you relocating within Connecticut to a part of the state that you are not so familiar with, the relocation can be just as overwhelming or daunting as moving into an entirely different part of the country. Even though your move is inside Connecticut, it's still  in unfamiliar territory and having  someone look out for your best interests of the utmost importance.

That's where your choice of a Realtor is crucial. You will need to rely on an agent's expertise to guide you in the best direction for anticipated resale value of homes that are within your budget in the general area that you choose to live in.

Most often, your choice of towns may be predicated on being within a certain radius of your job, and that is appropriate. Your realtor can help you with various choices that fit your needs. We all know the towns that have better resale values than others.

You may want to also consider what is important to you and what you like most about the community that you live in now, and try to mirror that ambience in your new location, if at all possible. Conversely, you may also want to consider what you do not like about your community, and try and stay away from that  environment in your new hometown.

Whatever it is that you know that want, or you don't want, it's important to communicate with your Realtor (in other words, me) the  most important things that you are looking for in your next community, and what you would like to try and avoid if at all possible.

Count on your real estate agent to provide you with statistics , facts , figures and resale values that are true and accurate so that you can make the best decisions. To get a quick overview of town statistics an demographic profiles for Southwestern Connecticut and Fairfield County, check out our Market Reports and Quarterly Statistics. Our town pages have a  short bio, mini-history and additional demographics as well. All of these pages can be found on the left hand side bar of our website.

When you employ Judy as your Realtor, you will get  a highly experienced agent who can give you the  proper interpretation of the market so you can make the best decisions.  Contact Judy whenever you're ready.

 And a note From Judy: If you have a question about buying or selling a home in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

There is Still Time to Winterize Your Connecticut Home

The National Weather Service says low snowfall this year is unusual, but not unheard of. One thing is for sure, winter’s delay in much of the U.S. has given homeowners an extension when it comes to winterizing.
Take advantage of the warmer days to ensure your home is prepared when the cold weather does strike our area. Here are a few tips to get you started.

Protect Your Pipes:
Pipes located in attics, crawl spaces, basements and near outer walls can be susceptible to freezing in extreme temperatures. When the forecast calls for unusually cold temperatures, let water drip from hot and cold faucets overnight. Also, try keeping cabinet doors open to allow warm air to circulate in places like below sinks. If you open the cabinet doors, be sure to remove anything inside the cabinets that may pose a safety hazard to children, such as household cleaners. For exposed pipes in your attic, basement or crawl spaces, add extra insulation around them.

Be Ready For an Emergency:
Blackouts and snow-ins can occur during winter months, so take a moment to prepare yourself and your family for such emergencies. Having the following items ready will help you make it through safely.

    Flashlights
    Bottled Water
    Nonperishable food items
    Blankets
    Phone numbers for your utility companies
    Battery backup to protect your computer and other important electronic equipment
    First-aid kit
    If you have an emergency generator, make sure you have gasoline available to fuel it.

Winter Yard Care:
Even with the cold weather conditions, your yard still needs to be maintained. Make sure tree and shrub branches are well away from the house and windows. Icy conditions can cause branches to break and damage your home. Walk around your home and survey the roof to see if any ice dams have formed; call a contractor if you suspect this is the case. Check your foundation for small cracks or openings where mice or other pests can tunnel in. Winter is when they seek the warmth of your house, so seal up any possible entrances. While you’re outside, clear snow off gas meters and away from basement windows and your dryer exhaust vent.

Article submitted by Brennan Purdy of State Farm Insurance

My vision is to be an insurance professional whose actions are driven by keeping the customer's best interest as my primary goal. My staff will treat all my customers in a caring, friendly, and professional manner. My office will provide warm, efficient, and seamless services to our customers at all times. I expect my business to be comprised of knowledgeable, multiple-line customers who see my office as their first and best choice for all their insurance and financial service needs

For more information on these and other home safety tips, stop by my office or visit www.brennanpurdy.com. My office is conveniently located in downtown Bethel. 203-798-7300.                   211 Greenwood Avenue , Bethel, CT 06801

What Recourse Does a Tenant Have with a Bad Landlord?

Tenants have rights, too! You've all heard stories  in the news about Landlords who have neglected  their occupied rental property, and the tenant suffers greatly. It's not only in the very big cities. It happens in our  area of Connecticut, too.

Things like a heating system in disrepair, broken stove, falling down sheetrock,  and leaky pipes that prevent a tenant from using the property as intended are absolutely shameful on the part of the Landlord- should not be tolerated,  and depending upon the specific wording in your lease,  you- as an aggrieved tenant, may have some recourse

First things first. When you initially look at the property, check for signs of maintenance neglect. That may very well be a good indication as to how things might go if you have a problem if you decide to lease the property.   One small item that needs repair should not present itself as a red flag, but uncovering  a few issues upon your  initial inspection should signal to you that you may encounter a problem should you decide to enter into an agreement with this particular Landlord.

If you see a property that you would like to rent and  it needs repair, and the landlord says he/she will fix the item(s), MAKE SURE IT IS IN WRITING WITHIN THE LEASE, AND HAS A DATE THAT THE REPAIR MUST BE COMPLETED BY.

If there are other tenants at the property, ask them how the Landlord has reacted when repairs needed to be done. They will give you an honest assessment.  Their answer does not affect them personally.

The Lease. Read that lease thoroughly and entirely. If you are not clear on any part of it, contact an attorney to review it for you. It is a legal contract. Look specifically for the repair clause, and what specific remedies are in place, if any. There may even be a deductible on repairs that you will have to pay,  even if the issue has nothing to do with your misuse or neglect.

There should also  be a section in the lease  that refers to quiet enjoyment, and functionality of the apartment or dwelling,  and if not rectified within a reasonable amount of time, that the lease can be canceled without penalty.

IMPORTANT TO NOTE: Issues involving safety should be reported to the local health department.

Remember , this is a legally binding agreement, and that goes for both parties. The law tends to favor tenants over Landlords in these kinds of matters.

And a note From Judy: If you have a question about renting a home or apartment  in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

Monthly Sales Reports with Property Details Now Available Through theCTrealtyBlog!

We are pleased to provide an additional real estate reporting service to  our readers, and  we are proud to now present to you a monthly sales report for single family homes,  which will be featured every month in our respective town blogs.  The reports include addresses, List Prices, Sales prices, Style of Home, Total Rooms, Bedrooms, Full baths and half baths.

Every week in our local town blogs,  we report on new listing activity, deposits, pendings and sales, and these can be found in our Town Blog section on the top Menu Bar for each of the five main towns that we service:

Easton -    January 2012 Easton CT Home Sales Report

Fairfield    January 2012 Fairfield CT Home Sales Report

Norwalk    January 2012 Norwalk CT Home Sales Report

Trumbull   January 2012 Trumbull CT Home Sales Report

Westport  January 2012 Westport CT Home Sales Report

In addition to our weekly market reports, our month end recap includes every sale as reported to our Multiple Listing Service.

The month end report shows also shows average Home Sales Prices for the month, Average Market Time for the Sold Properties, and Total Volume in Sales.

We strive to be the best information source for anything real estate in Fairfield County, and would love to be your realtor when the time is right for you. Contact us anytime. We'd love to hear from you!

And a note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.