Connecticut Financing Update and Today's Mortgage Rates 8/10/13

Rates drop this week due to poor US jobs report data that was released last Friday.  Rates decreased about 0.125% when compared to last week.  The 10 year treasury is at 2.59.  In recent months rates have been going higher and higher since early May.  If anyone looking to close within the next short term period, then you might be better off locking into a rate as the rate climb seems to be an ongoing trend.

Today's Mortgage Rates

Conventional 30 year fixed   4.625%   APR 4.682%

Conventional 15 year fixed   3.75%     APR 3.844%

The above rates are based on a loan amount of $417,000 for a single family home, a borrower’s middle credit score of 780 and a 20% down payment.  If you would like a customized rate quote for your own specific loan scenario then please feel free to email me at nima@primeres.com or call me directly at 203.913.6016.

This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under any applicable law.

As a lending professional, Nima Rezvan meets a wide range of real estate lending needs, whether it be a first time purchase, second home purchase, or refinance. He welcomes the opportunity to serve your needs with quick and accurate real estate financing advice. With his expertise and knowledge, he will make sure you understand the features associated with the loan program you choose and that it meets your unique financial situation.

With more than 10 years of mortgage lending experience, Nima specializes in  Conventional Mortgages,  Jumbo Loan Financing, Refinance, First Time Home Buyers and Federal Housing Administration/Veterans' Administration (FHA/VA)

782 Clinton Avenue

Bridgeport, CT 06604

Phone: 203.913.6016

Email: nima@primeres.com

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1,290,000. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Save the Date! There's an Open House at 32 Alwyn Lane in Weston on 8/11/13

This home is positively exceptional in every way! Quality, craftsmanship, outstanding features, and  impeccable grounds.

Not one detail has been missed. 

A gated entrance is the perfect approach to this meticulous and inspiring 11 room home on 3.58 acres.

Nearly 6,300 square feet of living area has the most thoughtful of upgrades everywhere you look.
  
A grand entrance foyer  features soaring ceilings and 20" Travertine flooring, and the main level floor plan is perfect for the entertainer.

A custom gourmet kitchen has top of the line appliances, and is open to a family room with a stunning stone fireplace and an abundance of natural light. What a great space!

In fact, this home is filled with great spaces, and really has three levels of what you may have heard referred to as the "wow factor"-  Could we write a small glowing essay on this home? You bet- but here are some of the finer details- You are just going to have to see it. Listed at $1,425,000

Living room with fireplace

Dining room with coffered ceiling

Main level den could be fifth bedroom

Master Bedroom privacy suite on second floor with sitting room and luxurious bath.

The lower level features a 500 bottle wine cellar, media room, billiard room.

The Outside Paradise features an outdoor kitchen with stone barbeque, butterfly garden,  20 station sprinkler system, 1,000 SF Gossen deck, tucked away greenhouse, one acre steel deer fence surrounded by natural landscape with walking trails on property.

Rarely will you see a home like this for such a reasonable price, and even more rare that there is an open house, which happen to be this Sunday  8/11/2013 from 2 -4PM. This may be your only opportunity to see it, and to make it your own.

Contact Judy Szablak at 203-257-5892  today, or come visit me this Sunday from 2-4 PM

Listed by Gail Zawacki / hosted by Judy Szablak

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUD

Tips For Deciding on a Low Downpayment for Your Connecticut Home

When deciding to pursue a lower down payment, the first decision is determining the best type of loan:  FHA vs. Conventional.  The determination will depend on many factors including: assets available, debt to income ratio, credit score, loan size, and more.

 FHA will consider as little as 3.5% down payment making it the least down payment.  Generally it will be more flexible for clients with some credit issues, higher debt to income ratios, down payment from gifts, or other such circumstances that might pose problems on other loans.   In some cases, a client may choose FHA simply to get in the home with as little as possible out of pocket.  FHA generally will have higher monthly mortgage insurance and a higher payment than some alternatives.  Also, in a competitive bid, the seller may view FHA as riskier than a buyer using conventional financing.

Conventional is much more sensitive to a client’s credit score.  With great credit, down payments as low as 5% are available.  The mortgage will require Private Mortgage Insurance (PMI).  PMI costs vary depending on the credit rating, loan size, and down payment percentage amount.  While the guidelines are tighter than FHA, clients who qualify will generally find conventional to have a lower monthly payment than FHA.

 It is always best to evaluate financing options as earlier in the home buying process as possible.  Contact a licensed Loan Officer to understand which choice is best for a buyer’s particular situation.

Contributed by:

Tim Martin

Senior Loan Officer, NE Moves Mortgage, LLC

NMLS#16273 CT DOB#1801

203-917-2800

Tim.Martin@nemoves.com

www.timmartinmotgage.com

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

This Week's Edition of National Real Estate News 8/5/2013 (Video)

This week's national real estate news update - Conflicting reviews on the real estate recovery, mortgage interest rates down for second straight week,  the importance of debt to income ratios , sellers beware of short sale pitfalls. Click here for more- about moving, selling and  buying strategies and interest rates.

Click here for this months newsletter and our video news channel.

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

When Are Property Disclosures NOT Required by CT State Law?

If you are not sure whether the purchase or sale of a property in Connecticut is subject to the buyers receipt of a Property Condition Disclosure, contact your attorney. The sellers fine  for this is $500 payable to to the buyer at closing for not providing the disclosure prior to the buyer making an offer.

Recently, a clent of mine wanted to make an offer on a property that was purported to be an estate, hence, the agent stated that no disclosures were needed.  However, upon further speaking with the agent, I learned that the owner was still alive, and her children had Power of Attorney. This property was NOT exempt from the disclosure law, as Power of Attorney is not listed as an exemption under this law.  There was no mention of "ownership" by  trustee or conservatorship.

Sec. 20-327b. Residential condition reports. Exemption. Regulations.- See more at: http://realestate.uslegal.com

"(b) The following shall be exempt from the provisions of this section: (1) Any transfer from one or more co-owners solely to one or more of the co-owners; (2) transfers made to the spouse, mother, father, brother, sister, child, grandparent or grandchild of the transferor where no consideration is paid; (3) transfers pursuant to an order of the court; (4) transfers of newly-constructed residential real property for which an implied warranty is provided under chapter 827; (5) transfers made by executors, administrators, trustees or conservators; (6) transfers by the federal government, any political subdivision thereof or any corporation, institution or quasi-governmental agency chartered by the federal government; (7) transfers by deed in lieu of foreclosure; (8) transfers by the state of Connecticut or any political subdivision thereof; (9) transfers of property which was the subject of a contract or option entered into prior to January 1, 1996; and (10) any transfer of property acquired by a judgment of strict foreclosure or by foreclosure by sale or by a deed in lieu of foreclosure."

The exemption does not include Lead Disclosures, considered mandatory for any property built after 1978

PLEASE NOTE: I am not an attorney- if you have any questions regarding the disclosure law, ask your legal counsel.

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY