Types of Mortgage Lenders | Waccabuc Real Estate

Shopping for a mortgage can feel overwhelming. It’s intrusive because lenders require every detail of your personal and financial life to do their job. It’s complex because rate quotes and associated fees (also known as points) can be presented many different ways, plus rates change daily based on economic conditions. And it’s confusing because there are different kinds of lenders who all have a pitch as to why their model is the best.

If you know how to choose the right lender, you’ll feel more comfortable providing your profile and more confident when analyzing their rate quotes. Here’s a guide to the three main sources for consumer mortgages. Armed with this knowledge, you’ll know how to navigate the available information, and ask the right questions when you’re mortgage shopping.

Retail banks

These companies range from the biggest name-brand institutions down to smaller local banks and credit unions. They underwrite, approve and close loans for consumers, then either keep the loans on their own balance sheets or sell the loans to investment firms, Fannie Mae or Freddie Mac, who bundle the loans into mortgage bonds, aka mortgage backed securities (MBS).

Retail banks usually retain servicing rights, which means you would get your monthly mortgage statement directly from that bank, and the loan agent that handled your loan would remain your primary point of contact for all future inquires.

Advantages: Retail banks are usually a big brand or well-known local brand. These organizations can often be more flexible on loan approvals because they have the option to keep loans on their books, as opposed to selling the loans, which means more stringent underwriting. They also offer non-mortgage financial services like checking, savings, credit cards and financial planning, and they usually offer lower mortgage rates if you use them for additional services like a checking account.

Mortgage banks

Like retail banks, these companies underwrite, approve and close loans for consumers. They then sell the underlying loans to retail banks, investment firms, Fannie Mae or Freddie Mac, who bundle the loans into MBS.

Larger mortgage banks may keep servicing rights, so you’d get your monthly statement from the mortgage bank and retain your loan agent as primary contact for future inquiries. Smaller mortgage banks sell servicing rights along with the loans, which means you’d be contacting the new bank servicer for future inquiries.

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Parisian Flat’s Redo Revolves Around a Terrace View | South Salem Real Estate

It was the terrace that made the owner of this apartment fall head over heels for it,” says architect Manuel Sequeira. He was in charge of the radical overhaul of this 753-square-foot flat in the 20th arrondissement (district) of Paris. “It was her number-one criteria before purchase,” he says. But the client, a manager in the information technology sector, couldn’t fully see the potential of the dark and partitioned apartment at first. It was only after talking with Sequeira, who proposed a modular and open space, with plenty of light, that she was able to picture herself there.

Manuel Sequeira Architecte D.P.L.G

Manuel Sequeira Architecte D.P.L.G

Houzz at a Glance
Who lives here: An IT manager
Location: 20th arrondissement of Paris
Size: 753 square feet (70 square meters)

Sequeira and his client decided to redesign the apartment to enable the light from the terrace to reach every corner. This was when the idea of a modular loft with large windows became obvious.

Manuel Sequeira Architecte D.P.L.G

The apartment was built in the ’70s, and the blueprints reflect the era. Numerous walls, all connected by a long corridor, resulted in dark rooms and less living space.

“The layout of the apartment was poor,” says the architect, who took down the inside walls and created a large living-dining room and a spacious bedroom. “The separation between the living room and the terrace then disappeared.”

 

 

 

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Private boat dock and a bathtub with a view | Katonah Real Estate

One of the last homes where legendary actor Mickey Rooney lived is back on the market for $2.495 million following a massive remodel that rendered it unrecognizable, outside and in.

Before:

Built in 1976, 1400 Redsail Cir — located on the gated island of Westlake Village, north of Malibu — had a “newer kitchen” when Rooney sold it for just over $1 million in April 2013.
The prolific actor died a year later at the age of 93, following a career that included a special Oscar in 1939 for “bringing to the screen the spirit and personification of youth,” a Broadway debut at age 59 and, most recently, a recurring role in the “Night at the Museum” films.
The new owners, Kapilack Investments, hired Cal Western Builders to do a major remodel.
Now the 3,220-square-foot home features 4 bedrooms and a state-of-the-art kitchen:











It also has an alder wood-wrapped fireplace, a fourth bathroom and a master suite that includes a fireplace and a bathroom with a walk-in steam shower and a bathtub with a lake view.

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Can Traditional Buyers Save the Recovery? | Bedford Real Estate

The recovery is at a tipping point because traditional buyers are not making up for the decline in sales to investors, who cannot find enough houses to buy profitably.  Cash buyers competing for distressed and low-tier inventory who helped to jump start the overall recovery now are fading from the market.  They have fallen to just 16.8% of all sales, suggesting the shortage of lower priced inventory they seek is the catalyst for stalling gains.

These segments’ rates of growth will likely continue to fall in line with each other as investor engagement dwindles — a result of fewer distressed sale opportunities. As this occurs, markets will be more reliant on performing-only sale demand and price growth, according to the latest market report from Clear Capital.

Moderation continues for the 11th consecutive month. National home price gains fell to 6.7% year-over-year and 1.0% quarter-over-quarter. Meanwhile Distressed Saturation fell to just 16.8% suggesting the shortage of lower priced inventory is the catalyst for stalling gains. National trends were echoed at the regional level, with the West seeing the strongest moderation across the country. In fact, for the first time since the start of the recovery three years ago, the West’s yearly rates of growth fell below 10.0%, a sure sign of more moderation to come.

Improvements in the national economic landscape have not instilled confidence in traditional home buyers (first-time, move-up, second home owners). The general lack of demand in the performing-only segment, coupled with a dwindling supply of distressed inventory, leaves the future of home prices squarely in the hands of traditional home buyers, who have yet to show any signs of re-engaging. Performing-only sales are not yet strong enough to support recovery-sized market growth without distressed sales. It’s been a steady descent for national yearly rates of growth. They have dropped five percentage points from a high of 11.7% in December 2013.

This is due in part to the market’s natural normalization as the correction to the correction subsides and distressed sale inventory dries up. While this is healthy for markets overall, the weakness of price growth in the performing-only segment is further cause for concern. Excluding distressed sales, performing-only national home price growth over the last year was just 4.4%, down from a recovery high of 7.2%. Even more concerning is the performing-only segment’s drop in quarterly growth to 0.6%, nearly cut in half over the last rolling quarter which saw quarterly rates of growth at 1.1%.

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http://www.realestateeconomywatch.com/2014/12/can-traditional-buyers-save-the-recovery/

Camille Grammer's Malibu Home | Pound Ridge Real Estate

If you’re Camille Grammer, it’s never too late to reunite with old friends — or market your home.
During “The Real Housewives of Beverly Hills” premiere last week, the former reality star caught up with current cast members and mentioned she’s still trying to sell her Malibu mansion. This weekend, she lowered her asking price by $1 million.

Now listed for $13.995 million, Grammer’s home at 3250 Serra Rd has been on and off the market since 2012. The current price is a big drop from the original ask of $17.5 million, but it’s still on the high end for Malibu, where the median home value is $2.42 million.

Grammer and ex-husband Kelsey put several properties on the market after their divorce. The “Frasier” star reportedly found a buyer for his Beverly Hills abode last spring.

The 4.75-acre Serra Retreat estate features a gourmet kitchen designed by Wolfgang Puck, a master suite with ocean views, state-of-the-art home theater, horseback riding area and nine-stall barn.
Chris Cortazzo of Coldwell Banker holds the listing.


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Starter Homes are Still Scarce | Bedford Hills Real Estate

National web sites report inventory remains tight, especially among lower priced starter homes popular with first-time buyers and investors.

The realtor.com October National Housing Trend Report shows that inventory remains tight as total listings have decreased 2.9 percent month over month and 4.8 percent year over year. In October, homes spent approximately 92 days on the market, which is an increase of 2.2 percent month over month and a decrease of 2.1 percent year over year.

However, Zillow reported that inventory of all homes for sale in its site increased by 15.8 percent year-over-year.  Buyers will find the supply of lower-priced homes is growing more slowly than high-priced homes in most of the country.

The inventory of for-sale homes in the bottom home-price tier rose year-over-year in 68.3 percent of the 353 total metro areas analyzed by Zillow, while inventory in the top home price tier rose in 82.2 percent, or 290 of the 353 markets analyzed.

In Denver, there were almost four times as many homes available for sale in the upper price tier (priced at $357,900 or more) than there were homes priced in the lowest price tier (less than $219,000).

The same was true in many other markets. Dallas, Atlanta, Phoenix and Nashville had at least two times more homes for sale in the top tier than the bottom tier.

In 25 of the 35 largest metros analyzed, there were more homes for sale this October than last October in all three price tiers. In 14 of those metros, the increase in number of homes for sale was in the double digits in all price tiers.

“Depending on their finances, it’s likely that individual buyers in the same market might be having completely different home buying experiences. Even as conditions improve for buyers overall, it remains a tough row to hoe for first-time buyers and lower-income buyers, especially compared to their more well-off contemporaries,” said Zillow Chief Economist Dr. Stan Humphries. “We expect more demand to come from the lower end of the market in coming years as millennials overtake Generation X as the largest home-buying demographic. As this happens, builders will be forced to build for these more entry-level buyers, and inventory at the bottom tier should improve, however slowly.”


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http://www.realestateeconomywatch.com/2014/11/starter-homes-are-still-scarce/

An unpredictably neutral nature in the bedroom | Bedford Corners Real Estate

A design instructor of mine once claimed that commercial interiors are so often painted beige because it is the color that best masks grimy smudges from people's hands. Yuck! I think I've been antibeige since that very moment. But I do realize that not everyone likes supercolorful interiors. And in fact, bold hues can sometimes distract from other elements in a room, such as interesting materials, textures, furnishings and fixtures. But going neutral does not automatically have to mean white or beige.

Check out these stylish bedrooms with palettes that are predominantly neutral, along with sample color and material palettes inspired by each bedroom. Some have a few chunks of color thrown in, but the neutral hues can definitely stand on their own.

InHaus Development Ltd

Going Gray

Soft gray is a popular neutral these days, but I say kick it up and go a bit darker, even if you use it only as an accent. Layering various gray shades makes for an elegant, minimalist bedroom.

Jennifer Ott Design

Example palette: Create your own version of Fifty Shades of Gray in the bedroom with (clockwise from top left, all from Pittsburgh Paint): Cracked Slate 540-6, City Lights 549-2 and Silver Charm 541-4, with limed oak.

Kate Davidson Design Inc

Not Quite White

Paint your walls a nice off-white shade that's not too beige and not too gray, and you have the perfect backdrop for adding whatever additional color you want. Colorful bedding and accessories are easy to change, giving you flexibility.

Jennifer Ott Design

Example palette: Clockwise from top left (all from Dunn-Edwards): Mint Julep DE5556, Antique Paper DE6218 and Neutral Valley DE6119, with reclaimed wood.

 

 

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