Tagged: real estate book

Low Mortgage Rates are Enticing Potential Homebuyers

For many people who have been recently considering purchasing a home they are just one step closer to making a decision to purchase a home because of another recent drop in mortgage rates.  Low mortgage rates are driving potential homebuyers to purchase the homes that they have been considering and with the housing tax credit this may just be the thing to push a lot of people who were undecided off of the fence.

Making a decision to purchase a home is something that many people are considering with the home prices as low as they are, foreclosures and short sales as high as they are and mortgage rates as low as they are.  Currently 30 year fixed mortgages have dropped for the 5th straight week in a row to 4.71% (Freddie Mac).

The cause for the recent drop of mortgage rates is two fold.

  • The Federal Reserve has indicated their intents to extend the period of time that they will be offering short-term interest rates.
  • Strong demand for government issued funds

If you would like more information about purchasing a home or have legal questions concerning purchasing a home your best move is to contact a real estate attorney.  A real estate attorney will be able to explain the process you need to go through to purchase a home from beginning to end.  Understanding the importance of a contact of sale, getting your mortgage committment, having a clear title and closing title are all things that can be explained by an experienced real estate attorney.

If you would like to speak with a real estate attorney regarding the purchase of a home in New York or New Jersey contact Steven T. Decker Staten Island real estate lawyer.  Steven T. Decker will be able to assist you with understanding the legal side of purchasing a home and will also be able to represent you throughout the entire real estate purchasing process.  To speak with Steven Decker you can either call 718.979.4300 or 800.976.4904 or fill out our web form.

Also, if you are considering using our Staten Island real estate law firm for your real estate transaction and closing of title we recommend that you read Steven T. Decker’s book “5 Myths that Can Ruin the Purchase of Your Home“.  If you would like a copy we are currently offering this real estate book at no cost and no obligation to those considering purchasing property in New York or New Jersey.

Extension for First Time Homebuyers Tax Credit in Process and Extension of Increased Loan Amounts: Why it May be the Right Time to Buy a House, Especially in New York and New Jersey

If you are interested in possibly purchasing a house there is some good news in store for you whether it is your first time purchasing a home or whether you are an experienced home buyer.  The extension of Fannie Mae, Freddie Mac and FHA loans to be set at higher loan limits was announced yesterday as the National Association of Realtors thanked Congress for their speedy action to extend the higher loan limits.  The increased loan limits were set to expire at the end of this year but Congress decided that it is in the best interest of buyers, sellers and the economy to extend the increased loan limits through 2010.   FHA, Fannie Mae and Freddie Mac loans will be increased to 125 percent of local median home prices and will have a limit of $729,750 in high-cost areas.   Congress and the National Association of Realtors are hoping that by extending the first time home buyers tax credit and extending the period of time to apply for an increased loan amount the real estate market will be able to fully rebound.

Congress decided on the decision to extend the increased loan limit for FHA, Fannie Mae and Freddie Mac loans earlier this week and the Senate plans on deciding on extending the first time home buyers tax credit and its provisions by the end of this week.   The proposed provisions for the extension of the tax credit includes an expansion of who can apply for the credit which will now include single filing individuals who make $125,000 or less and couples who make $225,000 or less and will be extended until April of 2010.

Those looking to take advantage of the first time home buyers tax credit once the extension is made and are interested in investing in a home may also be interested in applying for state grants (New York state grants for homebuyers | New Jersey state grants for homebuyers) if they are considering buying a home in New York or New Jersey.  Those considering purchasing a home in New York or New Jersey can now receive a free copy of our book “5 Myth that Can Ruin the Purchase of your Home”.  To request a copy of this no cost, no obligation real estate book click here.   This book was written by an experienced Staten Island real estate lawyer and looks out for the buyers interest in a real estate transaction.

First Time Homebuyers Considering Purchasing a Home in New York and New Jersey Need to Act Now to Receive Tax Credit

If you are considering purchasing a house for the first time you are probably aware of the first time homebuyers tax credit of $8,000.  One of the conditions of the tax credit is that you must close by November 30, 2009.  While many people are fighting to try to get the deadline for the tax credit extended there has been no update as to whether or not it will be extended past the current deadline.

If you are planning on taking advantage of this first time buyers tax credit now is time to start on the purchase process, if you have not started to do so already.

Many first time homebuyers may not be aware of the time period that it takes to purchase a home in New York or New Jersey.  Most homes take about 45 – 60 days from the time the contract of sale is signed to the time of the closing date.  This date can vary depending on if you are applying for a mortgage and if the seller is ready to move out right away and also can depend on various other factors such as if there are any title issues or not.

The first step you need to take is to find the right New York or New Jersey home for you and your family.  The next step that will happen once you have found a house you are interested in is you will be given a binder to sign.  The binder will be signed by you and the seller and will include information such as the sales price that was agreed on and what will be included in the sale of the home (washer, dryer, refrigarator, etc).   The binder will be sent over to the New York or New Jersey real estate attorney of your choice and the seller’s attorney will prepare the contract of sale and send it over to your real estate attorney.  Once your attorney has received the contract of sale they will contact you to come into the office to review the contract with you, make any proposed changes and sign the contract.  The contract will also include the amount of time you, the buyer, have to obtain a mortgage commitment.  Once you obtain you have received approval from the mortgage company and any and all issues with the title company are cleared to close to go to closing (In New York the closing date is an “on or about date” meaning that it is an estimated date of closing.  Usually closings must take place within 30 days of this date).

As you can see this process requires some time and effort on your part if you plan on obtaining a mortgage to purchase your new home which is why many real estate experts are advising that you get started on the purchasing process now if you want to close by November 30 of this year and reap the benefits of the $8,000 tax credit that will be given to first time homebuyers.

We at Decker, Decker, Dito & Internicola LLP, a Staten Island firm, have over 35 years of experience in the real estate field.  If you are looking for an experienced real estate attorney for your New York or New Jersey property purchase you can contact Steven Decker or Arthur Decker at 718.979.4300 to discuss the purchase of your home.

Also, we recommend that our clients read “5 Myths That Can Ruin the Purchase of Your Home” written by Steven T. Decker.  This book debunks many myths that you may have heard before about purchasing a home and will help you throughout your purchasing process.  To obtain your NO OBLIGATION NO COST copy of “5 Myths That Can Ruin the Purchase of Your Home” you can either place your order online or contact us at 718.979.4300.