Tagged: real estate transaction

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.

Purchasing an Investment Property in a Down Economy

With the housing market still in the process of recovering and housing prices still at a low it is very easy to understand why buying a house in today’s market could be beneficial to a potential home buyer.

Those considering purchasing a home as an investment property are in a great position at this point in the economy.   If you are purchasing an investment property to flip in a few years, even though you may not be able to take part in the housing credit (see why by clicking here) you are still at an advantage when compared to a few years ago when the housing market was doing well and home prices were much higher.

A recent survey by Move.com showed that the percentage of people who purchase houses because they are interested in investing in real estate have doubled since March 2009.  Among the main reasons people are being drawn to invest in a property by buying a house are affordable houses and foreclosures.

  • Affordable Prices – Low housing prices are one of the main attracting factors when people consider buying a house as an investment property at this point and time.  Right now the economy and the housing market have began to recover but have not recovered nearly enough for sellers to raise the sale price on their homes.  Those looking to purchase a home at a low price now have the opportunity to hold onto it for the next few months or years – basically until the housing market improves enough to sell the house at a higher amount – and then sell it.  Low housing prices may not only be attributed to just being low to be sold but may also be because of many family’s choosing to sell their property as a short sale.
  • Foreclosures – In recent months foreclosures have been at an all time high.  While this is bad for the people whose houses are being foreclosed on it is beneficially to people looking to invest in a house.  Buying a home at as low as a price that one may be able to find a home that is being foreclosed can be very beneficial to the purchaser.  At times foreclosures need to be fixed up and may have underlying problems that you may not be aware of but if you are will to invest money into a house and fix it up if necessary this may be a great move for an investment house.

Regardless of if you are purchasing a home for the first time or if you are looking to purchase a home to invest in the value of an experienced real estate attorney cannot be replaced.  Hiring a real estate lawyer is key when you are purchasing a property and should not be overlooked.  Make sure that the real estate lawyer you choose is knowledgeable and experienced in the type of sale or purchase that you are considering.  Always ask the attorney you are considering questions so you will know if they are the right attorney for your real estate transaction.

Housing Tax Credit Extension Approved | It is Time to Take Advantage of the Housing Credit

It is finally official after months of protesting to the lawmakers real estate agents, builders and banks finally voiced their concern for the housing market loud enough that their concerns were taken into consideration and were granted the tax credit extension they were looking for.  The First Time Homebuyers tax credit will now be extended until mid 2010 (military members who are deployed will have a longer period of time to take advantage of the tax credit) and will not also include additional housing tax credits for current homeowners looking to sell their house and purchase a new house.

The decision to extend the tax credit to existing homeowners purchasing homes was decided becuase 60% of buyers currently own a home or have owned a home within the past 3 years whereas only 40% are first time home buyers.  Congress figures that by extending this credit to current homeowners it will boost home sales even more, by an estimated 10%, over the next few months.

If you are interested in taking advantage of the housing credit you will want to start your search for a home sometime within the next few months because you want to allow yourself enough time to find a house that you like and can see yourself living in for the next few years.  You will also want to allow enough time to get approved for a mortgage, if you plan on obtaining one, and to make sure the title is clear of all violations.

Finding the best Staten Island or Brooklyn real estate lawyer is key to making sure that your real estate transaction goes smooth and is done properly.  To contact Staten Island real estate attorney Steven T. Decker regarding your Staten Island, Queens, Brooklyn, Bronx, Manhattan or northern or central New Jersey property purchase you can either call 800.976.4904 or 718.979.4300 or you can fill out our form on the web and someone will get back to you about your purchase.

Mortgage Credit for First-Time Home Buyers Purchasing a Home in New York

New York state is offering a tax credit to first time home buyers who are purchasing a home in New York (including New York City – Staten Island, Brooklyn, Manhattan, Queens and the Bronx) in addition to the $8,000 tax credit for first time home buyers.

The additional credit will be given to first time home buyers buying a home in New York and obtaining a new fixed rate mortgage – including Fannie Mae, Freddie Mac, other conventional loans, VA loans and FHA insured loans and will offer a tax credit of up to 20% of the mortgage tax credit for the life of your loan.

The credit is called New York State Mortgage Credit Certificate and you apply for it at the same time you apply for your mortgage and upon approval you can claim the tax credit on your federal taxes along with IRS form 8396 (mortgage interest credit form).

There are restrictions on who can apply for the loan, some of the qualifications are listed below:

The borrower must…

    • Be a first time home buyer as defined by SONYMA;
    • Meet SONYMA’s Household Income Limit requirements (click here to see Household Income Limits for your area);
    • Occupy the home as their permanent residence;
    • Not have used more than 15% of their current residence (or a prior residence) for a business or commercial use in the past year.
      • The property must…
    • Be located in New York State;
    • Have a sales price that does not exceed SONYMA’s Purchase Price limits;
    • Not have been used for any business or commercial purpose;
    • Be one of the following property types:
      • Existing or newly constructed one family home (includes condominiums and cooperatives);
      • Existing two, three, and four family home that is at least five years old as of the SONYMA loan application date and has been used only as a residence during the past five years;
      • Two family home located in a Target Area that is newly constructed or was constructed within the five years prior to the SONYMA loan application date; and
    • Have a maximum of five (5) acres.
      If you are a first time home buyer that is considering purchasing a home in New York the Mortgage Credit Certificate (MCC) may be something that you are eligible for.  In order to find out how much of a tax credit you will receive if you apply for this program NY Homes has created a calculator.
       to help you determine how much of a credit you will receive.
      Unlike the federal home buyers tax credit of $8,000 the New York Mortgage Credit Certificate does not have an expiration date on it as of yet.  The Mortgage Credit Certificate can be used with the federal first time home buyers credit of $8,000 if the closing occurs on or before November 31, 2009.

if you are purchasing a home in New York you will need a New York real estate attorney with experience to represent you in your real estate transaction

      .  You will want to make sure you find the right New York real estate lawyer because this will be the person guiding you throughout the process of your purchase, explaining the contract to you, making sure you get what you want out of your purchase, working with the bank to help you get approved for your mortgage and representing you at closing.  If you would like more

information about finding the right New York real estate attorney

         contact our law firm which has over 35 years of real estate experience.  You can contact our Staten Island real estate law firm office at 718.979.4300.  We are located at 1610 Richmond Road, Staten Island, New York 10304.