Hauppauge Mortgage News

As Treasury yields hover close to the lowest since August, almost no one on Wall Street expects them to fall much more in 2015, even with lackluster economic data and a Federal Reserve that’s looking increasingly divided over policy.

While the benchmark 10-year yield dipped below 2 percent this week on weaker-than-forecast retail sales figures, not one of the 63 analysts tracked by Bloomberg expects it to stay that low. The median projection is for the rate to climb to 2.3 percent.

http://www.bloomberg.com/news/articles/2015-10-17/treasuries-seen-stalling-near-2-yield-as-long-as-fed-in-picture

Posted by Joseph A. Sciacca, President & CPA on October 19th, 2015 11:10 AM
Broker vs Bank...  The Results are in and winner goes to??? Read This Article!

"Imagine for a moment that you are a professional tennis player and injure your knee. Your career depends on the right treatment, and your future ability to compete and earn money rides on the medical advice you get. Whom would you listen to? An orthopedic specialist who has dedicated his or her career to the study of knee mobility and performed hundreds of specialized surgeries, or a doctor who lacks a specialization but does a variety of procedures on everything including head, shoulders, knees and toes?"



Posted in:General
Posted by Joseph A. Sciacca, President & CPA on October 14th, 2015 6:20 PM

Looking for ways to save big and pay off your mortgage early? Home buying is noted as one of the biggest decisions to be made over the course of your life. With such a large debt looming overhead, most homebuyers seek ways to pay off the loan amount sooner than later. This goal alleviates the stress of mortgage payments and frees up additional cash flow in the budget. There are two major strategies to consider that will lead you in the right direction.

Mortgage Strategy #1

The first strategy is simple. By adding principal payments monthly or paying an extra $50-100 each month you can decrease your original loan payoff date by years. This easy to implement strategy can not only save you time but also thousands of dollars on your overall mortgage cost. Just add an additional principal payment from the beginning of your loan period, and you can save big over the life span of your loan.

Mortgage Strategy #2

Another easy to follow pay down strategy is to make large additional principal payments each year. Paying a large amount of money each year in addition to your regular principal payments will show big results on the grand scale of your loan cost. Planning a yearly additional payment around the time of tax refunds or normal bonuses from your job can carve a large portion off of your mortgage. For example, an additional payment of $1,000 made each year could decrease the term of a 30-year mortgage by almost five years!

If you’d like to learn more about how to properly manage your mortgage costs and all of your mortgage options call 613-273-1188 to speak with our mortgage specialists.

Posted in:General and tagged: mortgage
Posted by Joseph A. Sciacca, President & CPA on April 20th, 2015 11:37 AM


A recent study conducted by the Black Knight Financial Advisors reported that the refinance pool in mortgages is growing but shows some stalling within the sub-620 credit score group. With the growing number of homeowners eligible for refinancing the mortgage industry will prepare to serve refinancers with a strong line-up of suitable products and versatile options. Since last year, the number of homeowners positioned to benefit in this shift has grown by over 3 million.

Refinancing defined in its simplest terms is the replacement of an existing debt with another loan obligation often attached to better terms. There are several reasons to refinance a loan and some of the most beneficial reasons can be found within the refinancing of real estate property.

Refinancing serves as a viable option for homeowners looking to cash out some equity, consolidate debt or lower their payments. If you're looking to explore refinancing options for your home, we recommend speaking with an experienced mortgage specialist to review all of your options. To review the benefits of refinancing and more specifically the benefits refinancing could have for you call us at (631)273-1188. Our specialists will walk you through the refinancing process to help you better understand the details and answer any questions you may have regarding refinancing your home.

Posted in:General and tagged: mortgagerefinancing
Posted by Joseph A. Sciacca, President & CPA on April 9th, 2015 9:23 AM


According to a recent report released by CNBC, last week’s mortgage applications have soared to an all-time high and are the highest they’ve been since January. This increase was partly due to the decrease in interest rates the market has experienced following February. There was also an increase in refinance loan applications, showing an upward trend in home buying and a consistent desire for home ownership across the country.

The number of  mortgage applications experienced a five percent increase and are currently three percent higher than last year. These trends are strong indicators of home sales in the future. Many Americans are returning to their dream of home ownership and this upward tick in applications is the evidence of those dreams. Being on the front end of home buying trends serves to be very beneficial for buyers.

Understanding the trends of the mortgage market can be comlex but you don’t have to navigate the market alone. Having an experienced mortgage broker to guide you through the entire home buying process is key for finding and securing the home of your dreams ay a fair market price and with a credible financing option. If you would like to learn more about our mortgage services call 631-273-1188.

Posted by Joseph A. Sciacca, President & CPA on March 27th, 2015 3:09 PM


Reverse mortgages have become a popular option for many elderly American homeowners who are short on cash or resources and looking for solutions to solve their money troubles. The Federal Housing Administration providing a safer option for seniors and retirees, backs reverse mortgage loans.

In a reverse mortgage homeowners age 62 or older are able to utilize the equity in their home for whatever they need without having to sell the property. The homeowner can choose a lump sum, line of credit or monthly payment based on the equity available in your home.

Reverse mortgages, also known as home equity conversion loans, is a unique program with a unique set of requirements for eligibility. Participants of reverse mortgage must be sixty-two years or older, must maintain the property as their primary living place and you must have a low balance or complete ownership.

This unconventional approach to mortgages offers much needed financial solutions. Finding out if a reverse mortgage is the right choice for you and your family has never been easier. If you’re looking for more information we’ll be glad to help. Call our mortgage experts at 631-273-1188. We’ll give you a free quote and an honest opinion!

Posted in:General and tagged: reverse mortgages
Posted by Joseph A. Sciacca, President & CPA on March 18th, 2015 9:26 AM


According to the Mortgage Bankers Association, also known as the MBA, the volume of submitted mortgage applications experienced a huge jump recently. Just two weeks prior to the study the number of mortgage applications was already experiencing a rising trend in submitted apps. Building on top of that momentum has been easy for the industry whose total volume now ranks over 41 percent higher than last year.

The study showed one differentiating factor between the first uptick and this weeks recent increase. The most recent rise in applications was fully driven by refinances. The overall applications submitted for refinancing have risen over 63 percent from last year's records. These trends in the market indicate that the continued optimistic perspective for the nation's future real estate markets remains positive.

Our expert mortgage brokers hold the very same theory and are committed to helping you secure the home of your dreams. If you're looking to purchase your very first home or refinance, your current residence Evolution Mortgage is ready to navigate you through the process. Call 631-273-1188 to learn more about your home buying options today.

Posted in:General and tagged: mortgagereal estate
Posted by Joseph A. Sciacca, President & CPA on March 10th, 2015 3:02 PM


There's more to getting a mortgage than just signing on the dotted line and taking the keys to your new home. Once you've been approved for a mortgage you should prepare to pay the closing costs or fees associated with the home. Closing costs are fees related to the purchase of the home, charged by lenders and third party affiliates. These costs are outside of the down payment, principal and interest related to the property's mortgage.

What Type of Charges Are Included in Closing Costs?


-Required or requested inspections
-Credit Report processing fees
-Loan origination fees
-Appraisal fees
-Title Search & Title Insurance

How Much Should You Expect To Pay in Closing Costs?

If your home cost $150,000, you might pay between $3,000 and $7,500 in closing costs. On average, buyers pay roughly $3,700 in closing costs


On average closing costs can range between 2-5% of the purchase price of the home. By law, lenders are required to submit a good faith estimate of closing costs to potential buyers. Many of the fees associated with closing on a home are negotiable. Buyers can even negotiate for unnecessary costs to be completely removed. This gives buyers the power in negotiating the terms or deciding to completely walk away from outlandish closing cost proposals.

Posted in:General and tagged: closing costs
Posted by Joseph A. Sciacca, President & CPA on February 12th, 2015 8:30 AM


Mortgages don't have to extend years longer than necessary if you know the shortcuts. While seemingly minimal, certain small adjustments can ultimately save you thousands over the course of your loan.


The first step is knowing that most mortgages will allow an additional one-time payment at any time. Say you stumble into a large sum of money at once, early on in your mortgage- in the form of a large legacy, non-taxable cash gift, or tax refund. A few thousand dollars can make all the difference in both shortening the length of your mortgage and significantly impacting your savings on interest over the course of the loan.

Along the road more traveled, we have borrowers who make additional payments which apply toward the loan principal. All this entails is one additional payment a year. If that's not possible, you can divide that lump payment by 12 and add it on to your usual monthly payments. Other than that, you have the option of making a half payment every other week. Every one of these options will show significant reduction on the amount of total interest paid plus shorten the length of your mortgage.

For more mortgage saving tips, click here. To learn more about the basics of mortgage loans, click here.
Posted in:General
Posted by Joseph A. Sciacca, President & CPA on January 15th, 2015 4:15 PM
Todays Mortgage Rates for 11/21/14

Type
Rate  Yield  
30-Year Fixed 4.00%     4.10%  
15-Year Fixed 3.10%    3.28%  
1-Year Fixed 2.65%    2.92%  
Jumbo 30-Yr Fixed 4.21%    4.32%  
30-Year Fha 3.57%     3.76%  
5/1 Arm 3.19%    5.12%  
5/1 Jumbo Arm 3.51%    5.89%  

If you are looking to inquire about a mortgage to take advantage of todays great rates, visit our Online Quote Page or call us at 631-273-1188
Posted in:mortgage rates and tagged: mortgage
Posted by Joseph A. Sciacca, President & CPA on November 21st, 2014 3:03 PM

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