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Syracuse, New York • January 2015 • Volume 2 - Issue 1
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Barbara Ferro
Associate Real Estate Broker
315-391-5600 barbferro@aol.com
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MORTGAGE F.Y.I
Mortgage Qualifications Checklist You’ve found the perfect home, but have you considered all the expenses? This article will give you a better understanding of what information is used to determine your ability to qualify for a loan. Lenders will review your income, debt, and savings information to determine how much money they are willing to lend you towards your home purchase. Based on your lifestyle and needs, consider how much you are willing to spend on the purchase of a home. You may not be willing to invest as much of your income in buying a house as you can actually afford. See further details below about the kinds of information used by lenders to determine how much house you can afford to buy: Income, Debt, and Housing-related expenses.
Income Your income is critical in computing how much you can afford to pay (using current lending guidelines) for housing related expenses. Your income information is included in the debt ratio calculations. Your ability to meet the monthly Principal, Interest, Taxes and Insurance payments (PITI) and your debt ratio score can impact a lender’s decision to offer you a loan. Different loan programs have their own rules regarding the percentage of income that can be applied toward monthly house payments. For example, government loan programs such as FHA and VA have ratios that allow you to apply a higher percentage of your income toward the loan. While conventional loan front-end ratios generally run around 28 percent, FHA allows you to apply 29 percent and VA allows you to apply 41percent. This means that your monthly loan payment should be no more the 28%, 29%, or 41% of total monthly income, depending on the loan program you use or qualify for.
Debt A lender carefully considers your debt obligations when assessing your ability to repay a loan. Your debt information is included in the PITIO (Principal, Interest, Taxes, Insurance payments and Other monthly non-housing expenses) and debt ratio calculations. Loan programs have different rules regarding the percentage of income
that can be applied toward long-term debt. Your ability to meet the ratio requirements can impact a lender’s decision to offer you a loan. Government loan programs such as FHA and VA allow you to apply a higher percentage of your debt obligations towards the loan. While conventional loan debt ratios generally run around 36%, FHA and VA allow you to apply 41%. Basically, this means that your long-term monthly debt payment plus your monthly loan payment can equal no more than 36% or 41% of total monthly income, depending on the loan program.
Housing-Related Expenses Housing-related expenses are another category lenders consider. These expenses often depend on the location and type of home you are buying. These expenses will affect the size of the loan for which you qualify and may be one of the most critical factors in your decision to buy a home. Consider how housing-related expenses will impact your budget. The purchase of a home may increase your monthly expenses and reduce the amount of money you have remaining for other expenditures.
Typical home expenses include: Property Tax - This expense is dependent on the location of the home. Property taxes vary by county and state. As a homebuyer, consider how this additional expense will impact your total monthly expenses. Maintenance Costs - This expense includes anything from faucet washers to a new roof or heating system and varies by geographic location, size, and age of home. Utility Costs - This expense includes items such as electric, gas, water, and heating and air conditioning and varies by geographic location, size, season, and age of home. The type of construction (i.e. gas, electric) may also be a factor in your utility cost estimates. Mortgage Insurance (if applicable) - This expense can vary by mortgage insurance company, lender, loan product, and loan-to-value percentage of the loan. Other Costs - These expenses vary depending on the type of home and geographic location, these costs can include: l Homeowner Association Fees l Flood Insurance l Other Required Property Insurance l Condominium Assessment Fees
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Cove r Home
Spring is coming... Plan ahead! TOWN OF POMPEY: Unique residential setting offering some of the areas most scenic and dramatic building sites. 15 minutes to hospitals, universities and downtown Syracuse. Mature woodlands, gentle rolling hills. Privacy, serenity and spectacular views. Utilities installed underground. Fayetteville–Manlius schools. Three acre lots starting @ $72,000
Call Barbara Ferro, Associate Real Estate Broker for more details. 315-391-5600; barbferro@aol.com
Welcome to RealEstateCNY.com! tral and western New York, as well as information about towns and neighborhoods across the area. There is also a library of helpful articles to further help inform your buying or selling decision. In the coming months, both the print and online versions of RealEstateCNY. com will be enhanced with new features, including resources for renters, senior living, and expanded listings of homes for sale in the greater Syracuse area. We will also feature some specially-themed editions, with editorial and advertising based on specific living opportunities – so if downtown living or waterfront homes interest you, please keep an eye out for those themed editions coming out in 2015. In the meantime, enjoy this edition of RealEstateCNY.com, and as always, your feedback is appreciated. Please email me at dtyler@eaglenewsonline. com with comments about how we can make this magazine even more helpful to you. And if you would like information on how to advertise in RealEstateCNY.com, please call (315) 434-8889. Sincerely, David Tyler Publisher
EAGLE
THE
Welcome to RealEstateCNY.com, a new magazine inserted monthly into Eagle Newspapers and distributed to area Wegmans stores and select Tops Markets. The purpose of this magazine is to provide you, our reader, with as much information as possible regarding the buying and selling of a home in the Syracuse market. We’ll feature specific properties, sure, but we also want to provide you with the nuts and bolts (or shingles and two-by-fours) that help in your buying or selling decision making. Each month’s edition will feature content focused on mortgages, insurance, moving resources and legal information that can help inform your decisions. We’ll also bring you some statistical info about what areas are hot and where you might be able to find a deal, and we’ll tell you who the Local Pros are in specific neighborhoods. In the online version, at www.realestatecny.com, you’ll find thousands of local real estate listings in a searchable form. These listings are updated daily, so you’ll always find the most up-to-date information, and they feature a wealth of information as well as colorful photos of each listed home. Through our partner, Zagpad.com, the site features single family homes and vacation properties from across cen-
CNY’s source for news, views & things to do
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NEWSPAPERS (315) 434-8889 2501 James St., Suite 100 Syracuse, NY 13206 RealEstateCNY.com is published monthly by Community Media Group LLC. Each month, 30,000 copies are produced and distributed through Eagle Newspapers’ six community weeklies, as well as at high traffic locations throughout Onondaga and Madison counties, including selected Wegmans and Tops Friendly Market locations. All phone numbers are for the (315) area code unless otherwise stated on the advertisement. RealEstateCNY. com is a trademark of Community Media Group LLC, and is produced in conjunction with QuestCom Incorporated.
All real estate advertised in RealEstateCNY.com is subject to the Federal Fair Housing Act of 1968, which makes it illegal to advertise preference, limitation or discrimination based on race, religion, sex, age, national origin, disability, marital status or presence of children or an intention to take any preference, limitation or discrimination. Community Media Group LLC will not knowingly accept for publication any advertising for real estate which violates the law. All dwellings advertised are available on an equal opportunity basis. All rights reserved. Copying or reproduction of this publication, in whole or in part, is strictly prohibited. Every effort has been made to assure the accuracy of the information contained herein. However, the publisher cannot guarantee such accuracy. All properties are subject to prior sale or withdrawal without notice. Listings & advertising are subject to errors, omissions, and/or changes without notice.
RealEstateCNY.com
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LEGAL F.Y.I
What happens at closing Closing day is the day the homebuyer and the seller complete the legal transfer of the house. The last steps in that process is for the keys to the house to be given to the buyer and for the seller to have access to the sales proceeds. If the Buyer is obtaining a
mortgage loan to finance the house purchase the Buyer will have had to present a receipt for one year of Homeowners Insurance and a copy of the insurance binder that names the Lender as a Mortgagee. This is necessary for the lender to establish the escrow account to pay the insurance
in the future and to prove that homeowner’s insurance has been obtained for the property. Review HUD-1 Settlement Statement - The Buyers Attorney and the Bank Attorney will review the HUD-1 settlement statement with the Seller’s Attorney and with the buyer
and seller to verify that the agreed upon dollar amounts have been entered and the buyer and seller sign the form to confirm this. Closing Costs Check - The Closing Costs will be shown on the HUD-1 settlement Continued on page 9.
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R
EA
L ESTAT
CA LO
E
When Buying or Selling It’s Better To Use A
L PRO
Local Pro!
Local Pros know their areas because that’s where they live and work!
Cazenovia
Fayetteville Manlius
Patricia M. Carmeli
Deana Bollinger Ingram
Barbara B. Ferro
Nancy Vesling
Lic. Real Estate Salesperson o: (315) 655-1025 | RealtyUSA
Lic. Real Estate Broker o: (315) 637-0555 | Weichert Realtors
Lic. Associate Real Estate Broker o: (315) 373-0440 x.224 | Berkshire Hathaway Home Services
Lic. Associate Real Estate Broker
o: (315) 449-6732 | Hunt Real Estate ERA
David Hanlon
JAMESVILLE DEWITT
Lic. Associate Real Estate Broker
Barbara B. Ferro
o: (315) 373-0440 | Berkshire Hathaway CNY
Lic. Associate Real Estate Broker o: (315) 373-0440 x.224 | Berkshire Hathaway Home Services
SKANEATELES SPAFFORD Linda A. Roche
SYR - UNIVERSITY AREA
Lic. Associate Real Estate Broker
o: (315) 685-0111 x.315 | RealtyUSA
Esther Zorn Lic. Real Estate Broker
o: (315) 410-7653 | Exit Eagan Real Estate
RealEstateCNY is a
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Local PROs have comprehensive knowledge of their area because they’re always there! From schools to shopping, taxes to nightlife, they can give you all the information you need to make an informed real estate decision. For more Local PROs, visit the Local Info section at:
RealEstateCNY.com We have tons of local listing updated daily!
Attention Agents...
Are You a Local PRO? Local PRO packages now feature the Open House Toolkit app FREE!
Call (315) 434-8889 for more information!
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HOME SALES STATS Municipality Camillus Cicero Clay Dewitt Elbridge Fabius Geddes Lafayette Lysander Manlius Marcellus Onondaga Otisco Pompey Salina Skaneateles Spafford Syracuse City Tully VanBuren County Cayuga Co. Cortland Co. Madison Co. Oneida Co. Onondaga Co. Oswego Co.
October Home Sales (Through 10/28/14)
YTD Home Sales (Through 10/28/14)
YTD Home Sales (Through 10/29/13)
Average Sale Price (Through 10/28/14)
Average Sale Price (Through 10/29/13)
21 34 61 15 1 0 10 8 25 28 5 23 0 1 23 8 1 65 4 10
253 304 507 197 42 8 108 33 245 357 50 156 8 34 245 80 12 642 20 100
221 282 508 222 37 7 132 30 195 336 43 160 15 35 246 96 11 634 26 82
$159,600 $156,700 $160,300 $206,800 $135,300 $137,300 $129,400 $179,800 $214,100 $227,300 $199,400 $187,800 $173,200 $282,600 $104,600 $401,400 $247,500 $95,700 $176,400 $138,300
$163,800 $168,100 $158,300 $202,600 $129,400 $173,500 $120,500 $223,500 $212,300 $228,700 $189,800 $194,200 $158,000 $232,500 $109,100 $466,500 $218,700 $96,300 $213,600 $139,800
October Home Sales (Through 10/28/14)
YTD Home Sales (Through 10/28/14)
YTD Home Sales (Through 10/29/13)
Average Sale Price (Through 10/28/14)
Average Sale Price (Through 10/29/13)
64 22 61 38 340 90
419 209 440 316 3,401 707
410 207 432 310 3,336 647
$142,800 $126,900 $180,000 $143,800 $165,400 $111,000
$138,800 $134,800 $182,100 $126,400 $169,400 $116,900
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RealEstateCNY.com
MOVING F.Y.I Moving day is coming. How many boxes do I need? You’ve chosen a new house, agreed on the price and are quickly moving toward your closing date. It’s time to start packing. But where to begin, and what do you need to get the job done? Each household is different and has diverse moving needs. For instance, if you have a large book collection, you’re likely to have far more smaller boxes. If you are a “collector” or “pack-rat,” you’ll need a lot of boxes, similar to those who have been living in the same place for a long time. To save money on moving boxes you can buy them in bundles. Most self-storage, moving companies, and truck rental places sell boxes in bundles. Some even have moving bundles for the number of rooms you’re moving that include a variety of boxes, moving tape, bubble wrap, packing paper, markers and other items. It’s important to know the return policy on moving boxes. It’s better to purchase extra boxes and not need them than run out when you’re in the moving process. Knowing you can return boxes takes the worry out of having too many.
Every home is different, but here’s a basic guide to help you plan the number of boxes you’ll need to efficiently complete your move:
1-2 Rooms 9 5 2 2 1
Small Boxes Large Boxes Cell/Dish Boxes Wardrobe Boxes File Box Per File Cabinet
3-4 Rooms
5-6 Rooms
24 Small Boxes 18 Medium Boxes 12 Large Boxes 6 Cell/Dish Packs 5 Wardrobe Boxes 1 File Box per File Cabinet
15 Small Boxes 8 Medium Boxes 9 Large Boxes 4 Cell/Dish Packs 3 Wardrobe Boxes 1 File Box per File Cabinet
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What happens at closing continued from page 5.
Statement and the Lender’s Attorney will provide checks to cover the closing costs. The Buyer will bring a Certified Check to cover all costs for the purchase price and the closing expenses that represent the down payment on the purchase of the house. Review All Other Documents - The Seller’s Attorney will Opportunity Knocks!
have obtained all the necessary documents to allow the seller to transfer title to the house and provided them to the Buyer’s Attorney for review and issuance of, at minimum, a title insurance policy in favor of the Lender. The seller will sign all the documents that transfer ownership to the Buyer, either at or CNY #S323278
before the closing and they will be delivered to the Buyer to be recorded in the County Clerk’s office where the house is located when the closing is completed. The Buyers attorney and the Banks attorney will have reviewed all these documents before the closing. The documents that are part of the closing process from the Bank will be signed by the Buyer with the Buyers
Evelyn V. Emerson
Attorney will review them with the Buyer. Establish an Escrow Account - The Bank Attorney and the Lender will establish an escrow account for the buyer to cover property tax, homeowner’s insurance, and possibly private mortgage insurance and will also collect interim interest. All this will be on the HUD-1Settlement Statement.
3035 Claybourne Lane
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Licensed Associate Real Estate Broker
O: 315-446-8291 C: 315-243-7305 F: 315-446-0018 eve@realtyusa.com MANLIUS
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RADISSON
3BR brick ranch on 1.4 acres! New roof, gorgeous hrdwds, spacious rooms, w-o bsmt. 2nd gar w/4 bays great for storage or workshop! Great Location! Your decorating will make this home a knock-out!
$179,900
On a quiet cul de sac w/private backyard. Beautiful open kitchen, dining, & living room area w/ gas fireplace, corian counters, stainless appliances, breakfast bar, hardwoods & lots of natural light! 3 bdrms w/ 3 full baths, on demand hotwater. Family room in lower level & spacious 2 car garage. Call today & come see for yourself the quality & detail! (315) 652-3773
Nancy Vesling
Lic Assoc R.E. Broker (315) 530-3053
Barbara Ferro
Licensed Assoc. R.E. Broker Office: 315-373-0440 Mobile: 315-391-5600 www.bhhscnyrealty.com Charming, Vintage Home
LAFAYETTE
S321587
$89,900
3636 Eager Road - Welcome to this charming, vintage home built in 1820. Yes, it needs some attention but it has been loved and lived in for 63 years. Wide plank floors, wonderful kitchen cupboards. Wavy glass in the windows, towering maple trees and an overgrown garden complete with perennials and herbs are only a few of the fine attributes. Living room, dining room, eat-in kitchen and half bath make up the 1st floor. The second floor has 6 bedrooms that could be reimagined. There is a large unfinished area that longs for a purpose. Sit on the large and welcoming porch and relax.
Imaginative Home
ONONDAGA
S321594
$170,000
4451 Lafayette Rd - Step into this unusual home and be amazed by the imaginative and wonderful use of the views. Lovely hardwoods, many bookcases, a total of 3 bedrooms, 2 on the first floor, updated kitchen and baths and an exciting 2 level space for all your plants. Adjacent 2 car garage. All this is on 0.63 of beautiful land. There is an additional 5.88 acres next door for $80,000.
Additional 5.8 acres adjacent to 4451 Lafayette Rd. MLS# S321645 $80,000
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RealEstateCNY.com
INSURANCE F.Y.I Lower your insurance costs this year
At the start of a new year, many people reflect on the year that just passed and look for ways to improve their lives over the course of the next 12 months. For some, that means making resolutions. For others, it means finding ways to save money. For the latter group, saving money doesn’t have to mean pinching pennies. In fact, there are ways to save money without altering your lifestyle or making any sacrifices. One such way is to peruse your insurance policies and determine if there are any ways you can reduce insurance costs. The following are some of
the ways consumers can save on their home insurance policies. l Improve home security. Improving a home’s security is a relatively inexpensive way to reduce homeowners insurance premiums. Adding new smoke detectors and carbon monoxide detectors won’t cost much but can trim some of the fat off the cost of homeowners insurance. Another security item to consider is an alarm system that automatically calls the police and sounds an alarm if a break-in occurs. Such systems don’t come cheap, but insurance companies might reduce your insurance premium by as much as 20 percent
if a sophisticated security system is installed. l Make a home more resistant to natural disasters. Nowadays it seems no area of the world is immune to natural disasters, which were once considered regional but now seem to strike regardless of geography. Insurance companies will typically work with policy holders to develop ways to make a home more disaster-proof, be it reinforcing a roof, installing storm shutters or a host of other improvements that can lead to substantial savings. l Be loyal. Simply staying with an insurance company might
make a policy more affordable. Insurance companies often reward longstanding customers with loyalty discounts, offering tiered discounts depending on how long a customer has held a policy. For example, customers who have had a policy for five years might be eligible for a 5 percent discount.Ask your agent to review your policy and determine if there are any possible loyalty discounts or bundling discounts with auto or life insurance to reduce your annual costs. The dawn of a new year is a great time to reassess insurance policies and look for ways to save this year and beyond.
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