Keeping Current With Team Cris & Alysia - Northshore Properties Realty

Congratulations! You’ve found a home to buy and have applied for a mortgage! You are undoubtedly excited about the opportunity to decorate your new home! But before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan.

Below is a list of 7 Things You Shouldn’t Do After Applying for a Mortgage! Some may seem obvious, but some may not!

1. Don’t change jobs or the way you are paid at your job! Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.

2. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

3. Don’t make any large purchases like a new car or new furniture for your new home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios… higher ratios make for riskier loans… and sometimes qualified borrowers no longer qualify.

4. Don’t co-sign other loans for anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payment against you.

5. Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer money between accounts, talk to your loan officer.

6. Don’t apply for new credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

7. Don’t close any credit accounts. Many clients have erroneously believed that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.

Bottom Line

Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.

NYS Lic. Real Estate Agents
Northshore Properties Realty
175 Main Street, Suite G 
New York 11733
(347) 730-9087

Relationships Over Transactions!

Our mission is to change the way real estate advisors counsel and serve their clients. We understand that this is impossible without the right support, so we’ve produced this website for you!

Cris and Alysia are consistently striving to raise the bar of what it means to be a true real estate professional by counseling our clients about today's ever changing housing market because "Keeping Current Matters."

Episode 1 - 7 Things To Avoid After Applying for a Mortgage!

Keeping Current Episode 2 W/Team Cris & Alysia - Northshore Properties Realty

Real estate pros often anxiously await for the spring selling season, a time known for an uptick in home sales. But will spring be as hot for the housing market this year as it has been in the past?

Since the end of last year, home sales have slowed (a decline of 10 percent in December compared to a year prior), and properties have been sitting on the market for longer (46 days compared to 30 days a year ago).

Nevertheless, Lawrence Yun, chief economist at the National Association of REALTORS®, says that “multiple data show definitively improving conditions” heading into the spring selling and buying season.

Consumer sentiment about home buying is turning more upbeat, and there have been greater reports of foot traffic at open houses, according to recent NAR surveys. The number of openings of lock boxes—which real estate pros use to access a key prior to unlocking a home for a showing—is “measurably higher” in January and February compared to the second half of 2018, according to NAR SentriLock data.

Further, the number of consumers applying for a mortgage to purchase a home is on the rise. “After the weak conditions of late last year, mortgage applications have picked up notably in 2019 with more consumers evidently searching for a home compared to one year ago,” Yun writes in his latest real estate column at Forbes.com. Also, contract signings to purchase a home rose 4.6 percent in January—another healthy sign about the market Yun points to.

With mortgage rates staying low, Yun expects more home buyers and sellers this spring. So far this year, the 30-year fixed-rate mortgage has fallen to under a 4.5 percent average. That means a typical home buyer could save nearly $100 per month due to the drop. In addition, wages are up 3.4 percent year-over-year on average, the hightest rate in a decade, .

“The slump is over” in the housing market, Yun notes. “Better times are ahead for home buyers.”

NYS Lic. Real Estate Agents
Northshore Properties Realty
175 Main Street, Suite G 
New York 11733
(347) 730-9087

Relationships Over Transactions!

Our mission is to change the way real estate advisors counsel and serve their clients. We understand that this is impossible without the right support, so we’ve produced this website for you!

Cris and Alysia are consistently striving to raise the bar of what it means to be a true real estate professional by counseling our clients about today's ever changing housing market because "Keeping Current Matters."

Episode 2 - How Will the Housing Market Fare This Spring?

The St. James Market Report for October 2019

Hey my name is Cristino Melendez NYS Lic Real estate agent with Northshore Properties Realty and Homes For Heroes. Today I am going to cover the St. James Housing Market for October 2019.
If you have questions at the end of this report, reach out to us via our digital business card: www.teamcrisandalysia.work or you can also find our link in the description. 

Hello, I hope everyone is having a great November!

October 2019 was a Sellers' Market for St. James!

The October 2019 absorption rate or time it takes for homes to sell in St. James was 4.0 months vs. 7.3 months in September 2019. Typically, an absorption rate under 6 months is considered a seller’s market, and anything over 6 months would represent a buyer’s market. 

The total number of homes for sale in October was up to 85, vs. 61 from the previous year October 2018, but down 2 from September’s total of 87. 

There were 21 homes that were under contract in October 2019 vs. 12 in September 2019, and has spiked by 200% Year-To-Year.

There were 11 homes sold in September vs. 11 in October 2019, totaling 22 for the two-month period. 

The median sales price for homes in St. James, was $425,000 in October 2019 vs. October 2018 median sale price of $445,000. 
While the average sale price was $458,000 for October 2019 vs. $451,666 for October 2018. 

The Bottom Line: 

The St. James housing market has seen a flow of serious buyers looking to take advantage of the historically low interest rates. Homes under contract have spiked by 200% (Year-To-Year), while the absorption rate has decreased from 7.3 months to 4.0 months, indicating an improving market for home sellers.

These stats may have affected your home's value!

I would like to invite you to find out the new value of your home using today's technology at a website I created that will provide you with your homes new value at: www.InstantHomeValueLi.com 

Again if you’re looking for help buying or selling a home contact us via our digital business card at: www.teamcrisandalysia.work or just follow the link in the description. 

We hope you’ve found this information of value and we will see you next time!

Team Cris & Alysia
Cristino Melendez & Alysia Stern
NYS Lic Real Estate Salesperson
Homes For Heroes RE Specialists
Northshore Properties Realty
175 Main St, Suite 1G
E. Setauket, N.Y. 11733
Cell: (516) 314-7628
Cell: (347) 730-9087

www.InstantHomeValueLI.com
www.TheHeroesAgents.com
www.NorthshorePropertiesRealty.com

St. James N.Y. Market Report - Oct. 2019 ~ Presented By Cris & Alysia

Hi ladies and gentlemen, this is Cris and Alysia NYS Lic Realtors with NSP Realty and Homes For Heroes. If you would like to learn more about us download our Digital business card at: https://www.teamcrisandalysia.work/co...

In this video we will be going over the monthly national market report for the month of December. As you know it is vital to not only understand the local market, but it is important to know what going on nationally as well. 

Christmas Gift:

Winter 2019 Edition ~ Home Buyers Guide: https://www.mykcm.com/scripts/guide/?...

Winter 2019 Edition ~ Home Sellers Guide: https://www.mykcm.com/scripts/guide/?...

~ Economists are Pushing Back Recession Timetable: https://www.wsj.com/graphics/econsurvey/
~ Goldman Sachs’ Quote: https://www.housingwire.com/articles/...
~ Jonathan Kanarek’s Quote: https://themreport.com/daily-dose/10-...
~ Payment as a % of Income decreasing: https://www.nar.realtor/blogs/economi...
~ Buyer Purchasing Power: https://blog.firstam.com/economics/th...
~ Home Prices Projected to Continue to Appreciate: https://pulsenomics.com/
~ Greg Ugalde’s Quote: https://www.housingwire.com/articles/...
~ Americans Choose Real Estate as Safest Investment: https://porch.com/resource/generation...
~ Median Rent Values: https://www.zillow.com/research/metho...

Housing Market Report ~ Dec. 2019

NYS Lic. Real Estate Agents 
Northshore Properties Realty
175 Main Street, Suite G 
New York 11733
(347) 730-9087

Relationships Over Transactions!

Our mission is to change the way real estate advisors counsel and serve their clients. We understand that this is impossible without the right support, so we’ve produced this website for you!

Cris and Alysia are consistently striving to raise the bar of what it means to be a true real estate professional by counseling our clients about today's ever changing housing market because "Keeping Current Matters."