November Mortgage Rate - Improve
In the last Fed Meeting, rate improved a little each day. They indicated that monetary policy would remain on hold for quite a while. But acknowledged it eventually has to raise the fed funds rate, a clear message that rate hikes are long way off. Majority of fed officials feel that the economy is still too fragile and the labor market is too weak to begin to raise rates.
A common misconception landlords have is that they can run a credit report on a tenant if they have the tenant's social security number. You must have the applicant's written authorization explicitly for running a credit report. It is illegal to pull a credit report without the tenant's written authorization according to the FCRA (Fair Credit Reporting Act). There could be very serious ramifications if you order credit reports without written authorization.
So, what if you have written authorization on your tenant's rental application to run a credit check?
As you know, it is illegal to pull a credit report on a rental applicant without his or her expressed written authorization. The same is true for banks and credit card companies, only they have you sign an authorization that allows them to continue to check your credit report.
Most lending institutions run credit reports from time to time on their borrowers for various reasons. Sometimes, to determine eligibility for credit line increases or account renewals, and also to track down delinquent debtors.
Why can't landlords do the same thing? They can, but most landlords are not legally prepared to do it.
Here is the clause to insert into you can add to Rental Application, so that if in the future you have to chase down a tenant by checking his credit report for a forwarding address or employer.
I HEREBY AUTHORIZE LANDLORD/AGENT TO VERIFY THE VALIDITY OF ALL THE ABOVE INFORMATION, AND TO INQUIRE NOW OR PERIODICALLY WITH MY EMPLOYERS, FINANCIAL INSTITUTIONS, AND ANY OF THE CREDIT REPORTING BUREAUS AVAILABLE TO HIM. I AGREE TO SUPPLY ANY ADDITIONAL INFORMATION NEEDED BY OWNER/AGENT TO PROCESS THIS APPLICATION AND I ACKNOWLEDGE THAT MY DEPOSIT WILL BE FORFEIT IF I DO NOT COMPLY WITH ANY SUCH REQUEST. I AGREE THAT MY SCREENING FEE OF $ ______ IS NON-REFUNDABLE.
The new law will extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30. Further, it has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence. An existing home owner can claim the $6,500 tax credit if they have been residing in their principal residence for five consecutive years out of the last eight. Additionally, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised to $125,000 for individuals and $225,000 for married couples.
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200 Midland ave, Eastchester, NY 107073 Bdrm 1 Bathrm Single-Family Home $ 390,000
Bedrooms: 3 Bathrooms: 1 Floors: 3 Sq foot: 2,000 Year built: 1927 Description Affordable at its Best, Large Bright Spacious Single Family House for Sale. In Move In Condition 3 bedroom 2 bath Eastchester NY with Award Winning Tuckahoe Schools, Basement Is Finished Great for the In-laws or Extended Family. House has a front/back patio with porch, and a nice back yard for the family. Serious Seller Present All Offers. House Shows Well. Kitchen, Bath, Roof, Windows Done Only 5 year ago. Taxes Do Not Reflect a Star Reduction |
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Mortgage rates drop for third week; 30-year at 5.14%(Mortgage New , Yonkers NY )
The Interest Rate on 30 years dropped to 5.14% ending week for July 16, 2009. This is lowest since the week ended may 28, the drop in rate is a positive for the housing market, which has been showing signs of stabilization, with sales rising and home price declines moderating in many regions of the country.
Mortgage rates remained above 5% for a seventh straight week. Experts say mortgage rates at 5% and below are the levels needed to make a significant impact on home loan demand.
Treasury yields, which are linked to mortgage rates, have fallen recently, with mortgage rates responding in kind.
"For a 30-year fixed-rate mortgage, the rate reduction over the past five weeks translates into a monthly payment saving of $56 on a $200,000 loan," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.
Get more information at Westchester Listing
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Building Wealth Together! -- Serving Yonkers, Westchester NY . Your local Real Estate Economist---Call me Today(914)438-8840 ---Specializing in Investment and Residential Properties
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