Hoboken Mortgage Rates

Ok all of you "what's today's rate?" fans.. here it is the Hoboken mortgage rates from Inside Hoboken Real Estate's special mortgage rate getter. www.mundymortgages.com

REVISED November 24th, 2009---- 4:00 PM ET
Lock Period = 45 Days
CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000)
30 YEAR FIXED ---------------------------- 4.875%, No Points
15 YEAR FIXED----------------------------- 4.250%, No Points
5 / 1 ARM------------------------------------- 3.750%, No Points
7/1 ARM ------------------------------------- 4.125%, No Points

Add .125% to Rate or .500 To Points For Loans <$80,000 or If Waiving Escrows
Investment Properties --- ** Add 1.75 points (if 25% down)**
There may be a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV

CONVENTIONAL HIGH BALANCE CONFORMING FIXED RATE LOANS (loans greater than $417,000, but less than $729,500)
30 YEAR FIXED ------------------------- 5.125%, No Points
** Loan amount restrictions based on county and property type.
CONVENTIONAL JUMBO LOANS (30 year fixed greater than expanded conforming, every other program greater than $417,000)
30 YEAR FIXED--------------------------- 5.625% No Points
15 YEAR FIXED--------------------------- 5.000% No Points
5 / 1 ARM------------------------------------- 4.250%, No Points
7/1 ARM -------------------------------------- 4.750%, No Points
** All non-conforming loans need to be discussed in detail
*** Special Program 15/ 30 ARM -----5.000% -- .50% Points --- Loans up to $1,000,000!!!
**Please call for rates on loans over 1 million**
**Keep in mind that every borrowers situation is different, and each must be evaluated individually.**

Hoboken Homebuyer Tax Credit

Does the extended home buyer tax credit apply to you? I've met a lot of people recently that didn't realize that the income levels have jumped to $125,000 for an individual and $225,000 for a couple. If you are thinking of buying Hoboken real estate, the home buyer tax credit may now apply.

And the expanded part: If you're think of selling your hoboken real estate and movin' on up to a deluxe apartment in the sky, you may also qualify. You'll have to have lived in it for 5 consecutive years of the last eight. A full explanation on my website.

It's free money ...just in time for black Friday.

Hoboken Real Estate

Under Contract Condos
First three weeks of November 33

Information deemed reliable but not guaranteed

Hoboken Homeowners: Are You Being Sued?

Ever feel like you're being dumped on? Well if you're a Hoboken Condo owner that's trying to sell and your condo association is in litigation...you are. A double whammy of sorts. Not only is there a messy little piece of business to be settled (buyers like clean and neat) now Fannie Mae, Freddie Mac, and those guys over at FHA are running for the door. The big guys now like things neat too. I guess years of encouraging no doc, no money down loans has finally sunk in....

So Mr. Hoboken Condo Seller you are stuck. The buyer now has to go to a portfolio lender. (Usually a local bank that will keep the loan. ) The rate to the buyer is a bit higher too. Ahhh but the best part is Mr. Hoboken Condo Buyer may not find out that Big Bank is not approving the loan until after a host of fees have been paid and the buyer is now scrambling.

Did I mention that buyers like things clean and neat. The buyer thinks well if Big Bank won't lend, there must be something wrong with the real estate..... It's fun too find out.

Flood Insurance Rules| Hoboken

Buyers & Sellers: A must read. Most of Hoboken's real estate is in a flood plain!
Fannie Mae and HFA loans are now requiring more flood insurance than before. Is the Hoboken Condo that you are selling or buying covered? Don't find out a week before the close.

Here's the new deal...The building's insurance must have either $250k of coverage per condo or 100% replacement value for the building. If it doesn't, a condo buyer can get supplemental with an elevation certificate. This can either be found in the master deed or ordered for about $400. Well worth the investment. I recommend that you make sure your attorney requests this info during attorney review.

....And I said, "Hey, gunner man, that's qucksand, that's quicksand, that ain't mud Have you thrown your senses to the war, or did you lose them in the flood?"

Hoboken Real Estate

Million Dollar Condos
Available 30
Information deemed reliable but not guaranteed

Hoboken Condos Listings | 506

Looks like the number of active Hoboken Condo listings is dropping....All the way down to 506. Yet only 17 condos have gone under contract in the first half on November. Do you think it will be better in the second half with Thanksgiving eating up like 10 days????

November is Turkey month!

Hoboken Real Estate

Available Condos 506

Information deemed reliable but not guaranteed

The new and improved Homebuyer Credit

Good things come to those who wait. ... A new and improved tax credit.

The two big improvements that will have an impact on Hoboken Real Estate buyers....
1) Income limits are raised to $125k for an individual and $225k for married. So for you guys out there on the fence...I know one agent who has been putting it off a long time.... now is the perfect time to get married and buy a house!

2) Current owners can qualify for trade ups if you've lived in the home being sold for 5 of the past 8 years.

Avoid the spring rush and get in on it before the government runs out of money.

The Yankees Are Good For Hoboken

No. I'm not talking about the fact that the same Hobokenites that urinate in doorways on St. Patrick's day are prone to spend more money in the local watering holes, spend more money on disorderly conduct tickets, spend more money on needless hats, t-shirts, key chains, and beer coolers emblazoned with an NY. Albeit great for the local economy....

I'm talking about perceived value. Here's the perception...Things just cost more in NY. For example, the Yankees spent $208 million in payroll this season. They win a championship. Kansas City has a baseball team too. They spend about $81 million on players. They don't win, ever. NY can afford it. They can afford their nearest competitor (the team in Queens) by nearly 50%.

Houses just cost more too. I went on to Realtor.com today and found a sweet 1850 sqft, 2br,2bath, parking, elevator, terrace, right downtown Kansas City....$424K Seems about right. Since you can get 700sqft one bedroom in Hoboken for the same price.

I guess this is all good when you retire and move to Kansas City. You'll have enough extra money to fly back and see the Championship parade once every nine years.

Though I can't help but think all of this reminds me of my crazy uncle BG. Growing up, BG would come over every Christmas Day. BG lived with my grand parents. Always lived with my grandparents. Never held a steady job, never had a girlfriend. Someone you might find on an episode of Criminal Minds as the "unsub" (unidentified subject, who was deranged and did something so unspeakable that it gives you nightmares). BG would buy all of his own Christmas gifts with his parents money. He would wrap them up. He would cart them over to our house. (The gifts always included heavy heavy crates of oranges and grapefruits.) We would help him carry everything in. BG would unwrap his gifts in front of everyone. Did I already mention he wrapped them himself? We would then help him load the crates back into the car.... Ahh the good ol days. ...so here I am watching Hank and Hal unwrap the gift that they bought with Dad's money, wrapped themselves, and carted to my TV.... making everyone watch and act surprised. ... I think I'll have another glass of eggnog.

The New Mayor. A Double Edged Sword.

Congratulations to new mayor Dawn Zimmer. Wondering if property owners voted for her? On one hand more parks and bike lanes mean less development. This means growth of supply of homes is restricted. Fewer new homes means buyers have to buy existing homes... Prices should go up.

Now how to pay for those parks? Higher taxes. (Not saying the new mayor will raise taxes, just if the city has to spend for the parks and forgo new construction revenues..taxes will be higher than if they don't) Higher taxes mean less home the buyer can afford.... keeping prices down. Where will it balance out?

If you don't like the Zimmer administration, next time VOTE FOR PEDRO.

Hoboken Real Estate

Available Condos
19 Studios
154 1 brs
280 2brs
66 3+ brsInformation deemed reliable but not guaranteed

October. Not That Scary.

No Chicken Littles out there on Halloween. 72 Hoboken Condos sold in October with 76 going under contract. Those that sold gave an average 4.5% discount off of ask and had an average DOM of 114.

24-1brs
42-2brs
6-3+brs

November is a short month with the Holiday....Let's not lose our heads!

Hoboken Real Estate
Condos October
Under contract 76
Sold 72

Information deemed reliable but not guaranteed