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Rank Name City State Section District Points
1 Berenbaum, David Paramus NJ Eastern New Jersey Region 1008 2 Adler, Richard W. Southampton NY Eastern Long Island Region 738 3 Lurie, Jonathan New York NY Eastern Metropolitan Region 666 4 Henderson, Jan Mark East Brunswick NJ Eastern New Jersey Region 592 5 Moss, Paul S. New York NY Eastern Metropolitan Region 588 6 Hoffman, John B. New York NY Eastern Metropolitan Region 510 6 Boutillette, Michael J. Somerset NJ Eastern New Jersey Region 510 8 Titcomb, John Lloyd Harbor NY Eastern Long Island Region 466 9 Brill, Steven C. Great Neck NY Eastern Long Island Region 448 10 Clooney, Jim oyster bay cove NY Eastern Long Island Region 400 11 Serebro, Boris White Plains NY Eastern Southern Region 398 12 Andersen, Glen A. Wharton NJ Eastern New Jersey Region 376 13 Slott, Joseph Brooklyn NY Eastern Metropolitan Region 358 14 Stillman, Richard Mountain Lakes NJ Eastern New Jersey Region 322 15 Johns, Mark Great Neck NY Eastern Long Island Region 275 16 L'allier, Jean Flushing NY Eastern Metropolitan Region 224 17 Tanis, Robert J. Oak Ridge NJ Eastern New Jersey Region 192 18 Rolfe, Chevas William Astoria NY Eastern Metropolitan Region 168 19 Coglietta, Fred F. Saint James NY Eastern Long Island Region 164 20 Farley, Robert C. Saratoga Springs NY Eastern Northern Region 134 21 Udis, Andrew New York NY Eastern Metropolitan Region 132 22 Hanchrow, James P. White Plains NY Eastern Southern Region 128 23 Ackerman, Philip Rensselaer NY Eastern Northern Region 126 24 Checa, Luis P New York NY Eastern Metropolitan Region 106 25 Smith, Gerard J. Garden City NY Eastern Long Island Region 104 25 Chizever, Richard S. Aquebogue NY Eastern Long Island Region 104 27 Evans, Dwight R. Westfield NJ Eastern New Jersey Region 96 28 Winnitzki, Walter J. Manhasset NY Eastern Long Island Region 88 29 Scheibner, Peter J. Stony Point NY Eastern Southern Region 82 29 Mutch, Robert D. Ramsey NJ Eastern New Jersey Region 82 29 Sussman, Gary A. Highland Mills NY Eastern Southern Region 82 29 Lamonaca, Donato Brooklyn NY Eastern Metropolitan Region 82 29 Dunning, Dennis J. Poughquag NY Eastern Southern Region 82 29 Scammacca, Michael Waterford NY Eastern Northern Region 82 35 Weisberger, Mike New York NY Eastern Metropolitan Region 68 35 Wawrzyniak, Piotr Forest Hills NY Eastern Metropolitan Region 68 37 Deutsch, Ron Edward Chappaqua NY Eastern Southern Region 66 37 LIEMER, DAVID Chappaqua NY Eastern Southern Region 66 39 Simel, Peter B. Douglaston NY Eastern Metropolitan Region 64 39 Underwood, Steven Minoa NY Eastern Western Region 64 39 Hoekstra, Mark Baldwinsville NY Eastern Western Region 64 42 Chavez, Peter Cortlandt Manor NY Eastern Southern Region 52 42 Rudina, Solee E. Basking Ridge NJ Eastern New Jersey Region 52 44 Neubauer, John Patterson NY Eastern Southern Region 22 45 Kier, Nelson New York NY Eastern Metropolitan Region 6 46 Darris, Cranston New York NY Eastern Metropolitan Region 4 46 Eskenazi, Jack Levittown NY Eastern Long Island Region 4 46 Kalb, Scott E. Greenwich CT Eastern Southern Region 4 46 McIntyre, Mark J. New York NY Eastern Metropolitan Region 4 46 Cooper, Judson A. Armonk NY Eastern Southern Region 4 46 Wilkinson, Alan W. New York NY Eastern Metropolitan Region 4 46 Harvey, Michael Boca Raton FL Florida Region 6 4 46 Yonkers, Paul J Sea Cliff NY Eastern Long Island Region 4 54 Prasad, Narayan New York NY Eastern Metropolitan Region 3 55 Silbiger, Thomas New York NY Eastern Metropolitan Region 2 55 Guernsey, Steve G. Poughkeepsie NY Eastern Southern Region 2 55 Schechner, Robert M. Hazlet NJ Eastern New Jersey Region 2 55 Schneider, David I. Springfield NJ Eastern New Jersey Region 2 55 Ambrose, Eric Rosedale NY Eastern Metropolitan Region 2 55 Rahbari, Raymond K. North Babylon NY Eastern Long Island Region 2 55 Gash, Gary M. White Plains NY Eastern Southern Region 2 55 Lease, Jack Newburgh NY Eastern Southern Region 2 55 Donnelly, James G. Richmond Hill NY Eastern Metropolitan Region 2 55 Wilkinson, Kenneth Brooklyn NY Eastern Metropolitan Region 2 55 De La Cruz, Augusto C. New York NY Eastern Metropolitan Region 2 55 Hickey, Tom Hopewell Junction NY Eastern Southern Region 2 55 Bart, H Ted New York NY Eastern Metropolitan Region 2 55 Lerner, Peter New York NY Eastern Metropolitan Region 2 69 Glanzman, Robert L. Carmel NY Eastern Southern Region 1 69 Makuch, Bish Woodside NY Eastern Metropolitan Region 1 69 Eleby, Larry Valatie NY Eastern Northern Region 1 69 Dowling, Robert E Castleton NY Eastern Northern Region 1 69 Ruiz, Hugo Jackson Heights NY Eastern Metropolitan Region 1 69 Dirusso, Steve Great Neck NY Eastern Long Island Region 1 69 Landau, Donald Alan Goldens Bridge NY Eastern Southern Region 1 Follow me: Rising home prices, especially in cities located in the West, are helping to boost origination levels for home-equity lines of credit. A shift from refinances to purchase financing is a good sign for the housing market.
HELOC originations during the second quarter of this year soared compared to the prior three-month period, with volume up 30 percent from the first quarter. The story was the same for year-over-year HELOC production, which was also up 30 percent compared to the second-quarter 2012. Applications for U.S. home loans rose in the latest week as demand for refinancing outpaced purchases, data from an industry group showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 1.3 percent in the week ended Oct. 4. That follows a dip of 0.4 percent in the week ended Sept. 27. The figures come as a U.S. federal government shutdown has cast a spotlight on fiscal policy, with some economists worrying that the stalemate in Congress could drag on the economy. MBA data showed 30-year mortgage rates slipped 7 basis points to 4.42 percent, after in September matching the 4.8 percent high for 2013. The refinancing index gained 2.5 percent after recently hitting the lowest level since June 2009. The index is now at its highest since early August. The mortgage survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA. Source: http://www.cnbc.com/id/101098130 Follow me: The average rate on a 30-year mortgage remained unchanged this week in metro Atlanta, while rates for shorter-term loans and loans for high-priced homes rose noticeably, according to the latest figures from Bankrate.com.
The overall trend of higher mortgage rates continued, both locally and nationally. All eyes will be on Federal Reserve policymakers when they meet next Tuesday and Wednesday. Decisions they make on whether further economic stimulation is needed may have an impact on the direction of rates for long-term loans. Polyana da Costa, a senior mortgage analyst at Bankrate, said that while she is not seeing signs that homebuyers are having a harder time getting loans because of rising rates, the increase could affect how much home a buyer can afford, especially in high-cost areas. Da Costa said it’s important for prospective homebuyers to shop around for loans. “I always recommend applying at one national lender, a regional lender and a mortgage brokerage,” she said. The average for a 15-year fixed-rate mortgage in metro Atlanta rose to 3.66 percent from 3.55 percent last week, Bankrate reported. The benchmark hybrid 5/1 adjustable-rate mortgage rose to 3.52 percent from 3.46 percent. The hybrid mortgage carries a fixed rate for a specific period, in this case five years, and an adjustable rate for the remainder of the loan. The average rate for a 30-year jumbo mortgage for homebuyers in the market for high-priced homes also rose this week, to 4.8 percent from 4.77 percent. The average rate for a 30-year mortgage, meanwhile, remained at 5.8 percent, Bankrate said. Discount and origination points, which are prepaid expenses on the mortgage, also rose this week to an average total of 0.65, from 0.6 last week. Not only are metro homebuyers being hit with higher mortgage rates, home prices and closing costs are also on the rise in a market where there is a shortage of homes on the market. The squeeze is also putting pressure on apartment rents. - See more at: http://www.ajc.com/weblogs/biz-beat/2013/sep/12/mortgage-rates-higher-15-year-jumbo-loans/ Jim Clooney Online Economic uncertainty is driving down mortgage rates, according to the latest data released Thursday by Freddie Mac.
The 30-year fixed-rate average dropped to 4.22 percent with an average 0.7 point. It was down from 4.32 percent a week ago but up from 3.36 percent a year ago. After wandering upward for most of the summer, the 30-year fixed rate has fallen each of the past three weeks. It is now at its lowest level since late June. The 15-year fixed-rate average fell 3.29 percent with an average 0.7 point. It was 3.37 percent a week ago and 2.69 percent a year ago. The 15-year fixed rate has remained above 3 percent since early June. Hybrid adjustable rate mortgages showed little change. The five-year ARM slid down to 3.03 percent with an average 0.6 point. It was 3.07 percent a week ago and 2.72 percent a year ago. The one-year ARM remained the same as the week before, holding steady at 2.63 percent with an average 0.4 point. “With the onset of the federal government shutdown and declining consumer confidence, fixed mortgage rates fell for the third consecutive week,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement. “Consumer sentiment fell for the second month in a row in September to its lowest reading since April, according to the University of Michigan. Moreover, a recent Bloomberg survey of professional forecasters suggests that a partial federal shutdown lasting one week would shave 0.1 percentage points off of GDP growth in the fourth quarter and even more if the shutdown lasts longer.” After a two-week surge, mortgage applications showed a slight decrease, according to the latest data from the Mortgage Bankers Association. The Market Composite Index, a measure of total loan application volume, fell 0.4 percent. The Refinance index rose 3 percent, while the Purchase Index dropped 6 percent. The refinance share of mortgage activity grew to 63 percent, three weeks after sinking to 57 percent, its lowest level since April 2010. Refinances had accounted for more than 80 percent of applications earlier this year. Source: http://www.washingtonpost.com/blogs/where-we-live/wp/2013/10/03/economic-uncertainty-drives-down-mortgage-rates/ Follow Me At: James Clooney | WordPress Jim Clooney on Quora James Clooney Twitter Page WASHINGTON — Average U.S. rates on fixed mortgages fell for the third straight week to their lowest point in three months, as a decline in consumer confidence and the onset of the government shutdown forced rates down.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan dropped to 4.22 percent from 4.32 percent last week. The average on the 15-year fixed loan declined to 3.29 percent from 3.37 percent. Both are the lowest averages since early July. Rates began to fall last month after the Federal Reserve held off slowing its $85-billion-a-month in bond buys, which have kept rates low. They fell further this week as the shutdown prompted investors to sell stocks and buy Treasury bonds. Mortgage rates tend to follow the yield on the 10-year Treasury note. The 10-year note traded at 2.63 percent Thursday morning, down from 2.71 percent on Sept. 23. The Federal Housing Administration, which guarantees about 30 percent of U.S. home mortgages, says that if the partial shutdown continues for an extended period and the agency’s funding runs out, it wouldn’t be able to continue approving loans. In that case, “We do expect that potential homeowners will be impacted, as well as home sellers and the entire housing market,” the FHA said in a contingency plan. Buyers wouldn’t disappear. But some would linger in limbo until the government reopened and a backlog of applications cleared. To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fee for a 30-year mortgage was steady at 0.7 point. The fee for a 15-year loan also was unchanged at 0.7 point. The average rate on a one-year adjustable-rate mortgage was unchanged at 2.63 percent and the fee held at 0.4 point. The average rate on a five-year adjustable mortgage dipped to 3.03 percent from 3.07 percent. The fee rose to 0.6 point from 0.5 point. Source: http://www.poughkeepsiejournal.com/viewart/20131006/LIFE07/310060037/Average-fixed-mortgage-rates-down-3-month-low I’d never heard of a personal line of credit until I walked into my bank and tried to get a home equity line of credit just as the housing bubble was bursting.
Without even attempting to assess the real value of my home, a bank employee in some far-away location rejected my application within minutes, claiming the equity in my home fell just shy of 20 percent – the magic number most financial institutions use to decide whether to issue you a HELOC. The manager of my bank branch pulled me into his office and told me to go directly to my credit union and apply for a personal line of credit. My credit union immediately approved my application, and I walked out with a stash of cash to tap when emergencies arise — and with an education about personal lines of credit. Millions still lack equity While the housing market is far stronger than it was when I applied for a HELOC, 7 million homes with a mortgage were still underwater at the end of June, according to CoreLogic, which analyzes data on real estate trends. (“Underwater” means the owner owes more on the home than it’s worth.) At the same time, more than 10 million additional homes had less than 20 percent equity. Those underwater homes and “under-equitied” homes together made up more than one-third of all homes with a mortgage as of June. That can make it tough when a financial crunch or emergency arises — and your emergency fund is nonexistent or is already tapped out – because you typically need to have at least 20 percent equity to qualify for a HELOC. So if your home is worth $100,000 and your mortgage is more than $80,000, you may find a HELOC hard to get. In that situation, a personal line of credit can be a welcome alternative. What is a personal line of credit? A personal line of credit is similar to a HELOC, in that you have an ongoing line of credit that you can tap into as needed. You might apply for a $10,000 line of credit, but only need $3,000 for an emergency home repair this week. You take out that $3,000, which you have to pay back in monthly installments, and pay interest only on the amount you borrowed. If you need to make a $2,000 car repair next month, you can borrow that money as well, giving you $5,000 to pay back, and $5,000 still in your account. Depending on your bank or credit union, you may be able to access your cash by writing checks, using an ATM card, making an Internet transfer or making a withdrawal at your financial institution. More banks and credit unions are now offering personal lines of credit, and if you’re a reliable customer with a good credit history and a good credit score, you might even receive an offer in the mail. It might be easier to get a personal line of credit if you already have a relationship with a financial institution, but plenty of banks and credit unions now offer them, including Wells Fargo and Citibank. Like any loan product, the interest rate you pay will be based on your credit history and credit score. Your financial institution may also verify your employment and income. Pros and cons The downside to a personal line of credit is that the interest rate is typically higher than that for a HELOC. And unlike a HELOC, the interest is not tax-deductible. On the other hand, the interest rate is usually far lower than a credit card cash advance, and unless you have a credit card with a very low interest rate, a personal line of credit will typically cost you less than carrying a balance on your credit card. If a personal line of credit is not available, Money Talks News founder Stacy Johnson explains some other smart ways to borrow money, as well as their drawbacks, in the video below. (Note: None of these trump having a healthy emergency fund.) Source: http://www.moneytalksnews.com/2013/09/30/house-underwater-a-personal-line-of-credit-can-provide-a-lifeline/ More articles on mortgages and loans can be found at James Clooney A reverse mortgage is a special kind of home equity loan that allows seniors to take advantage of equity they have built up in their home. The home needs to be owned free and clear at the time of the loan closing, but small balances can be paid off with the proceeds of the reverse mortgage.
One of the main differences between a reverse mortgage and a regular home equity loan is that there is no income requirement. There are no loan payments, but you do have to keep paying property taxes and insurance. The loan is paid off when the home is sold, usually after the borrower dies. In a perfect world, homeowners would borrow all the equity from the home, in small amounts, over a long period of time, having exactly what was needed to live on for the remainder of their life, and using up the equity just as they passed away. But it rarely works that way, and even if it does, reverse mortgages are a very costly option. Often, seniors take the cash out in a lump sum, using it up long before the end of their lives, and even defaulting on the tax and insurance payments, forcing the home into foreclosure. Reverse mortgages are marketed aggressively to seniors. Lenders take advantage of the fact that seniors may have lots of equity in their home, but little or no income. Reverse mortgage lenders offer their products as the perfect answer, but fail to point out the numerous drawbacks, such as large up front fees in the form of mortgage insurance. While there are some newer, less expensive products, one should expect to pay 2% of the value of one’s home, no matter how much one borrows. Elderly homeowners, often with their backs to the wall financially, are routinely taken advantage of. Because one still owns one’s home with a reverse mortgage, one can technically leave it to the heirs. But since the loan will have to be paid off by selling the home, reverse mortgages are not appropriate for people who want to pass the home to their heirs. Rather than encumbering the home with any kind of mortgage, it may make much more sense to sell it outright, downsize to an apartment, and invest the proceeds to create a stream of fixed income. Borrowing with a reverse mortgage can be one of the biggest financial decisions of one’s life. It’s important not to make it based on what could be only a short-term cash crunch. Other options, including other sources of income, should be explored first, and one should seek advice from a professional — a CPA, a lawyer, or a trusted financial advisor who doesn’t stand to benefit from the reverse mortgage transaction. Source: http://bayviewcompass.com/archives/14719#sthash.UoEt4bAS.dpuf |