Ever Wondered How Long or What the Process is in Getting Pre-approved?

Know what to expect and when, while obtaining financing for a home, the first step in getting Pre-approved with your Lender.

 

Stage 1: Get Pre-Approved:

What You Need to Do – You will have a discussion with your Lender and be providing  them with Preliminary Documents.

How Long Will It Take? - The discussion will take 10-15 minutes and shortly after your documents are received, you will be issued a loan pre-qualification letter.

What’s Happening Behind The Scenes – Your credit and documents provided will be reviewed to be sure you qualify for the loan. You will then be notified how much you can borrow.

 

Easy eh? Like us on Facebook to find out more about Loan Processing and Purchasing a Home. You’ll be surprised how easy!

 

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Turn Good Tenants to Better Tenants!

We already know that the key to a successful tenancy is to first find a good tenant. Haven’t we often secured good tenants only to find they drift to the wayside and gradually become bad tenants? Why is that? There are a combination of reasons that this happens. Let’s explore how to make good tenants even better and how to keep them that way.

Now that you have a good tenant you have already screened, accepted and signed a lease with, you may be tempted to feel like your job is finished for now. The property is rented! Now you can take a vacation, right? Wrong. The job is never over unless you sell your rental property and retire somewhere nice, never to see or speak to another tenant again. Are you going to do that anytime soon? OK, so lets talk about making good tenants even better.

 

  1. Emphasize the most important lease clauses. If you haven’t already done so when you carefully went over the lease personally and emphasized the important items to your tenant, do it as soon as possible. (I hope you used my LPA Lease – I’m personally biased.) You can even do it with a follow up letter welcoming the tenants to their new home an reminding them of those key elements in your lease that are most important to you. Some landlords even send the tenant a spare copy of the lease with certain clauses highlighted. 
  2. Tell the tenants that you report to “National Tenant and Credit Reporting Bureaus”. The reason I phrased it like that is because I don’t want you to feel like you may be telling a lie. Reporting to a “National Tenant and and Credit Bureau” could mean the LPA’s “National Tenant Rating Bureau or Deadbeat Database”“. Or it could also mean that you are ready to use The LPA site to “prepare a delinquency report” to the major credit bureaus. I have achieved outstanding results by advising new tenants not to pay late because it can affect their credit rating. I inform them that they may not qualify for a car loan or mortgage in the future if they are not careful about their rent payment. I warn, “PLEASE DON’T RENT FROM ME if you think you will have trouble paying the rent on time. You seem like such a nice couple. I’d truly HATE to ruin your credit and damage your financial future”. By the way, The LPA has a free members only tenant credit reporting feature that may help you collect delinquent rents. 
  3. Enforce your lease with “Essential Landlord Forms” that will support your lease. When a tenant gets out of line, correct the situation with a professional form. Nip the problem in the bud before a small problem becomes a disaster. If you do not send a late notice as soon as the rent is late, the tenant will continue to be late. If you are inconsistent with sending the late notice, the rent may consistently be late. Have you ever heard the old adage “Familiarity breeds contempt” ? Well, when a tenant becomes comfortable enough to think the landlord is a friend, he often loses the professional respect he may have once had. So, enforcing the lease with professional forms is the way to go. 
  4. Enforce penalties such as late fees. Using a professional form is great, but it has to pack a punch to get the results you want. Don’t be afraid to hit a tenant with the late charge whenever the rent is late. I’ve had tenants tell me they were late just to see if the late fee would be enforced! Use a “Late Charge Due Notice” or an “Urgent Late Notice” to collect rent and late fees before too much time passes by. 
  5. Allowing an Early Payment Discount is another effective tactic to get the rent paid on time or early. Everyone wants to save money. And that money adds up over the year, so make sure the tenants know about it. If you didn’t use the clause in your lease, you can always send them the “Early Payment Discount Voucher” found in Essential Forms. 
  6. Routine Inspections aren’t always as important as the expectation of routine interior inspections. When the tenant is expecting an inspection of the premises by the landlord or manager, the property is usually kept ready to pass the inspection. Many landlords will inspect on regular intervals prearranged with the tenant. Others will do surprise inspections, and some just emphasize that they will be doing inspections, but just don’t get around to it. Even if you can’t get around to it, it may be a good idea to send the tenant a note from time to time to tell them of an upcoming inspection. The main thing is that your property is cared for properly.
    Keeping good tenants good or better is an ongoing process that we as landlords continue to improve with experience. It all starts with understanding and agreeing with each other. After that, it’s just a matter of professional communication.

 

Article Reference can be found here

 

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Too Busy? Take Some Time Off And Rediscover Serenity…

Spend 3 minutes meditating every day

Meditation doesn’t have to be incredibly deep to be effective. Find a nice peaceful place,sit on the ground, close your eyes, and just ‘be’. Don’t think about work,don’t think about money—don’t think about anything but the here and now. If you can do this once every day, you will be amazed at the difference that it can make.

Keep things in perspective

Getting insulted by your boss can be very hurtful and discouraging, but keeping things in perspective can help to neutralize feelings of anger or resentment—both of which contribute to a life of anxiety and negativity. If your boss is a jerk to you, try to think about his life and why he might be acting the way he is.Maybe he hates is job, or maybe he had a fight with his wife this morning.Maybe he doesn’t know how to cope very well and just takes it out on others instead of dealing with it in a more positive way.

This doesn’t justify his negative actions, of course… but it can help you to deal with it in a more positive way.

Sit down and clear your mind

When you get the chance, try to sit down for a few minutes and just ‘unwind’ from the stresses of your day. If you hurry and rush along from point A to point B, you might start to get overwhelmed and not even realize it. At least once every few hours you should try to sit down, take a deep breath, and let your mind recover before you move onto the next thing. This is different from meditating in the sense that you should try to do it at least once per hour. It can take as little as 30 seconds for it to be effective.

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NAR 2014 Homebuyer and Seller Generational Trends Study

According to a recent National Association of REALTORS® (NAR) study, Generation Y (born 1980-1995) — sometimes called Millennials or Generation Next — make up the largest share of homebuyers (31%) in the U.S. They also make up the smallest number of home sellers (12%). Generation X (born 1965-1979) is the second-largest group of homebuyers (30%) and the largest group of home sellers (29%).

The NAR report breaks down the large Baby Boom Generation into two groups. Those born 1955-1964 accounted for 16% of home purchases, while those born 1946-1954 were responsible for 14% of home purchases. The Silent Generation (born 1925-1945) bought the remaining 9% of homes.

Reasons the Silent Generation purchased homes included caring for aging parents (27%), children moving back home (23%) and the desire to reduce expenses (21%). Boomers had similar reasons: Children moving back home (38%), desire to reduce expenses (18%) and caring for aging parents (15%).

Reasons Gen X purchased a home included the need for a larger home or job relocation. The primary reason for Gen Y was the desire to own a home.

Gen Y buyers anticipate living in their home for the shortest period of time (10 years), followed by Gen X (15 years). Both groups of Boomers plan on residing in their new home for 20 years.

Gen X was the most likely group to have delayed selling a home because it was worth less than the mortgage (19%), followed by Gen Y (17%) and Boomers born 1955-1964 (10%).

The reasons for selling a home were the same for both Boomers born 1946-1954 and the Silent Generation: wanting to move closer to friends and family, home is too large, and retirement. For Boomers born 1955-1964, the most common reasons for selling were job relocation or the home was too large.

The most common reason Gen Y and Gen X were selling a home was due to job relocation or the home was too small.

 

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Another Home Sold! #ShortSale

50 Normandy Road

Another Home Sold! 50 Normandy Road, Yonkers NY 10710

Congratulations to the new home owners the Rodriguez Family!

We finally made it and closed the short sale!

 

www.NYREEX.com

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Are You In A Burden Of Pleasing Others? Here Are 3 Reasons To Free Yourself From It…

Stop Pleasing Others

Let’s be honest—following good advice is one thing, but living in fear of judgment and making choices that are not truly choices that you want to make is going to waste time and waste life.

Here are 3 good reasons not to allow yourself to fall into this mentality.

1… Because Life Is Far Too Short To Spend Worrying About What Other People Think

Why would you forsake your happiness to meet other people’s standards when you don’t even agree with what their standards are?

 

2… Because Most People Judge Everyone, Regardless Of How Good Their Choices Are

I almost hate to say it, but most people are going to judge you and say negative things about you regardless of what you choose. If you are rich, you will be a rich snob. If you are poor, you will be ‘trash’. If you try to have good morals, you will be ‘stuck up’. Don’t let other people dictate who you are just because of the fact that they might judge you for it, because odds are good that they are going to do it regardless of what you do.

 

3… Because Being Yourself Will Make You The Happiest

There is really no substitute for being yourself. It might not be easy to stop listening to naysayers, but the rewards in the end are more than worth the effort.

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Buying a home before winter? Here Are 4 Reasons to do so…

It’s that time of year, the seasons are changing and with them bring thoughts of the upcoming holidays, family get togethers, and planning for a new year. Those who are on the fence about whether now is the right time to buy don’t have to look much farther to find four great reasons to consider buying a home now, instead of waiting.

1. Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report released recently projects appreciation in home values over the next five years to be between 11.2% (most pessimistic) and 27.8% (most optimistic).

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by the end of next year.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3. Either Way You are Paying a Mortgage

As a recent paper from the Joint Center for Housing Studies at Harvard University explains: “Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait? Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

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We Walk The Talk and We Make It Happen… Another Home Sold!

631 Van Cortlandt

631 Van Cortlandt Park Avenue, Yonkers NY 10705

Congratulations to the new home owner Mac Johnson! We Finally made it! It’s been a rollercoaster ride but we did go through it!

Thank you for trusting in our service!

 

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The Value of Seeing the Good In Everything

How can you be a more positive person?

Being a positive person doesn’t happen by accident. In fact, it is sometimes very difficult to do… but it is completely worth it! Here are some quick tips that can help to eliminate negativity and highlight positive thinking.

 

1… Stop talking badly about people

Talking badly about people is very negative. Even though they may never hear it, you will still be affected by it. It fills you with bad vibes and causes you to adopt a more ‘jaded’ view of people around you.

2… Don’t be judgmental

Everyone is different, but that does not mean that you are better or worse than someone else. Judging people for being different from you in a negative light is very bad for your overall state of well-being. We should try to accept those around us and strive to treat them as well as we can.

3… Smile often

It is often forgotten that a smile can make a huge difference. It can brighten someone’s day, cheer them up, encourage them, and uplift them… but it also does wonders for the person wearing it. Smiling conveys positivity, peacefulness, and the fact that you value the person whom you are smiling at.

At the end of the day, being positive is a choice… but it is a healthy choice that might be even better for you than it is for anyone else!

 

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White Plains Bridge Work Update

The northbound side of the Bronx River Parkway will be closed in sections of Yonkers and White Plains starting next week.

WHITE PLAINS, N.Y. – Motorists are advised that the ongoing bridge work will close the northbound Bronx River Parkway between Tuesday, Aug. 26, through Thursday, Aug. 28, from 9:30 a.m.-3:30 p.m. from the Sprain Brook Parkway in Yonkers to the Westchester County Center (Exit 22) in White Plains.

  • All northbound Bronx River Parkway traffic in Yonkers  will be detoured onto the Sprain Brook Parkway, then to Central Park Avenue (NY 100) to White Plains.
  • Local traffic will have access to the northbound Bronx River Parkway at the following locations (between the Sprain Brook Parkway and Harney Road): Paxton Avenue, Elm Street, Scarsdale Road, Thompson Street and Leewood Drive.
  • Local northbound parkway traffic will be detoured at Harney Road to Scarsdale Avenue and East Parkway and re-entering the northbound parkway at Crane Road.
  • Northbound parkway will be open to traffic at Crane Road and all points north.

full article in this link

 

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