Archive for February, 2010

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Monday, February 8th, 2010

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Buying Brooklyn Real Estate: Money, Mortgages and Closing Costs

Monday, February 8th, 2010

Because buying Brooklyn real estate is one of the most important and expensive purchases you’ll ever make, it’s worth the time to consider ways you can save money.  Here are a few ideas on how to save money on your mortgage and closing costs:

Pay Attention

You have to pay attention to how much the Brooklyn real estate costs. You have to pay attention to how much the house is worth and how much more you may have to put in the kitty for any repairs that may need to be done. Use these details to negotiate.

Negotiate with the Seller

Negotiating with the seller is expected.  You already know you can negotiate on the price of the home, but did you know you can also negotiate who pays the closing costs?  In this buyer’s market, it has become common to ask the seller to pay some or all of the closing costs when you purchase a home. Be careful with your negotiations.  Many sellers will up the price of the home, if you ask for them to pay closing costs.

Negotiate with your Lender

Negotiating with your lender has become the new norm.  In fact, depending on the lender’s Good Faith Estimate and your credit standing, negotiating for a better deal on your mortgage could save you thousands in the long run.

Examine the Good Faith Estimate

A Good Faith Estimate is the estimated settlement costs, or closing costs, your lender will expect you to pay. These can add up to as little as 3% and as much as 5% of the sales price. However, as the name implies, it is only an estimate, and prices are subject to change.

Carefully read your Good Faith Estimate. While some closing costs are usual, such as title insurance, others can be dropped by opting out of a service. Still others are “junk fees,” which you can negotiate for.

When buying Brooklyn real estate, you always want the best deal you can get. The same should be said when picking a mortgage lender. Pay attention to the good faith estimate.  In fact, get one from several lenders and compare them. Don’t let the excitement of buying a home override your good business sense.

Consider Rolling Closing Costs into your Loan

Many new homeowners roll their closing costs into the loan. However, if there’s a way to pay them at closing, it might be better to do so. Paying them now saves you money because spreading them throughout the life of the loan means shelling out more interest.

If you’re looking for a great deal on an even better home, let me negotiate for you. Call Charles D’Alessandro of Fillmore Real Estate at (718)253-9600 ext.206 or email me at [email protected] for more information.


Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573
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FHA Changes the Rules for Buying a Brooklyn Home for Sale

Saturday, February 6th, 2010

The FHA, or Federal Housing Administration, has helped many a homeowner buy a Brooklyn home for sale by providing mortgage insurance through FHA-approved lenders. However, a change in policy, announced in January, may make it harder for those with poor credit.

Before we talk about FHA’s change in policy, let’s cover a few of the basics about the FHA and how it might help you buy a Brooklyn home for sale.

What is the FHA?

The FHA is a government agency that provides mortgage insurance to approved lending institutions.  It assists home buyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults.  This encourages lenders to make loans to borrowers who might otherwise not be able to get a loan.

What is an FHA Loan?

An FHA loan is a loan provided by an FHA-approved lender and insured by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay. Because of this guarantee, lenders are willing to make mortgage loans.

An FHA loan might help you get a mortgage by providing:

  • Lower down payments
  • Lower closing costs
  • Easier credit qualifications

Now let’s talk about the changes FHA is making…

The Future of FHA Loans

Until recently, the FHA has managed to weather the real estate turmoil rather well. In fact, the turbulence surrounding other lenders had potential homebuyers flocking to take advantage of FHA loans. However, even FHA’s bank account is starting to suffer. In order to shore up capital reserves and keep 34 million families in their homes, the FHA is changing the rules.

Before the changes, borrowers were required to pay a down payment of 3.5% of the cost of the home. Now, borrowers with a credit rating below 580 will be required to pay at least a 10% down payment. As well, the good upfront mortgage insurance premiums of 1.75% are increasing to 2.25%. The FHA is now trying to get Congress’ approval to raise the annual premiums from 0.55%, although the amount it will seek is still unknown.

What This Means for You

If you’re interested in buying a Brooklyn home for sale, but haven’t because you’re waiting for the market to bottom out, you may end up losing out on a great deal. With almost record low mortgage rates, home values lower than they’ve been for eight years, the first-time and upgrade homebuyer tax credits and a wide selection of homes, there may never be a better time to buy.

Whether you want to use an FHA loan or a traditional home loan, I can help you cash in on this great buyer’s market. Call me Charles D’Alessandro you Brooklyn Realtor® at Fillmore Real Estate today at (718)253-9600 ext.206 or email me at [email protected].


Charles D’Alessandro
[email protected]
tel 718 253-9600
fax 718 253-9573
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10 Ideas to Save Money and Make Your Brooklyn Home Greener

Friday, February 5th, 2010

Saving money and going green are both hot topics right now.  So, I’m sure you’ve already heard the tips to turn off water while brushing your teeth, turn off TVs and computers and swap out old light bulbs for the new energy-saving versions.

Here are 10 new ideas to help you save money and make your Brooklyn home greener.

Swap stuff.  There are hundreds of online sites where you can get furniture, books, CDs, DVDs and even a place to stay for free by swapping stuff with other people.  And, I’m not just talking about Craigslist.  Two of the most popular and easy to use swap sites are  Paperbackswap.com and SwapaDVD.com.

Recycle your cell phone.  According to the EPA, if the 100 million cell phones no longer being used by Americans were recycled, enough energy would be saved to power more than 18,500 homes for a year.  Give your cell phone back to its manufacturer or donate your cell phone to charity.

Recycle other electronics.  Keep old TVs out of landfills by taking them to a safe e-cycling facility.  Return iPods to Apple for recycling or sell them for parts.  Take e-waste to stores like Best Buy and Staples that have recycling programs.  You’ll save money by not having to pay to dispose of the electronics.

Wait until May to buy a new TV. New government standards take effect May 1, 2010. Energy Star-labeled televisions will be at least 40% more efficient than comparable models — a significant savings.

Eat foods that are in season. It’s healthier, less expensive and better for the environment.  Oh, and one more big plus:  the food tastes so much better!

Install a water filter. Bottled water isn’t any healthier than tap water, and all that plastic waste is terrible for the environment. It’s also expensive!  If you use a water filter in your Brooklyn home, you can get great-tasting, clean water while reducing your waste and saving money.

Turn down your water heater. You won’t notice the temperature change, but your water heater won’t work as hard and won’t use as much energy.

Plant a vegetable garden. If you don’t have the space to plant a garden, plant a tree or put some plants outside. Find vegetables and plants that grow well in your area for the best results.  Ask your local garden center for that information.

Use green cleaners. There’s no reason to use harsh chemicals to clean your home. Use biodegradable cleaners that are safe for the environment or make your own green cleaners.  Use old towels and T-shirts instead of disposable wipes and paper towels to cut down on waste and save you money.

Check your insulation. Adding insulation to your home will cost money initially, but you’ll quickly earn it back plus more by saving long term on your heating and cooling bills. Skeptical? Start out by insulating your attic and keeping track of your energy savings.  It averages out to about $116 a year in savings.

Want more tips to save money and make your Brooklyn home greener? I can help you turn your house green and cash in on your pot of gold.  Call me Charles D’Alessandro your Brooklyn Realtor® with Fillmore Real Estate at (718) 253-9600 ext 206 or email me at [email protected] for more information.

Is 2010 the Year for You to Buy Brooklyn Real Estate?

Wednesday, February 3rd, 2010

Is it possible? Is this the year to buy Brooklyn real estate? Why would 2010 be special? Well, let’s look at the current house hunting conditions, which might give some insight:

  • Home prices are lower than they’ve been since 2003. According to the National Association of REALTORS® (NAR), the median price of homes in the U.S. was around $170,000 by November of last year.
  • Fixed mortgage rates have almost reached record lows. Although they are subject to change from week to week, at the time of this writing, 15 year fixed and 30 year fixed mortgages were 4.45% and 5.06%, respectively.
  • The high number of foreclosures has been painful for many homeowners. However, it has also created great deals for those who want to buy Brooklyn real estate, but don’t want to spend their entire life savings at once.
  • The extension and expansion of the Obama administration’s homebuyer tax credit has been a driving force for many Brooklyn home sales. The government has handed out a large amount of tax credits to many first-time buyers, and will be paying out more as the purchase date draws closer.

So, is it the year to buy a house in Brooklyn? Only you know for sure. The economy is up and running once again, but the unemployment rate is still at 10%, and may go higher. The answer to “can I buy a home” depends on whether you have a stable job or not; look at your industry, company and job before answering. The good news is that, while unemployment may still rise, it’s expected to level off and start decreasing mid-year.

For those who can afford a home, want to buy one, but are waiting for the bottom of the market, don’t wait too long. The Brooklyn real estate around the corner with the “SOLD” sign might have been your dream home!

If this is a good year for YOU to buy a Brooklyn home, I can help. Call me at (718)253-9600 ext.206 or email me at [email protected] for more information.


Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573
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Want an $8000 Tax Credit? Buy a Brooklyn Home for Sale Now

Monday, February 1st, 2010

Last November, when Congress approved an extension on the first-time homebuyer tax credit, potential homebuyers who missed the original deadline were excited. It was another chance to buy a Brooklyn home for sale and receive an often badly needed $8,000 on their tax return.

Brooklyn Real estate agents were excited as well, because the tax credit extension expanded to include “upgrade” buyers – those who wanted to replace their current home with a bigger one. The possibility of selling a home was higher than it’d been in a while. However, expansion to include upgrade buyers wasn’t the only change.

If you’re hoping to buy a Brooklyn home for sale and take advantage of the tax credit before the new 2010 deadlines, here are a few things to keep in mind:

  • Two dates are crucial.  You must sign a contract before April 30.  The closings must be complete by June 30. One of the best ways to make sure things go smoothly is to get pre-approved for a mortgage before you go home shopping. Pre-approval tells you, as well as the seller, exactly how much home you can afford. This way, you don’t waste your time or the seller’s.
  • Negotiate without emotion. Potential buyers have lost the home of their dreams because they became competitive. If you’re negotiating for closing costs, housing price or anything else, make sure that your requests are reasonable. Don’t change something “just because.”
  • Taxes must be mailed in.  Due to people trying to scam the system, you won’t be able to file your taxes electronically; you’ll have to mail them in. Make sure you’re using the right forms, and, if you need your tax refund by a specific time, you might want to file early.
  • Documentation is truly priceless.  Again, thanks to scammers, buyers will have to include a signed mortgage statement, proof of residency and a driver’s license with their taxes.

You still have until April 30 to sign a contract on a Brooklyn home for sale to get the tax credit. Today’s real estate market is beneficial for buyers.  Put it to work for you!

If you’d like to take advantage of the homebuyer tax credit, I can help. Call me right away at (718) 253-9600 ext 206 or email me at [email protected] so we can beat the deadlines.


Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573
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