STATE HOUSING PORTFOLIO (PUBLIC HOUSING AUTHORITIES)
About the State Housing Portfolio
The Connecticut Housing Finance Authority’s State Housing Portfolio Division is responsible for the administrative oversight of the housing portfolio which was transferred from the Department of Economic and Community Development (DECD) via Public Act 02-05 of the May 9, 2002 Special Session of the General Assembly.
CHFA’s State Housing Portfolio Division (SHP) monitor’s the portfolio for compliance with State Statute and Regulations as well as applicable laws, including Fair Housing. Policies are established at CHFA to assist Housing Authorities Non-Profit and For-Profit developers in meeting the needs of residents while maintaining the long-term viability of the property. The partnership in affordable housing within the State of Connecticut will ensure the quality of housing and support services provided to residents. DECD provides subsidy and grants which assist in this effort. CHFA and DECD work collaboratively to meet the needs of the properties in this portfolio and their residents.
The SHP division is comprised of an Administrator, Asset Managers, Technicians and Administrative support personnel. The portfolio consists of 405 properties totaling 17,776 units of housing. Programs administered include: Elderly Housing, Moderate Rental, Congregate Housing, Affordable Housing, Limited Equity Cooperatives, Housing for the Homeless and the PRIME program.
Visit Web Site
If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London county area, visit the following web site:
You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut
Monday, July 30, 2007
Friday, July 27, 2007
Connecticut Housing Finance Authority Program - Reverse Annuity Mortgage
Connecticut Housing Finance Authority Program
Reverse Annuity Mortgage (RAM)
A RAM is a low-interest rate first mortgage loan that allows low-income elderly homeowners, with long-term care needs, to use the equity in their homes to provide a monthly tax-free cash payment. A lump sum can also be provided at the time of closing. Borrowers receive payments from CHFA each month for either five or ten years, and the loan balance is repaid in one payment after the death of the borrower or when s/he ceases to occupy the property. The amount of the monthly payment received varies based on the equity in the home; CHFA lends up to 70% of the home's value.
Eligible Borrowers
All property owners must be at least 70 years of age to apply for a Reverse Annuity Mortgage. At least one borrower must have a need for long-term health care or supportive services; an independent social service agency must certify the need for long-term care. Household income may not exceed $81,000 per year.
Eligible Properties
Reverse Annuity Mortgage (RAM)
A RAM is a low-interest rate first mortgage loan that allows low-income elderly homeowners, with long-term care needs, to use the equity in their homes to provide a monthly tax-free cash payment. A lump sum can also be provided at the time of closing. Borrowers receive payments from CHFA each month for either five or ten years, and the loan balance is repaid in one payment after the death of the borrower or when s/he ceases to occupy the property. The amount of the monthly payment received varies based on the equity in the home; CHFA lends up to 70% of the home's value.
Eligible Borrowers
All property owners must be at least 70 years of age to apply for a Reverse Annuity Mortgage. At least one borrower must have a need for long-term health care or supportive services; an independent social service agency must certify the need for long-term care. Household income may not exceed $81,000 per year.
Eligible Properties
Three types of properties are eligible for reverse annuity mortgages: single family homes, condominiums, and planned unit developments.
ContactSingle Family Underwriting (860) 571-3502
ContactSingle Family Underwriting (860) 571-3502
If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London county area, visit the following web site:
You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut.
Thursday, July 26, 2007
Connecticut Housing Finance Authority - Buyer Program
Homebuyer Mortgage Program
Homebuyer Mortgages are 30-year, fixed rate loans, carrying aninterest rate below comparable market rates. Funds are availableon a continuous basis, year-round.
Mortgages are originated and serviced by over 80 participating lenders (banks and mortgage companies) statewide.
Eligible Borrowers
Homebuyer Mortgages are available to first time homebuyers with low or moderate incomes who are buying moderately priced homeswithin CHFA sales price limits or persons who have not had anownership interest in a home for the previous 3 years. Prior homeowners may qualify for a mortgage if the home they purchase is within atargeted area. Household income limits, which vary by town, applyto all borrowers with one exception: In targeted areas, over incomelimit households may still apply for CHFA financing without regard to the income limits.
Eligible Properties
The Homebuyer Mortgage loan may be used to purchase an existing one- to four-family home, a newly constructed single family home, or a newly constructed two-family home in a targeted area. Eligible condominiums and qualified mobile homes may also be financed. Maximum sales limits have been established for each county, withexceptions for some individual towns.
If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London county area, visit the following web site:
You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut.
Homebuyer Mortgages are 30-year, fixed rate loans, carrying aninterest rate below comparable market rates. Funds are availableon a continuous basis, year-round.
Mortgages are originated and serviced by over 80 participating lenders (banks and mortgage companies) statewide.
Eligible Borrowers
Homebuyer Mortgages are available to first time homebuyers with low or moderate incomes who are buying moderately priced homeswithin CHFA sales price limits or persons who have not had anownership interest in a home for the previous 3 years. Prior homeowners may qualify for a mortgage if the home they purchase is within atargeted area. Household income limits, which vary by town, applyto all borrowers with one exception: In targeted areas, over incomelimit households may still apply for CHFA financing without regard to the income limits.
Eligible Properties
The Homebuyer Mortgage loan may be used to purchase an existing one- to four-family home, a newly constructed single family home, or a newly constructed two-family home in a targeted area. Eligible condominiums and qualified mobile homes may also be financed. Maximum sales limits have been established for each county, withexceptions for some individual towns.
If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London county area, visit the following web site:
You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut.
Trawler Fest - Mystic Seaport August 2-4 2007 - Mystic Connecticut
Mystic SeaportTrawler Fest
Mystic Seaport will host Trawler Fest presented by PassageMaker Magazine, August 2-4. The gathering of commercial and private power cruisers from leading manufacturers pairs with the historic heritage of Mystic Seaport for a unique boating experience. The event will offer seminars, hands-on workshops and a behind the scenes look at the Museum's watercraft collections for participants.
For more information about Trawler Fest, contact Dick Lotz at 860.572.5390 or dick.lotz@mysticseaport.org.
If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London county area, visit the following web site:
You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut.
Mystic Seaport will host Trawler Fest presented by PassageMaker Magazine, August 2-4. The gathering of commercial and private power cruisers from leading manufacturers pairs with the historic heritage of Mystic Seaport for a unique boating experience. The event will offer seminars, hands-on workshops and a behind the scenes look at the Museum's watercraft collections for participants.
For more information about Trawler Fest, contact Dick Lotz at 860.572.5390 or dick.lotz@mysticseaport.org.
If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London county area, visit the following web site:
You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut.
50th Annual Mystic Outdoor Art FestivalAugust 11th and 12th 2007
50th Annual Mystic Outdoor Art FestivalAugust 11th and 12th 2007
Location: Historic Downtown Mystic
Meet some of America's finest artisans on the picturesque streets of Historic Downtown Mystic during New England's premier professionally juried outdoor art show!
On August 11th and 12th, 2007 more than 250 fine artists will exhibit oils, watercolors, photography, pastels, sculpture & acrylics.Over 60 fine crafters will display their creative works. Plus, there will be exciting music performances, children's art activities and a great array of food and beverage items!
The second weekend in August is set aside every year for this exciting event.
Call (860) 572-5098 for more information
If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London county area, visit the following web site:
You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut.
Location: Historic Downtown Mystic
Meet some of America's finest artisans on the picturesque streets of Historic Downtown Mystic during New England's premier professionally juried outdoor art show!
On August 11th and 12th, 2007 more than 250 fine artists will exhibit oils, watercolors, photography, pastels, sculpture & acrylics.Over 60 fine crafters will display their creative works. Plus, there will be exciting music performances, children's art activities and a great array of food and beverage items!
The second weekend in August is set aside every year for this exciting event.
Call (860) 572-5098 for more information
If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London county area, visit the following web site:
You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut.
Tuesday, July 24, 2007
Boomer 'Elites' Will Pay a Premium for Homes
Boomer 'Elites' Will Pay a Premium for Homes
Baby boomers are touted as being the wealthiest generation in U.S. history. But only one in 10 are considered affluent, according to a recent study conducted by Focalyst, a market research firm that is a joint venture of AARP and the Kantar Group. Of the more than 30,000 U.S. *****s over the age of 42 who participated in the study, only 9 percent (or one in 10) have an annual household pre-tax income of $150,000 ($100,000 if retired).Home ownership is important for this financially savvy group, which Focalyst dubs “Boomer Elites.” The study finds them well prepared for retirement; 95 percent (compared to 75 percent of all boomers) have some sort of savings or investments.They consider their home as an investment, according to Heather Stern, director of marketing for Focalyst. The average home value for this group is $519,000 compared to $282,000 for boomers overallNot only do almost all Boomer Elites own their own home, but they are more likely to own multiple homes. Approximately 21 percent of the Boomer Elites own at least two homes, and 7 percent said they plan to purchase an additional home. Among all boomers, only 8 percent own a second home and 2 percent plan to buy a second home.
Read More...
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
Read More...
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
You will find many useful information andremember, it has the ability to search for real estate listings for the entire Connecticut.
Saturday, July 21, 2007
TEN ATTRIBUTES OF PROFITABLE FIX-UP HOUSES
TEN ATTRIBUTES OF PROFITABLE FIX-UP HOUSES. Like my friend, if you are serious about earning profits from fixer-upper houses, here are the 10 key attributes to seek:
1. Basically sound condition without major structural defects. In most communities, this means looking for three- or four-bedroom houses with good foundations and without a major need for renovation other than cosmetic fix-up. Avoid two-bedroom houses unless your town has a strong renter or buyer demand for these smaller homes.
2. Good location with a low crime rate. No matter how enticing a run-down, profit-potential house might be, if it has a poor location there's little or nothing you can do to cure that.
For example, houses next to a noisy freeway or on a very busy street won't appeal to most other buyers except at bargain prices so there is little you can do to raise values in an undesirable location. If most of the nearby houses are run-down and poorly maintained, they will drag down the value of your house. However, if you buy a run-down house in a good neighborhood of well-maintained homes, they will drag the market value of your home up after it is renovated.
3. Good-quality school district. Even when a house is in sound condition in a good location, if the public schools are of poor quality, that greatly hurts the resale value for fixer-upper houses. Always look for houses with school test scores at or above the median for the area where families with children are attracted.
4. Need for profitable cosmetic fix-up work, but not major unprofitable repairs. Examples of profitable cosmetic improvements include fresh paint inside and outside (the most profitable improvement you can make), new light fixtures, new carpets and flooring, and fresh landscaping.
But stay way from fixer-upper houses that need unprofitable work such as new wiring, new plumbing, foundation repairs, major kitchen and bathroom renovation, room additions, and a new roof. These expensive, unprofitable improvements rarely add more than their cost to the market value of the home.
5. Purchase price at least 30 percent below the market value of nearby comparable homes in good condition. "Buy the worst house in the best neighborhood" is a sound motto to follow. Another good motto is: "Your first profit is earned when buying at the right price."
If the seller won't heavily discount the sales price to compensate for a home's run-down condition, keep looking until you find a house with profit potential meeting the criteria explained here.
6. Purchase from a motivated seller who is anxious to sell. Motivating reasons for selling a home include job transfer, pending foreclosure, divorce, health reasons, family birth or death, and unemployment.
If the home has been listed for sale at least 60 to 90 days with no offers, even if the asking price is too high, that is another indication of possible sales motivation so it may be time to make a "lowball" purchase offer.
7. Affordable low-down-payment financing. Taking over an existing mortgage (called buying "subject to"); a lease with option to buy; seller carryback financing; or a combination of these methods indicates probably easy financing.
If the house is in bad shape, avoid obtaining a new mortgage unless it is approved by the lender on an after-fix-up, market-value appraisal. After your fix-up work is completed, that's the time to get a new mortgage, based on the home's increased market value.
8. Seller or tenant will vacate immediately upon transfer of title. The best way to profit from a fixer-upper house is to work on a vacant structure. Attempting to make improvements while the seller or a tenant lives in the property makes the upgrading work doubly difficult.
9. Within a 60-minute drive from your current residence. During renovation of a fix-up house, it pays to visit the property nearly every day to be certain the work is getting done correctly.
When the owner doesn't inspect frequently, the workers often don't show up or they slack off. Incidentally, never pay contractors by the hour (except for minor work) and always pay by the job after it is finished to your satisfaction.
10. Good demand from renters and/or buyers. Unless you plan to live in the fixed-up house, it pays to consider the current demand for houses from renters and buyers. If local employment and economic conditions are good, chances are home values are stable.
However, if more people are moving out than are moving into the community, maybe it's not the right time to invest in a fixer-upper house there unless it can be bought for a 40-50 percent discount off the market value of nearby homes in excellent condition.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
http://www.sectlisting.com/
You will find many useful information andremember, it has the ability to search for real estate listings for the entire Connecticut.
1. Basically sound condition without major structural defects. In most communities, this means looking for three- or four-bedroom houses with good foundations and without a major need for renovation other than cosmetic fix-up. Avoid two-bedroom houses unless your town has a strong renter or buyer demand for these smaller homes.
2. Good location with a low crime rate. No matter how enticing a run-down, profit-potential house might be, if it has a poor location there's little or nothing you can do to cure that.
For example, houses next to a noisy freeway or on a very busy street won't appeal to most other buyers except at bargain prices so there is little you can do to raise values in an undesirable location. If most of the nearby houses are run-down and poorly maintained, they will drag down the value of your house. However, if you buy a run-down house in a good neighborhood of well-maintained homes, they will drag the market value of your home up after it is renovated.
3. Good-quality school district. Even when a house is in sound condition in a good location, if the public schools are of poor quality, that greatly hurts the resale value for fixer-upper houses. Always look for houses with school test scores at or above the median for the area where families with children are attracted.
4. Need for profitable cosmetic fix-up work, but not major unprofitable repairs. Examples of profitable cosmetic improvements include fresh paint inside and outside (the most profitable improvement you can make), new light fixtures, new carpets and flooring, and fresh landscaping.
But stay way from fixer-upper houses that need unprofitable work such as new wiring, new plumbing, foundation repairs, major kitchen and bathroom renovation, room additions, and a new roof. These expensive, unprofitable improvements rarely add more than their cost to the market value of the home.
5. Purchase price at least 30 percent below the market value of nearby comparable homes in good condition. "Buy the worst house in the best neighborhood" is a sound motto to follow. Another good motto is: "Your first profit is earned when buying at the right price."
If the seller won't heavily discount the sales price to compensate for a home's run-down condition, keep looking until you find a house with profit potential meeting the criteria explained here.
6. Purchase from a motivated seller who is anxious to sell. Motivating reasons for selling a home include job transfer, pending foreclosure, divorce, health reasons, family birth or death, and unemployment.
If the home has been listed for sale at least 60 to 90 days with no offers, even if the asking price is too high, that is another indication of possible sales motivation so it may be time to make a "lowball" purchase offer.
7. Affordable low-down-payment financing. Taking over an existing mortgage (called buying "subject to"); a lease with option to buy; seller carryback financing; or a combination of these methods indicates probably easy financing.
If the house is in bad shape, avoid obtaining a new mortgage unless it is approved by the lender on an after-fix-up, market-value appraisal. After your fix-up work is completed, that's the time to get a new mortgage, based on the home's increased market value.
8. Seller or tenant will vacate immediately upon transfer of title. The best way to profit from a fixer-upper house is to work on a vacant structure. Attempting to make improvements while the seller or a tenant lives in the property makes the upgrading work doubly difficult.
9. Within a 60-minute drive from your current residence. During renovation of a fix-up house, it pays to visit the property nearly every day to be certain the work is getting done correctly.
When the owner doesn't inspect frequently, the workers often don't show up or they slack off. Incidentally, never pay contractors by the hour (except for minor work) and always pay by the job after it is finished to your satisfaction.
10. Good demand from renters and/or buyers. Unless you plan to live in the fixed-up house, it pays to consider the current demand for houses from renters and buyers. If local employment and economic conditions are good, chances are home values are stable.
However, if more people are moving out than are moving into the community, maybe it's not the right time to invest in a fixer-upper house there unless it can be bought for a 40-50 percent discount off the market value of nearby homes in excellent condition.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
http://www.sectlisting.com/
You will find many useful information andremember, it has the ability to search for real estate listings for the entire Connecticut.
History of Town of Groton Connecticut
The Town of Groton lies on Fishers Island Sound between the Thames and Mystic Rivers where from times past its rugged hills and lush green woods have sloped down to sandy beaches and rocky shores. When Dutch explorer Adrian Block charted the coast in 1614, this was the stronghold of the Pequot Indians, the dominant native tribe, who were displaced in 1637 when Captain John Mason led a punitive expedition against their Mystic fort.
Groton was settled by Europeans as part of New London when John Winthrop, Jr., came from Massachusetts Bay in 1646 to found Pequot Plantation at the mouth of the Thames. By 1705 the population east of the river had increased sufficiently for the General Court to allow the inhabitants to incorporate as a separate town, which they named Groton in honor of the Winthrop estate in England.
Early settlers were primarily farmers, but they turned early to shipbuilding and the maritime trade to supplement their livelihood scratched from the rocky soil. Groton vessels traded with Boston and New York and soon found their way to the West Indies and across the Atlantic.
During the American Revolution the town was active against the tyranny of King George, sending out privateers to prey on British commerce. Perhaps in reprisal for their success, superior troops led by the traitor Benedict Arnold attacked Fort Griswold on Groton Heights Sept. 6, 1781. The one-sided battle ended with a dreadful massacre of the brave American defenders. The site is marked with a 134-foot monument and is now Fort Griswold Battlefield State Park.
After the war shipping and commerce boomed, and mill wheels turned on every stream. Groton seamen sailed to the ends of the earth hunting seals and whales. Major shipyards developed. At West Mystic, Maxson & Fish built clipper ships and the Civil War ironclad Galena. After the war, in 1868, a Navy Yard was established on the Thames River, which during World War I was officially commissioned as a submarine base.
Groton became known as the Submarine Capital of the World when the Electric Boat Division of General Dynamics delivered 74 diesel submarines to the Navy in World War II. This was followed in 1954 with the launch of the USS Nautilus, the world's first nuclear-powered submarine, now permanently berthed at Goss Cove near the Submarine Base.
Today Groton is a regional center for commerce and industry while its shoreline location and its many historical sites have made the region a prime tourist attraction.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
You will find many useful information andremember, it has the ability to search for real estate listings for the entire Connecticut.
Groton was settled by Europeans as part of New London when John Winthrop, Jr., came from Massachusetts Bay in 1646 to found Pequot Plantation at the mouth of the Thames. By 1705 the population east of the river had increased sufficiently for the General Court to allow the inhabitants to incorporate as a separate town, which they named Groton in honor of the Winthrop estate in England.
Early settlers were primarily farmers, but they turned early to shipbuilding and the maritime trade to supplement their livelihood scratched from the rocky soil. Groton vessels traded with Boston and New York and soon found their way to the West Indies and across the Atlantic.
During the American Revolution the town was active against the tyranny of King George, sending out privateers to prey on British commerce. Perhaps in reprisal for their success, superior troops led by the traitor Benedict Arnold attacked Fort Griswold on Groton Heights Sept. 6, 1781. The one-sided battle ended with a dreadful massacre of the brave American defenders. The site is marked with a 134-foot monument and is now Fort Griswold Battlefield State Park.
After the war shipping and commerce boomed, and mill wheels turned on every stream. Groton seamen sailed to the ends of the earth hunting seals and whales. Major shipyards developed. At West Mystic, Maxson & Fish built clipper ships and the Civil War ironclad Galena. After the war, in 1868, a Navy Yard was established on the Thames River, which during World War I was officially commissioned as a submarine base.
Groton became known as the Submarine Capital of the World when the Electric Boat Division of General Dynamics delivered 74 diesel submarines to the Navy in World War II. This was followed in 1954 with the launch of the USS Nautilus, the world's first nuclear-powered submarine, now permanently berthed at Goss Cove near the Submarine Base.
Today Groton is a regional center for commerce and industry while its shoreline location and its many historical sites have made the region a prime tourist attraction.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
You will find many useful information andremember, it has the ability to search for real estate listings for the entire Connecticut.
Wednesday, July 18, 2007
Wine & Food Festival - Stonington Vineyards - Sat. 21 July 2007
Saturday 21 July 2007
Wine & Food Festival 11 a.m.-5 p.m., Stonington Vineyards, 523 Taugwonk Road, Stonington; wine tastings, wine cellar tours, food; a performance of Tennessee Williams "A Perfect Analysis Given by a Parrot" at 1 p.m. Sat. only; through Sun.; free admission; 535-1222.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
You will find many useful information andremember, it has the ability to search for real estate listings for the entire CT
Wine & Food Festival 11 a.m.-5 p.m., Stonington Vineyards, 523 Taugwonk Road, Stonington; wine tastings, wine cellar tours, food; a performance of Tennessee Williams "A Perfect Analysis Given by a Parrot" at 1 p.m. Sat. only; through Sun.; free admission; 535-1222.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
You will find many useful information andremember, it has the ability to search for real estate listings for the entire CT
Mistakes you should avoid when looking to buy a house (Part 3)
Mistakes you should avoid when looking to buy a house (Part 3)
Pay Too Much Upfront: If a contractor asks for more than a third of the contract price as a downpayment, chances are something's wrong. At worst, he's a scam artist who has no intention of returning after he cashes your check. At best, he's undercapitalized and can't afford to purchase materials on his own. Or, in between, he could be using your money to pay workers on another job. Never give a contractor cash, either.
Burn Your Mortgage: It's a wonderful feeling when you make your last house payment. After all, the place is now yours, all yours. Many people celebrate by holding a mortgage burning party. But they torch the original document. Don't. Make a copy and burn that instead. Keep all your loan docs in a safe place.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
http://www.sectlisting.com/
You will find many useful information andremember, it has the ability to search for real estate listings for the entire CT
Pay Too Much Upfront: If a contractor asks for more than a third of the contract price as a downpayment, chances are something's wrong. At worst, he's a scam artist who has no intention of returning after he cashes your check. At best, he's undercapitalized and can't afford to purchase materials on his own. Or, in between, he could be using your money to pay workers on another job. Never give a contractor cash, either.
Burn Your Mortgage: It's a wonderful feeling when you make your last house payment. After all, the place is now yours, all yours. Many people celebrate by holding a mortgage burning party. But they torch the original document. Don't. Make a copy and burn that instead. Keep all your loan docs in a safe place.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
http://www.sectlisting.com/
You will find many useful information andremember, it has the ability to search for real estate listings for the entire CT
Mistakes you should avoid when looking to buy a house (Part 2)
Mistakes you should avoid when looking to buy a house (Part 2)
5. Hide If You Can't Make Your Payments: The worst thing you can do is ignore phone calls and letters from your lender when you are behind on your payments. Lenders have many options at their disposal to help keep borrowers from losing their homes to foreclosure. But they can't do anything for you unless they can talk to you about your difficulties. Lenders are the enemy only if you give them no other choice.
6. Skip a Home Inspection: Failing to make your purchase contingent on a satisfactory home inspection could be a costly mistake. Independent home inspectors examine houses from stem to stern. They'll be able to tell you whether the roof and/or basement leaks, whether the mechanical systems are in good shape and how long the appliances should last. They can't report on things they can't see, but at least their trained eyes are better than yours. So don't pass just to save $300-$400; that's money well spent.
7. Hire Just Any Agent to Sell Your House: All real estate agents are not the same. You want to look for those who spe*****ze in your neighborhood and are top producers. Ask your candidates how they plan to market your house, what you can do to make the place more attractive to prospects and how much you should ask. If you don't like any of the answers, looks elsewhere. And above all, stay away from relatives. Unless Aunt Bessie or Nephew Nick fit the description above, keep looking.
8. Fail to Check Out a Remodeler: Never, ever hire a contractor who knocks on your door or says his prices are good for only a few days. Reputable remodelers don't solicit door-to-door, and they don't cut prices just because they happen to be in your neighborhood. Check out a potential contractor thoroughly by calling several of his past clients, your local better business bureau, his bankers and suppliers, and your local consumer affairs agency.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
http://www.sectlisting.com/
You will find many useful information andremember, it has the ability to search for real estate listings for the entire CT
5. Hide If You Can't Make Your Payments: The worst thing you can do is ignore phone calls and letters from your lender when you are behind on your payments. Lenders have many options at their disposal to help keep borrowers from losing their homes to foreclosure. But they can't do anything for you unless they can talk to you about your difficulties. Lenders are the enemy only if you give them no other choice.
6. Skip a Home Inspection: Failing to make your purchase contingent on a satisfactory home inspection could be a costly mistake. Independent home inspectors examine houses from stem to stern. They'll be able to tell you whether the roof and/or basement leaks, whether the mechanical systems are in good shape and how long the appliances should last. They can't report on things they can't see, but at least their trained eyes are better than yours. So don't pass just to save $300-$400; that's money well spent.
7. Hire Just Any Agent to Sell Your House: All real estate agents are not the same. You want to look for those who spe*****ze in your neighborhood and are top producers. Ask your candidates how they plan to market your house, what you can do to make the place more attractive to prospects and how much you should ask. If you don't like any of the answers, looks elsewhere. And above all, stay away from relatives. Unless Aunt Bessie or Nephew Nick fit the description above, keep looking.
8. Fail to Check Out a Remodeler: Never, ever hire a contractor who knocks on your door or says his prices are good for only a few days. Reputable remodelers don't solicit door-to-door, and they don't cut prices just because they happen to be in your neighborhood. Check out a potential contractor thoroughly by calling several of his past clients, your local better business bureau, his bankers and suppliers, and your local consumer affairs agency.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
http://www.sectlisting.com/
You will find many useful information andremember, it has the ability to search for real estate listings for the entire CT
mistakes you should avoid when looking to buy a house (Part 1)
Most advice columns tell you how you should do things. But there are all kinds of things you shouldn't do, either. Here are 10 frequent financial mistakes that consumers routinely make -- and you should avoid.
Don't:
Choose the Wrong Mortgage: With the advent of instant refinancing, home loans are no longer the lifetime obligations they used to be. Still, you don't want to be saddled for even a short period of time with the wrong one. Investigate all your options, then lay your choices side-by-side and do the math, making sure to compare worst-case scenarios. Be sure to look at initial interest rates, future interest rates and payments (if different), and the possibility of prepayment penalties.
Confuse "Pre-Approved" and "Pre-Qualified" with a Loan Commitment: These are debatable terms in real estate because not all lenders apply the same definition to each expression. In fact, one leading real estate dictionary contains neither expression because their definitions are uncertain. According to one school of thought, however, when you are "pre-qualified," the lender is making an educated guess about how much you can borrow based on information you've provided. When you are "pre-approved," the lender has verified everything you have told him or her and is offering to lend you up to a given amount at current interest rates -- under certain conditions. Whether pre-qualified or pre-approved, final clearance and a check at closing -- a loan commitment -- are subject to an appraisal satisfactory to the lender, good title, a last-minute credit check, and other verifications. When meeting with lenders, always ask how they define each term and what additional steps will be required to obtain a loan.
Have Too Much Credit: Excessive credit is almost as bad as no credit or even bad credit. Even if you pay your bills on time, lenders tend to focus just as much on how much credit you have available to you as they do on timeliness. So being up to your ears in car loans and credit cards is a sure way to be turned down for a mortgage. Postpone any big ticket purchases until after you buy your house.
Lie on Your Loan Application: Exaggerating your income on a mortgage application or putting down other untruths can be a federal offense. Lenders rarely prosecute liars. But if they find out later, they can call your loan due and payable. Don't ever sign your name to a loan application that is not completely filled out, either. Loan officers have been known to stretch the truth to get a client approved, but it's the borrower who ends up paying the price, often in the form of monthly loan payments he can't afford.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
http://www.sectlisting.com/
You will find many useful information andremember, it has the ability to search for real estate listings for the entire CT
Don't:
Choose the Wrong Mortgage: With the advent of instant refinancing, home loans are no longer the lifetime obligations they used to be. Still, you don't want to be saddled for even a short period of time with the wrong one. Investigate all your options, then lay your choices side-by-side and do the math, making sure to compare worst-case scenarios. Be sure to look at initial interest rates, future interest rates and payments (if different), and the possibility of prepayment penalties.
Confuse "Pre-Approved" and "Pre-Qualified" with a Loan Commitment: These are debatable terms in real estate because not all lenders apply the same definition to each expression. In fact, one leading real estate dictionary contains neither expression because their definitions are uncertain. According to one school of thought, however, when you are "pre-qualified," the lender is making an educated guess about how much you can borrow based on information you've provided. When you are "pre-approved," the lender has verified everything you have told him or her and is offering to lend you up to a given amount at current interest rates -- under certain conditions. Whether pre-qualified or pre-approved, final clearance and a check at closing -- a loan commitment -- are subject to an appraisal satisfactory to the lender, good title, a last-minute credit check, and other verifications. When meeting with lenders, always ask how they define each term and what additional steps will be required to obtain a loan.
Have Too Much Credit: Excessive credit is almost as bad as no credit or even bad credit. Even if you pay your bills on time, lenders tend to focus just as much on how much credit you have available to you as they do on timeliness. So being up to your ears in car loans and credit cards is a sure way to be turned down for a mortgage. Postpone any big ticket purchases until after you buy your house.
Lie on Your Loan Application: Exaggerating your income on a mortgage application or putting down other untruths can be a federal offense. Lenders rarely prosecute liars. But if they find out later, they can call your loan due and payable. Don't ever sign your name to a loan application that is not completely filled out, either. Loan officers have been known to stretch the truth to get a client approved, but it's the borrower who ends up paying the price, often in the form of monthly loan payments he can't afford.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
http://www.sectlisting.com/
You will find many useful information andremember, it has the ability to search for real estate listings for the entire CT
How a Mortgage Rate “Buydown” Can Help you Sell in a Slow Market
How a Mortgage Rate “Buydown” Can Help you Sell in a Slow Market
A technique used in the 1980s during a slow housing market is emerging again by lenders who are trying to help move some of the unsold houses glutting local markets. This technique is called a mortgage rate “buydown.” Rather than lowering the asking price of a house, a seller offers a discount rate package that lowers the buyer’s effective interest costs and monthly payments during the first few years of the loan.
The most popular form of a buydown in the ’80s was a “3-2-1” on a fixed rate 20 year mortgage. In this instance, the seller agrees to pay 3 percentage points of the interest rate during the first year, then 2 percent during the second and 1 percent in year three. After that, the buyer pays the full rate.
If you had a house for sale at $210,000, for example, would save more money by offering the buydown rather than discounting the house price by $10,000.
If you are thinking about relocating to Stonington, Groton, Mystic, New London or any other town in the New London county, visit the following web site:
A technique used in the 1980s during a slow housing market is emerging again by lenders who are trying to help move some of the unsold houses glutting local markets. This technique is called a mortgage rate “buydown.” Rather than lowering the asking price of a house, a seller offers a discount rate package that lowers the buyer’s effective interest costs and monthly payments during the first few years of the loan.
The most popular form of a buydown in the ’80s was a “3-2-1” on a fixed rate 20 year mortgage. In this instance, the seller agrees to pay 3 percentage points of the interest rate during the first year, then 2 percent during the second and 1 percent in year three. After that, the buyer pays the full rate.
If you had a house for sale at $210,000, for example, would save more money by offering the buydown rather than discounting the house price by $10,000.
If you are thinking about relocating to Stonington, Groton, Mystic, New London or any other town in the New London county, visit the following web site:
You will find many useful information andremember, it has the ability to search for real estate listings for the entire Connecticut.
Tuesday, July 17, 2007
Search for homes for Sale in SouthEastern Connecticut
Would you like to have immediate access to listings in South Eastern Connecticut? Check out my Search For Homes feature. This allows you to look at basic information on homes in Central Connecticut immediately without even telling me your e-mail address. Search as much as you want as long as you want. If you really want to know the address of a property or get immediate notifications of new listings, just sign up by giving me your e-mail address--no other information necessary.
I realize that you are in the information gathering stage, and I completely respect your online privacy. I won't call you unless you specifically ask me to call. So go ahead and search as much as you like and enjoy!
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
http://www.sectlisting.com/
You will find many useful information andremember, it has the ability to search for real estate listings for the entire CT
I realize that you are in the information gathering stage, and I completely respect your online privacy. I won't call you unless you specifically ask me to call. So go ahead and search as much as you like and enjoy!
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
http://www.sectlisting.com/
You will find many useful information andremember, it has the ability to search for real estate listings for the entire CT
Friday, July 13, 2007
Your Guide to Sailfest 2007
It's a weekend of music, food, drink and fireworks in New London. And so you don't miss any of the fun that is Sailfest here's a handy guide.
Rick and Lee's Take on Sailfest Weekend
Here's Why Rick Koster Wouldn't Miss It
What's Your Favorite Part of Sailfest?
Music
Headliner: Jason Isbell
Music schedule
The Main Event
Fireworks
Other Fun Stuff
Hygienic Bizarre/Bazaar
Connecticut Lyric Opera's Susannah
Food and Drink
A Guide to the City's Nightlife
Cafe 57
Hanafin's Public House
Hot Rod Cafe
Raiders Roost
Recovery Room
Lobster on the River
Marieke's South Side Bistro
Stash's Cafe
Where to Find Cold Beer
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
You will find many useful information and has the ability to search for real estate listings for the entire CT
Thursday, July 12, 2007
Why Use a REALTOR®
Many consumers consider selling their home directly but eventually turn to REALTORS®. Smart home sellers realize they need the expertise in pricing their home, making connections with REALTORS® working with buyers, arranging and staffing open houses, and coordinating with other professionals in the sales process.
Only about half of all real estate agents are REALTORS® -- the top half, in our not-so-humble opinion. REALTORS® work independently, for small agencies, or for large brokerages. They help people buy and sell residential or commercial properties, vacation homes, and land; they conduct appraisals; they operate in the United States and in other countries; some specialize in auctions; and others are buyer¿s representatives.
Read More..
Only about half of all real estate agents are REALTORS® -- the top half, in our not-so-humble opinion. REALTORS® work independently, for small agencies, or for large brokerages. They help people buy and sell residential or commercial properties, vacation homes, and land; they conduct appraisals; they operate in the United States and in other countries; some specialize in auctions; and others are buyer¿s representatives.
Read More..
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
You will find many useful information and has the ability to search for real estate listings for the entire CT
Mortgage rates UP!
Mortgage rates UP!
A new 11 month high in interest rates! Bankrate.com reports that "The average 30-year, fixed-rate mortgage has climbed more than half a percentage point in the last month. Such a spectacular rise has happened a few times in the last decade ... The benchmark 30-year fixed-rate mortgage rose 23 basis points, to 6.84 percent ... One year ago, the mortgage index was 6.71 percent; four weeks ago, it was 6.32 percent. In Bankrate's weekly survey, the 30-year rate hasn't been this high since July 19, 2006, when it was 6.89 percent."Is it going to affect the home-buying public?
To read more: Bankrate.com
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
You will find many useful information and has the ability to search for real estate listings for the entire CT
A new 11 month high in interest rates! Bankrate.com reports that "The average 30-year, fixed-rate mortgage has climbed more than half a percentage point in the last month. Such a spectacular rise has happened a few times in the last decade ... The benchmark 30-year fixed-rate mortgage rose 23 basis points, to 6.84 percent ... One year ago, the mortgage index was 6.71 percent; four weeks ago, it was 6.32 percent. In Bankrate's weekly survey, the 30-year rate hasn't been this high since July 19, 2006, when it was 6.89 percent."Is it going to affect the home-buying public?
To read more: Bankrate.com
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
You will find many useful information and has the ability to search for real estate listings for the entire CT
Tuesday, July 10, 2007
Historic Site Mystic Connecticut
MYSTIC, CONNECTICUT, USA -- A versatile destination, Mystic, Connecticut can please every member of the family, or serve as the perfect romantic getaway for two. Within the nearby area you'll find breathtaking views, a world class aquarium and lots of history, especially maritime and Native American history. This charming area is close enough to provide a quick getaway from New York, Boston, Providence or Hartford, although its attractions regularly tempt scores of visitors from all over the world.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:http://www.sectlisting.com/
You will find many useful information and has the ability to search for real estate listings for the entire CT
About Stonington Connecticut
As the name suggests, Stonington, CT is a picturesque hamlet with traditional stone cottages and miles of rock walls culled from nearby quarries. The charming town has remained intact through protective zoning measures. Although there are two major roads that connect Cannon Square and Wadawanuck Square, the downtown areas that define the Borough of Stonington traffic and commerce are restricted so the areas maintain a residential priority. Stonington is Connecticut’s last lobster and fishing bastion – the culmination of all these features is a quintessential New England town. Whether your architectural style is colonial, federal, or Greek revival, our Stonington office can help you find a wonderful house in this idyllic town. If you’re moving away from Stonington, CT, let our experts at help you position your house on the market to its fullest potential.Live by the Charming Seaside in Stonington, CTGeographically, Stonington, Connecticut is unique in being a minor peninsula that juts into Little Narragansett Bay, making it the state’s only shoreline town to directly face the Atlantic Ocean. Other Connecticut coastal towns are situated on the Long Island Sound. With lots of coves and harbors to distinguish it, Stonington, Connecticut real estate features a spectacular range of beachfront properties for sale from vacation cottages to permanent-residence Victorian estates. William Pitt Sotheby’s International Realty Stonington office can help your family find the ideal house in Mystic, New London, or any of Connecticut’s seaside towns, or help your family relocate to a beautiful home within the downtown area of any of these locations.
Stonington, CT’s Rich History
Founded by the Pequot tribe, whose influence is present still, Stonington, CT’s great moments in history occurred during the Revolutionary War and the War of 1812, when the town twice fought off bombardments from the British navy. In the latter battle, the townspeople held strong despite three days of relentless attacks from four vessels. Stonington, CT has another distinction; it is home to the first lighthouse established by the U.S. Federal government. Stonington Harbor Light dates back to 1823, and served as a beacon for the small fishing, whaling, and sealing fleets of the 19th century. Along with the granite Customs House on Main Street and the Captain Nathaniel B. Palmer House, whose namesake was credited with discovery of Antarctica, a sixteen-room Victorian on the harbor, the building has been turned into a museum by the Stonington Historical Society.
Stonington, CT Today
The Borough of Stonington retains its character, with tree-lined streets, antique shops and excellent seafood restaurants. Nearby features such as Mystic Seaport, the Mystic Aquarium, the Roseland Cottage where presidents celebrated the Fourth of July, Connecticut College, and several other attractions make the southeastern part of Connecticut a highly desirable place to live. For the best of Connecticut real estate, call our office today to move into homes in Stonington, New London, Norwich, Newington, Noank, Woodstock, Scotland, Sterling, Griswold, Colchester, or any of Connecticut’s fine towns.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
http://www.sectlisting.com/
You will find many useful information and has the ability to search for real estate listings for the entire CT
Welcome to Sectlisting.com Blog!
I would like to thank everyone for stopping by. I have always wanted to create a blog site where I can provide some much needed information about New London County, Connecticut ( and in particular, Stonington and Pawcatuck Connecticut).
When I joined the U.S. Navy in 1987, I never thought that I would move back to the area that I grew up. But in 1999, I did just that! In 2002 I bought a small house in Pawcatuck, CT ( took me a while to spell that let me tell you).
Having lived and worked in many areas within Connecticut, I find that the people and the lifestyle in the New London County area is much more laid back than other areas of Connecticut (well as much as one can be in New England).
Please keep visiting this blog for current events and Real Estate Information.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
http://www.sectlisting.com/
You will find many useful information and has the ability to search for real estate listings for the entire CT!
Have a great Day!
When I joined the U.S. Navy in 1987, I never thought that I would move back to the area that I grew up. But in 1999, I did just that! In 2002 I bought a small house in Pawcatuck, CT ( took me a while to spell that let me tell you).
Having lived and worked in many areas within Connecticut, I find that the people and the lifestyle in the New London County area is much more laid back than other areas of Connecticut (well as much as one can be in New England).Please keep visiting this blog for current events and Real Estate Information.
If you are thinking about relocating to Stonington, Groton, Mystic, or any other town in the New London county, visit the following web site:
http://www.sectlisting.com/
You will find many useful information and has the ability to search for real estate listings for the entire CT!
Have a great Day!
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