• Wappingers Office
    (845) 297 4700
    (845) 297 8178
  • Lagrange Office
    (845) 485 2700
    (845) 485 2703
  • New Paltz Office
    (845) 255 6163
    (845) 255 6757
  • Commercial Real Estate Division
    (845) 297 4700
    (845) 567 8333

Joseph Pettinella's blog

Beacon Named Top Northeast Destination by Getaway Mavens

Getaway Mavens, a travel website that specializes in finding eclectic getaway locations with unique shopping, dining and lodging experiences has selected Beacon as the top getaway location in the Northeast!  

Beacon earned this spot because of Dia:Beacon, a world-class art museum and tourist attraction, Bannerman Castle, as well as a plethora of one-of-a-kind shopping experiences, craft wines and beers, unique dining for all tastes, and some great hotels and bed & breakfasts.  

Read the post about Beacon on Getaway Mavens website to remind yourself of all the reasons Beacon is a great place to visit . . . and to live.  

Also check out their list of the top 20 places to visit in the Northeast.

How Is YOUR Mortgage Interest Rate Determined?

The good news for buyers is that mortgage interest rates continue to hold below 4%.

Freddie Mac's weekly survey of lenders showed that for the week ending January 7, 2016, the average rate for a 30-year fixed-rate mortgage was 3.94% with an average of 0.6 point, and the 15-year fixed-rate mortgage averaged 3.26% with an average of 0.5 point.

Those are average rates, not the rates that everyone will get.  Understanding the factors used to determine the interest rate that you may be offered are important to help you make good decisions.  What are they?

  • Credit Score
  • Home Location
  • Home Price and Loan Amount
  • Down Payment
  • Loan Term
  • Interest Rate Type
  • Loan Type

The Consumer Financial Protection Bureau has a thorough explanation of how all these factors work together to determine the interest rate and an interactive tool to help you understand how interest rates change as each factor changes.  The more you know about it, the better equipped you will be to find the best mortgage to fit your needs (and save you money!).

Fannie Mae Introduces Enhanced Affordable Mortgage Program That May Be A Game Changer For You!

After much research and feedback from lenders as well as home buyers, Fannie Mae has announced that it will provide an enhanced affordable lending product designed to meet the financial needs of responsible, credit-worthy buyers.  

Fannie has recognized the many financial challenges many would-be homebuyers are facing.  Many can't afford a large down payment, they may have multiple student loans, and/or they may rely on income from non-traditional sources, such as parents or other family members.  These factors have impacted the ability of a lot of people from qualifying for a mortgage.  Well, that may be about to change . . . perhaps for YOU!

The new program, called the HomeReady™ Mortgage, will be available from lenders later this year, and will offer expanded eligibility guidelines which will be real game changes for a lot of people who could not previously qualify for a mortgage: