STATEN ISLAND, N.Y. — Next year’s leaders of Staten Island, N.Y.’s largest not-for-profit trade organization have been determined. Elections were held recently to complete the selection of directors of the Staten Island Board of Realtors (SIBOR) for 2012. Officers elected at an earlier time include Georgianna Diaz, president; Traci A. Cangiano, president-elect, and Laird Klein, secretary/treasurer. The early morning vote, held on Oct. 20 in the Hilton Garden Inn, Bloomfield, resulted in the following individuals being named to SIBOR’s board of directors for 2012: Kathleen O’Leary Garbarino, immediate past president; Joan Camerlengo; Claire Bisignano Chesnoff; Ann Coppola; Laura Dinten; Doreen S. Frazer, past president; Linda Garber; Wayne Goldstein; Ron Molcho; Neila Nuzzi; Irene Paoli; Fran Reali, and Greg Sokol. ONE NON-REALTOR Each year, one member of the board is a non-Realtor. This seat will be held in 2012 by Philip A. Guarnieri, president & CEO of Empire State Bank. Staten Island Multiple Listing Service The following individuals, or their designee, will join the board of the Staten Island Multiple Listing Service (SIMLS) as directors in 2012: Michael Calabrese, Robert DeFalco, Wayne Goldstein, Mimi Neuhaus, Frank Reali, John Saraceno and 2012 SIBOR President-Elect Traci A. Cangiano. Three returning SIMLS elected directors are: Diane Birrell, Sari Kingsley and George K. Wonica. Five broker-owners elected to the SIMLS board are: Michael Dukhovny, Ron Molcho, Betty Pappas, Paul Pipitone and Scott Setaro. The president...Read More
The federal government is reconsidering their involvement in the home mortgage process. They plan to still ‘guarantee’ certain mortgages. However, they appear to be redefining what they consider a “qualified purchaser.” They are discussing stricter lending guidelines in four different areas: The type of mortgage The minimum down payment The debt ratios of the buyer The FICO score of the purchaser Today, we want to look at #1. It appears that there is at least conversation about eliminating the 30 year fixed rate mortgage which has been a staple in this country’s housing industry for some time. Some in government want to duplicate the mortgage process of other countries. In Canada, for example, they don’t even have 30 year fix rate mortgages available. The vast majority of Canadian home loans have a 25 year payout but the interest rate is renegotiated every five years. If rates go down, you will wind up with a lower rate. If rates go up, you end up paying a higher rate. If you want a fixed rate mortgage for 25 years you pay a rate approximately two percentage points higher than the going rate at the time of your closing. Would the same happen in this country? Last week, Housing Wire quoted Janis Bowdler, senior policy analyst at the National Council of La Raza: “Without some form of Fannie Mae and Freddie Mac,...Read More
STATEN ISLAND, N.Y. — Searching for the right mortgage may seem daunting, but a bit of advance knowledge can make the task much easier. The Staten Island Board of Realtors (SIBOR) suggests considering these tips from the Board of Governors of the Federal Reserve System: 1) Know what you can afford Review your monthly spending plan to estimate what you can afford to pay for a home, including the mortgage, property taxes, insurance, and monthly maintenance and utilities. Make sure you save for emergencies. Plan ahead to be sure you will be able to afford your monthly payments for several years. Check your credit report to make sure that the information in it is accurate. A higher credit score may help you get a lower interest rate on your mortgage. 2) Shop around–compare loans from lenders and brokers Shopping takes time and energy, but not shopping around can cost you thousands of dollars. You can get a mortgage loan from mortgage lenders or mortgage brokers. Brokers arrange mortgage loans with a lender rather than lend money directly; in other words, brokers sell you a loan from a lender. Neither lenders nor brokers have to find the best loan for you–to find the best loan, you have to do the shopping. 3) Understand loan prices and fees Many consumers accept the first loan offered and don’t realize that they may...Read More
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