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Just Rented!
442 Main Ave # A6 just rented for $2,850 per month. This luxury 2 BR, 2.5 Bath Condo in Norwalk offers over 2,200 square feet of living space, a huge granite eat-in-kitchen, and a 1 car garage.
For more information about this specific unit, visit: 442 Main Ave Norwalk condo rental.
For information on other properties in Norwalk, or to inqui
Here is a new testimonial from a buyer client who just purchased a condo in Norwalk:
“I never knew buying a home could be this easy! Todd showed his experience and professionalism from Day 1 and was always available to answer questions. Amazingly enough, finding the perfect house was the easiest part of my move. When I was handling all other moving matters, I knew everything related to the house was in good hands. I would strongly recommend that anyone moving to Fairfield County should consider hiring Todd as their real estate agent. This process couldn’t have been any easier!”
-Adam Kirshner – South Norwalk
New Listing!
44 Stuart # A1 was just listed for $1,595 per month.
This BRAND NEW 1 BR condo will be ready for occupancy in early May, and features a large Granite Kitchen with Stainless Steel appliances, Hardwood Floors, a Washer / Dryer in unit, and a 1 Car Attached Garage!
For more information about this specific unit, visit: http://cmls.paragonrels.com/publink/default.aspx?GUID=118c8628-ca74-4775-8a0b-6a81d65f1178&Report=Yes
For more information about Norwalk rental properties, email Todd at www.ToddTurcotte.com
Some good news for the housing market: Mortgage applications are up 4.8%.
This increase could mean a couple of different things:
1. The warmer spring weather is getting more buyers motivated, and they are preparing to buy in the typically busier spring and summer markets.
2. The rise in interest rates over the last few weeks has spurred some owners to refinance as they might suspect rates are on the rise.
Either way, this is good news for the housing market that has produced very little positive news since the downturn in the market.
To read the original article from Housingwire.com, visit: http://www.housingwire.com/article/mortgage-application-filings-jump-48
For more information on your local market, check out the Community Reports feature of www.ToddTurcotte.com found at: http://toddturcotte.com/community-reports
New Listing!
44 Stuart # A2 was just listed for $1,995 per month.
This BRAND NEW 2 BR, 2 full bath townhouse features a large granite kitchen, porch, master bedroom suite with bath, and 1
Freddie Mac’s chief economist expects the 2012 housing market to improve. He cites economic growth as one of the leading indicators, as well as shrinking unemployment. He does expect interest rates to increase this year, up to the 4.5% range, but the overall housing market should get better.
To read the entire artcile from Housingwire.com, click here: http://www.housingwire.com/article/freddie-mac-says-housing-market-awakening-predicts-lower-unemployment?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29&utm_content=Google+Reader
For answers to any questions, email Todd at www.ToddTurcotte.com
New Listing!
7 Noah’s Lane was just listed for $3,195 per month.
This 4 BR, 2 Bath home offers over 2,000 SF of living space and is desireably located in the Cranbury area of Norwalk.
This home sits on close to one acre of land, and offers a large grassy lawn, sunk in
New Listing!
16 Donna Drive # 17 was just listed for $259,900.
This 2 BR, 1.5 Bath condo offers an updated kitchen, and finished basement. It is conveniently located in the center of Norwalk! For more information about this specific condo, visit: http://cmls.paragonrels.com/publink/default.aspx?GUID=149f76d0-8672-4c96-98f1-022eba69713f&Report=Yes
For questions about local real estate, contact Todd at www.ToddTurcotte.com
New Listing!
442 Main Ave # A6 was just listed for $2,850 / month.
This luxury 2 BR, 2.5 Bath townhouse offers a granite and stainless steel kitchen, hardwood floors, a 1 car garage, and over 2,000 SF of living space! This condo is conveniently located next to the Merritt 7 buildings.
For more information on this particular condo, visit: http://cmls.paragonrels.com/publink/default.aspx?GUID=2ed85d1c-7db0-4d17-934f-ea5be668c0c6&Report=Yes
For more information about Norwalk real estate, or for answers to any questions, email Todd at www.toddturcotte.com
A version of this article appeared Mar. 24, 2012, on page B7 in someU.S. editions of The Wall Street Journal, with the headline: It’s a Good Time To Refinance.
For homeowners who have been waiting for interest rates to fall even further before refinancing, it might be time to pull the trigger on a deal. Rates are moving up—and could stay higher for a while, experts say.
The average rate for a 30-year fixed-rate mortgage climbed to 4.08% for the week of March 22, up from the record low of 3.87% it hit in February, according to Freddie Mac. Rates on 15-year loans were up to 3.30% last week from the record low of 3.13% reached earlier in March.
While rates still are below where they were a year ago, some economists say they are likely to keep rising throughout 2012 and into 2013. That means your window of opportunity to lock in a rock-bottom rate might be closing soon.
“If you’re considering refinancing, there’s really no point in waiting,” says Frank Nothaft, the chief economist at Freddie Mac.
Tim Barge considered refinancing the mortgage on his Buford,Ga., home for the last year and a half, but wanted to get the best rate possible. Last month, the 42-year-old information-technology professional decided to take the plunge.
“I was at the point where I just had to do something,” he says. “I knew the rates weren’t going to go much lower” than the 3.875% he locked in.
He opted for a 30-year fixed-rate mortgage, which cut his monthly payment from $1,920 to $1,480.
Freddie Mac, Fannie Mae and the Mortgage Bankers Association all are projecting that rates will keep ticking higher this year and beyond. Freddie Mac and the Mortgage Bankers Association predict the average rate on a 30-year fixed-rate mortgage will reach 5% next year.
The biggest culprit in rising rates: the spike in yields on 10-year Treasury notes over the past two weeks, which mortgage rates generally track, says Mr. Nothaft. This comes as investors who stashed their money in Treasurys as a safe haven are beginning to sell and move into riskier holdings now that theU.S.stock market and European economy are looking a bit healthier.
Rates could go even higher if the Federal Reserve’s so-called Operation Twist, which temporarily pushed down long-term interest rates, ends in June as planned, or if inflation rises, eroding the value of bonds, Mr. Nothaft says.
“It’s a good-news, bad-news situation. The economy seems to be finally getting its legs back under it, and as a natural course interest rates are going to be back up, too,” says Keith Gumbinger, vice president at mortgage-data provider HSH Associates. But if the fledgling economic recovery falters, rates could hold steady or go back down, he says.
If you wait until the end of the year to refinance, and the average 30-year rate goes up to 4.7%—as Freddie Mac projects—you will be paying $1,877 more per year on a $400,000 mortgage than if you refinanced at last week’s average rate.
An adjustable-rate mortgage might be a good choice if you plan to move soon, since it allows you to lock in an even-lower rate for a fixed period, typically five years, and presumably sell your home before it goes up.
When you refinance, you start a new term. So if you have 25 years left on your 30-year mortgage and you opt to refinance with a 15-year loan, you will pay off your mortgage more quickly, though the monthly payments might be higher. If you refinance into a 30-year loan, it will take you longer to pay off your mortgage, though your monthly payment will be lower.
Refinance deals vary depending on your financial situation and location, but borrowers with excellent credit scores typically qualify for rates below the national average.
This past week, Great Western Financial Services of Plano, Texas, was offering a 3.875% rate on a 30-year fixed-rate mortgage to Chicago-area borrowers with a credit score of 771 or higher. PNC Mortgage was offering homeowners in Tampa, Fla., a 4.125% rate on a 30-year fixed-rate loan. And in Boston, Bank of America BAC +0.51% was offering homeowners a 3.5% rate on a 15-year fixed-rate mortgage.
Borrowers looking to refinance jumbo loans—those too large to be backed by Fannie Mae or Freddie Mac—should expect rates 0.3 to 0.4 percentage points above ordinary loans, since most lenders keep these loans on their books and consider them riskier, says Mike Fratantoni, vice president for research and economics at the Mortgage Bankers Association. Jumbo rates vary more by region than so-called conforming loans do: The best 30-year rate available to a homeowner with excellent credit and a loan-to-value ratio near 70% was 4.3% inDallas, but 5% inTucson,Ariz., according to LendingTree.
Not all homeowners should consider a refinance, of course. If you aren’t planning to stay in your home for long, refinancing into a 15- or 30-year loan—or even an adjustable-rate mortgage—could cost you more in the end, since you might not recoup the one-time costs that come with refinancing, says Doug Lebda, chief executive of LendingTree.
Such costs typically include an appraisal, credit check and processing fees from the lender, altogether typically 2% to 4% of the loan amount, LendingTree says. That is on top of any so-called points, or origination fees.
Expect your refinance to take 60 days or longer to close, compared with 30 days before the housing crisis, Mr. Gumbinger says. If borrowers rush to refinance, lenders could experience a logjam that could slow down processing times even more. But it isn’t likely that a further slowdown would jeopardize a borrower’s ability to lock in a rate, he says.
John Ruben, a 54-year-old chief operating officer at a hotel workers’ union, checked mortgages rates online multiple times a day for months before pulling the trigger and refinancing his $321,000 home inBethlehem Township,N.J., earlier this year.
He had calculated that refinancing would be worth it only if he cut a percentage point off his current 5% interest rate on a 30-year fixed-rate loan. When rates dipped, he refinanced at a 4% rate through a mortgage banker—saving about $150 a month on his payment.
Says Mr. Ruben: “I’m glad I locked in when I did, because now they’re going up again.”
Todd is an agent with Milligan Realty.com, a real estate brokerage based in Norwalk, CT.
For more information visit www.MilliganRealty.com