Middletown, CT Real Estate News

By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
  ****************************************************************************************************************** Info about the author: George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
I don't know about everyone else but for the last two months I have been busier than I have been for a long time.  In fact the month of April was one of the best months that I have ever had.  I have been so busy that it has been hard to keep up with all of the Pre-Approvals, and Loans that I have doing, and I have had very little time to do other things that I know I need to do. When times are busy like this it is is easy to begin to take for granted that it will continue, and get comfortable with just waiting for the phone to ring.  But in reality it is when times are busy like this that we should be most concerned, and do what we need to do to keep the phone ringing, and not take for granted that it will continue to ring by its self. This leads me to the title of my Post "Who Moved My...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
  ****************************************************************************************************************** Info about the author: George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
  ****************************************************************************************************************** Info about the author: George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
  ****************************************************************************************************************** Info about the author: George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
The term "Seasoning Money" or Seasoned Money" is a very common term in the Mortgage Industry.  A simple definition for what is "Seasoned Money" is that it is a reference to the length of time that has past since funds were deposited in or withdrawn from a Bank Account.. Why is "Seasoned Money" important in the Mortgage Industry?  It is important because if a Borrower is applying for a mortgage, the Lender is going to require that they produce bank statements for a certain period of time.  These days any deposit or withdrawal of funds of $1000 or more, that are not a normal monthly deposit or withdrawal will need to be explained. This is not a problem if the Borrower can document where the funds came from.  For example they sold a car and can produce a sales slip and copy of the check, o...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
If you have not heard by now, the announcement by Shawn Donovan, Secretary of HUD, made on Tuesday 12, about a change to the $8,000 Tax Credit is at least for now no longer valid. In his speech on May 12, at the National Association of Realtors’ (NAR) Summit, Secretary Donovan made the following statement about the Tax Credit: “We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to "monetize" the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already ...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
  ****************************************************************************************************************** Info about the author: George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
Comments 11
By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
I have been trying to blog about many of the changes going on in the Lending Industry, so that we can all stay on top of changes that are happening in the laws, as well as changes that investors, and PMI companies are implementing on their own.  These changes are critical to all of us because they are key to our survival these days. Not to long ago investors were focused on increasing the volume of loans they had on the books, but today this philosophy has been replaced with loan quality.  Loan quality has become so much of a focus that investors are increasing their requests (demands) for Lenders to buy back their loans.  This is happening because of loan compliance failures that are what could be an all-time high.  Investors are also beginning to direct more of their attention towards...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
I keep hearing about Buyers getting last minute surprises before their loan closes, and this is something that should not happen if everyone does their job during the loan process.  The reason why there are surprises are because the necessary steps were not taken, someone tried to take a shortcut along the way, and those involved in the transaction did not pay attention to conditions that needed to be met in order for the loan to close. It all starts with a Buyer being Pre-Approved for a loan correctly.  You can read a blog that I wrote recently "It Is A Great Time To Buy ........... Get Pre-Approved Today!!!!", where I identify the necessary steps that must be taken from the very beginning.  If a Buyer is Pre-Approved correctly it will eliminate most of the surprises along the way, and...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
  ****************************************************************************************************************** Info about the author: George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
The effects of slow sales in the last two quarters of 2008 and the first quarter of 2009 are beginning to be felt more and more on recent sales. Despite all of the recent changes by Fannie Mae, Freddie Mac, and PMI Companies, the biggest obstacle that I am having with getting loans approved recently is appraisals. Because of the slow sales in the last two quarters of 2008 and the first quarter of 2009, Appraisers are having a difficult time in finding Comp's to support recent sales.  I wrote a blog at the end of last month "Slow Sales Causing Appraisal Problems", in which I shared this problem on a property that I was doing a refinance loan on.  But this issue is becoming an even bigger problem with recent properties under contract, especially if the property happens to be unusual in an...
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By Brent Bell, CRS, e-PRO, GRI, Hartford County
(RE/MAX Premier, Realtors)
Brent Bell, CRS | RE/MAX Premier, Realtors | 860-614-8927 111 DeKoven Drive, Middletown, CT Visit # 206 Saturday, May 9 from 1:00 until 3:00 OPEN HOUSE 2BR/2BA Condo offered at $155,000 Year Built 1989 Sq Footage 1,041 Bedrooms 2 Bathrooms 2 full, 0 partial Floors 1 Parking Unspecified Lot Size Unspecified HOA/Maint $373 per month DESCRIPTION Updated kitchen & bathrooms plus fresh paint make this move-in ready! Visit the Open House on Saturday! Great southern views from the unit. Enjoy a convenient location--walk to the Connecticut River at Harbor Park, restaurants, shopping and Middlesex Hospital. see additional photos below PROPERTY FEATURES Central A/C Central heat Walk-in closet Living room Office/Den Dining room Dishwasher Refrigerator Stove/Oven Washer Dryer COMMUNITY FEATURES Gu...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
This is a great time to purchase a house, the prices and interest rates low and Sellers are motivated to sell.  So Buyers whether they are First Time Homebuyers or have bought several homes in the past, need to get Pre-Approved for a loan first to determine what price range they are qualified to purchase in.  A Realtor will most likely not take a Buyer to see a house unless they know that the Buyer is qualified to purchase a house in that price range.  So it is important to get Pre-Approved as early as possible so that neither the Buyer or the Realtor are wasting their time looking at houses that the Buyer can not qualify for a mortgage on. It is not only important that a Buyer get Pre-Approved before they start to look at houses, but it is equally important that they contact a Loan Off...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
We are right now in what is called a Refinance Market, because of the low interest rates.  If you took out a mortgage more than a year ago, the odds are that your interest rate is now about 1% lower than when you took it out.  A 1% percent difference in the interest rate is in my opinion when a Borrower should begin to inquire about refinancing if you are just looking to lower your monthly payments, but there are other things that you need to consider besides just the lower interest payment. For example if they are refinancing because they need to take equity out of their property for improvements to the house, consolidate bills, or even for their kids college tuition, the decision of whether or not to refinance has fewer things to consider.  The reason why I say that is that they have ...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Back in January 2007 I did a series of blogs on First Time Homebuyer Seminars that were very well received, so I thought that it would be useful to make those who were not around back then aware of these blogs.  In these blogs I covered everything from advertising them to what material to cover during the seminar. Below are outlines of each of the blogs and links for each of them. First Time Homebuyer Seminars…..Part #1. This first blog was an initial introduction into the series. First Time Homebuyer Seminars…..Part #2 Do they really want to own their own home. The advantages of owning a home. A place of their own Stable housing costs Increase in value Tax benefit (under this I also talk about the $8,000 tax credit that is available now) Can they afford to purchase a home (in other wor...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
  ****************************************************************************************************************** Info about the author: George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
Comments 12
By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Yesterday I was driving by one of our local Little League Fields, and it brought back some very pleasant old memories.  I stopped the car and luckily had my camera with me, so I was able to take the picture below.     Both my sons played many games on these two fields, but they did not look this nice back then.  Through a lot of work and lobbying when I was on the Middletown Little League Board of Directors, we were able to get Lights and Sprinklers put in, as well as a concession stand.  Back then there were more weeds than grass on these fields, and they were not maintained very well.  They didn't even have scoreboards until my youngest son, Brandon, made scoreboards for these fields as well as three others, as his Eagle Scout Project.  Brandon made Eagle Scout at the age of 12 1/2. S...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Many areas of this great county of ours are facing serious employment issues.  Here in Connecticut the Insurance Capital of the world, we have been particularly hard hit.  Insurance Companies have suffered many losses, and as a result, have had to down size and let many people go. Because of the many job loses, several of the Lenders/Banks have add one more condition to their Commitment Letters, condition #3 of the Commitment Letter below: Employment Verification has always been part of the Loan Approval Process, but I have never seen Employment Verifications done a second time until recently.  Most people might think that this condition might not apply very often, but in reality we are finding that a number of Borrowers have lost their jobs between the time they meet with the Loan Offi...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
That is right you read the title correctly.  Most people, especially here on the East Coast think of Vermont when the subject of Pure Natural Maple Syrup comes up.  But Vermont is not the only State in New England that produces Pure Natural Maple Syrup, Connecticut does as well.  And the best Connecticut Maple Syrup, in my opinion, is produced by my neighbors, the Graves Family. located on Chancey Road in Middletown. They do not produce it in large amounts, and it is only sold at a Stand located on their farm, but it sure is good. I missed taking pictures earlier this year, when they were collecting the Maple Sap from the trees.  But the three pictures in this blog should give everyone a good idea of their little operation.  They collect the Maple Sap from the trees twice a year, late W...
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