Connecticut Financing Update and Today's Mortgage Rates 8/16/13

Rates climbed to 2 year high levels, and increased about 0.25% when compared to last week.  The 10 year treasury is at 2.85.  In recent months rates have been going higher and higher since early May.  Anyone looking to close within the next short term period then you might be better off locking into a rate as the rate climb seems to be an ongoing trend.

 Today's Mortgage Rates

Conventional 30 year fixed   4.875%   APR 4.965%

Conventional 15 year fixed   4%           APR 4.091%

The above rates are based on a loan amount of $417,000 for a single family home, a borrower’s middle credit score of 780 and a 20% down payment.  If you would like a customized rate quote for your own specific loan scenario then please feel free to email me at nima@primeres.com or call me directly at 203.913.6016.

This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under any applicable law.

As a lending professional, Nima Rezvan meets a wide range of real estate lending needs, whether it be a first time purchase, second home purchase, or refinance. He welcomes the opportunity to serve your needs with quick and accurate real estate financing advice. With his expertise and knowledge, he will make sure you understand the features associated with the loan program you choose and that it meets your unique financial situation.

With more than 10 years of mortgage lending experience, Nima specializes in  Conventional Mortgages,  Jumbo Loan Financing, Refinance, First Time Home Buyers and Federal Housing Administration/Veterans' Administration (FHA/VA)

782 Clinton Avenue

Bridgeport, CT 06604

Phone: 203.913.6016

Email: nima@primeres.com

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

The Featured Home of the Week is at 125 Norton Road in Easton  for $1,290,000. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Glossary of Financial Services Terms

 We have compiled a helpful guide to commonly used financial services terms, and hope you find it useful.

401(k)

Defined contribution plan offered by an employer to its employees, allowing them to defer income for retirement purposes. Some employers match employee contributions. Distribution of the funds before a certain specified age will trigger a penalty tax.

529 Savings Plan

State-sponsored program designed to help parents and others finance a child's college expenses. Subject to contribution limitations and investment guidelines. Anyone can contribute, regardless of income level, and the money is generally invested in a portfolio of stocks, bonds or mutual funds. Withdrawals are federal income tax free if used for qualified higher education expenses; withdrawals for non-educational purposes will trigger federal income taxes and a 10 percent tax penalty.

Annual Percentage Rate (APR)

Percentage relationship of the total finance charge to the amount of the loan. Reflects the cost of the mortgage loan as a yearly rate. May be higher than the interest rate stated on the note because it also includes loan discount points, miscellaneous fees and mortgage insurance.

Annual Percentage Yield (APY)

Reflects the total interest to be earned based on the interest rate and an institution's compounding method, assuming funds remain in the account for a 365-day year.

Annuity (Fixed)

Contract under which a series of payments are promised in exchange for a single payment or series of payments.

Deferred Annuity

Allows for the accumulation of money over time on a tax-deferred basis, with a choice of payout options.

Immediate Annuity

Allows for the conversion of a sum of money into a guaranteed series of payments for a period equal to the greater of a person's life or a specified number of years.

Assets

Items of economic value, such as cash, securities, accounts receivable, inventory, office equipment, a house, a car or other property. On a balance sheet, assets are equal to the sum of liabilities and owner's equity.

Asset Class

Type of investment, such as stocks, bonds, real estate or cash.
Balanced Investment Strategy

A method of portfolio allocation designed to provide both income and capital appreciation while avoiding excessive risk.

Beneficiary

Individual, institution, trustee or estate which receives, or may become eligible to receive, benefits under a will, insurance policy, retirement plan, annuity, trust or other contract upon the death of an individual.

Bonds

Debt obligation issued by a government or business firm with a term typically exceeding five years. Generally, a promise to repay the principal along with interest on a specified date. Often secured and has priority over shareholders if the company becomes insolvent and its assets are distributed.

Certificate of Deposit (CD)

Short- or medium-term, interest-bearing, FDIC-insured savings instrument. Offer higher rates of return than most other bank deposit products, in exchange for tying up invested money for the duration of the certificate's term. Money removed before maturity may be subject to an early withdrawal penalty. Low risk, low return investments known as time deposits because the account holder has agreed to keep the money in the account for a specified amount of time, anywhere from three months to five years.

Compound Interest

Determined by adding the interest earned in the current period to the principal and computing the next period's interest on this compounded total amount.

Coverdell Education Savings Account (ESA)

Investment vehicle designed to help parents or others fund a child's education. Contributions aren't tax deductible, but distributions for qualified educational expenses aren't taxable. Generally, transferable among family members. Several restrictions: Entire account must be disbursed by the beneficiary's 30th birthday; withdrawals after this date or for expenses that are not qualified education expenses are subject to federal income taxes and a tax penalty.

Custodial Account

Account administered by one person or entity (custodian) for the benefit of another person, usually at a bank, mutual fund or brokerage firm.

Debt Financing

Financing by selling bonds, bills or notes to individuals or institutions.

Diversification

Portfolio strategy designed to reduce exposure to risk by combining a variety of investments unlikely to have the same volatility, such as stocks, bonds and real estate. Not all asset classes or industries or individual companies move up and down in value at the same time or at the same rate, which may limit volatility. Diversification helps reduce the upside and downside potential and allows for more consistent performance under a wide range of economic conditions, but does not assure a profit or protect against loss in a declining market.

Equity Financing

Financing by selling ownership interests to investors.

Estate

Person's assets and liabilities.

Estate Planning

Preparation of a plan of administration and disposition of one's estate using a will, trusts, gifts, power of attorney or other vehicles.

Homeowners Insurance

Provides coverage for loss or damage to a home, usually a single-family dwelling, and is required by most mortgage lenders. Coverage is also provided for loss or damage to the insured's personal property such as furnishings, clothing and other goods and for personal liability arising from bodily injury or property damage to another person.

Inflation

Overall general upward price movement of goods and services in an economy, usually as measured by the Consumer Price Index and the Producer Price Index. As the cost of goods and services increases over time, the value of a dollar falls because a person isn't able to purchase as much with that dollar as he or she previously could.

Individual Retirement Account (IRA)

Tax-deferred retirement account for an individual that permits individuals to set aside up to $5,500 per year (for tax year 2013 and an additional $1,000 for those 50 or older), with earnings tax-deferred until withdrawals begin at age 59½ or later (or earlier, with a 10% tax penalty). Only those who do not participate in a pension plan at work or who do participate and meet certain income guidelines can make deductible contributions to a Traditional IRA. Such contributions are deductible from income in that year and any growth accumulates tax-deferred until the funds are withdrawn. All others can make contributions to a Traditional IRA on a non-deductible basis.

Liability

A legal obligation, debt, claim or potential loss.

Liquid

Easily convertible to cash.

Life Insurance

Provides for the payment of a stipulated amount to a designated beneficiary upon the death of the insured.

Long-term Care Insurance

Provides coverage for necessary medical or personal care services outside of a hospital setting, such as in anursing home or the insured's home.

Medicaid

Program funded by the federal and state governments that pays for medical care for those unable to afford it.

Medicare

Federal Health Insurance for the Aged program, provided under the Social Security Act.

Money Market Account

Savings account insured by the federal government that offers many of the same services as checking accounts although transactions are somewhat more limited. Can be convenient for storing money to be used for upcoming investments or received from the sale of recent investments. Although very safe and highly liquid, may offer a lower interest rate than other investments.

Mutual Fund

Combines money from many people and invests it in stocks, bonds or other assets, known as the fund's portfolio. Investors own shares, which represent a part of these holdings. Market risk is involved when investing in mutual funds, including possible loss of principal.

Net Worth

Total assets minus total liabilities.

Pension

Post-retirement benefits an employee receives from an employer's retirement plan.

Permanent Life Insurance

Provides continuing coverage for the insured's entire life, rather than a set number of years. May accrue values that the owner can withdraw or use to increase the death benefit.

Person

As used in this glossary, a natural person (human being) or legal entity, such as a corporation, partnership or trust.

Portfolio

Collection of investments owned by an individual or organization. Often includes stocks, bonds and mutual funds.

Principal

Amount borrowed, or part of the amount borrowed, which remains unpaid, excluding interest. Also considered the original amount invested or deposited.

Private Mortgage Insurance (PMI)

Insurance against loss by a lender in the event of default by a borrower (mortgagor). Issued by a private insurance company. The premium is paid by the borrower and included in the mortgage payment.

Rate of Return

Annual rate of return on an investment, calculated as a percentage of the total amount invested.

Renters Insurance

Provides coverage to an individual living in a rented dwelling, apartment or other location owned by someone else. Coverage is provided for loss or damage to the insured's personal property such as furnishings, clothing and other goods and for personal liability arising from bodily injury or property damage to another person.

Rollover

Tax-free movement of funds from a qualified retirement plan into an IRA or other qualified plan within a specific time frame (60 days). Or, a movement of funds from one tax qualified account to another.

Roth IRA

Type of IRA allowing taxpayers, subject to certain income limits, to save for retirement. Savings grow tax-free. Contributions are not tax-deductible but withdrawals, subject to certain rules, are not taxed at the federal level.

Social Security

Disability and retirement program established under the federal Social Security Act of the Railroad Retirement Act.

Stock

Security signifying an ownership interest (equity) in a corporation, and representing a claim on its proportional share in the corporation's dividends and net assets.

Tax-deferred

Deferral of taxes on income until a later date. Tax-deferred vehicles include IRAs, 401(k) plans, Keogh plans, annuities and employee stock ownership plans.

Term Life Insurance

Life insurance providing coverage for a fixed number of years.

Treasury Note

Negotiable debt obligation issued by the U.S. government and backed by its full faith and credit, having a maturity of between two and 10 years.

Trust

A means for a trustee to own and control property for the benefit of himself or herself or for a beneficiary.

Living Trust

Established during the lifetime of the person who created it.

Testamentary Trust

Created by a will; therefore, comes into existence after a person's death.

Uniform Transfers to Minors Act

Law enacted in most states that permits an adult (the custodian) to own property for the exclusive benefit of a minor. At the direction of the custodian, control over money in an UGMA/UTMA account is transferred automatically to the beneficiary when he or she reaches the age specified in the state's UGMA/UTMA statute.

Variable Annuity

Life insurance annuity contract that provides future payments to the holder, usually at retirement. Payment size depends on the performance of the portfolio's securities.

Will

Legally enforceable declaration directing the disposal of a deceased person's probate property.

Variable Annuity

Life insurance annuity contract that provides future payments to the holder, usually at retirement. Payment size depends on the performance of the portfolio's securities.

Will

Legally enforceable declaration directing the disposal of a deceased person's probate property.

- See more at: http://learningcenter.statefarm.com/finances-1/mutual-funds/a-glossary-of-retirement-planning-terms/#sthash.LE9sV126.dpuf

Article submitted by Brennan Purdy of State Farm Insurance

My vision is to be an insurance professional whose actions are driven by keeping the customer's best interest as my primary goal. My staff will treat all my customers in a caring, friendly, and professional manner. My office will provide warm, efficient, and seamless services to our customers at all times. I expect my business to be comprised of knowledgeable, multiple-line customers who see my office as their first and best choice for all their insurance and financial service needs

For more information on these and other home safety tips, stop by my office or visit www.brennanpurdy.com. My office is conveniently located in downtown Bethel. 203-798-7300.                   211 Greenwood Avenue , Bethel, CT 06801

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

The Featured Home of the Week is at 125 Norton Road in Easton  for $1,290,000. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Weston CT Ranks as Number 2 in Top Earning Towns from CNN-Money

Population: 10,388
Median family income: $275,154
Median home price: $755,000

In picturesque Weston, you can see your neighbors if you're feeling sociable, but you don't necessarily have to. Well-heeled locals enjoy the privacy of sprawling estates, thanks to zoning that makes the minimum lot size here a roomy two acres.

Residents often compare Weston to nearby Westport but find they can get more house for the money here. Meanwhile, an outstanding small school system gives students the feel of private education at a public school price.  Read the entire article from CNNmoney here.

Do you like Weston? So do we! Please like our facebook page dedicated JUST for this beautiful town.

Looking for more information on Weston? Click here!

Buying or Selling a Home in  Weston, or in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in Weston or Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:  Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

This Week's Edition of National Real Estate News 8/13/2013 (Video)

This week's national real estate news update - Rising home prices hit a wall,  rising interest rates, should a seller replace appliances before putting their home on the market? Click here for more- about moving, selling and  buying strategies and interest rates.

Click here for this months newsletter and our video news channel.

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Connecticut Financing Update and Today's Mortgage Rates 8/10/13

Rates drop this week due to poor US jobs report data that was released last Friday.  Rates decreased about 0.125% when compared to last week.  The 10 year treasury is at 2.59.  In recent months rates have been going higher and higher since early May.  If anyone looking to close within the next short term period, then you might be better off locking into a rate as the rate climb seems to be an ongoing trend.

Today's Mortgage Rates

Conventional 30 year fixed   4.625%   APR 4.682%

Conventional 15 year fixed   3.75%     APR 3.844%

The above rates are based on a loan amount of $417,000 for a single family home, a borrower’s middle credit score of 780 and a 20% down payment.  If you would like a customized rate quote for your own specific loan scenario then please feel free to email me at nima@primeres.com or call me directly at 203.913.6016.

This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under any applicable law.

As a lending professional, Nima Rezvan meets a wide range of real estate lending needs, whether it be a first time purchase, second home purchase, or refinance. He welcomes the opportunity to serve your needs with quick and accurate real estate financing advice. With his expertise and knowledge, he will make sure you understand the features associated with the loan program you choose and that it meets your unique financial situation.

With more than 10 years of mortgage lending experience, Nima specializes in  Conventional Mortgages,  Jumbo Loan Financing, Refinance, First Time Home Buyers and Federal Housing Administration/Veterans' Administration (FHA/VA)

782 Clinton Avenue

Bridgeport, CT 06604

Phone: 203.913.6016

Email: nima@primeres.com

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

The Featured Home of the Week is at 125 Norton Road in Easton  for $1,290,000. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY