Now Could be the Time to Buy

• Inventory is up.
• Sellers are motivated.
• Interest rates are down. Recent cuts in the prime rate by the Federal Reserve have sparked drops in interest rates, which at the end of January were below 6 percent for a 30-year fixed-rate mortgage. While banks have tightened lending requirements in the wake of increased loan defaults, homebuyers with few credit problems qualifying to purchase a home they can afford should still have little trouble securing favorable financing terms.

What’s more, a market climate like this especially favors buyers who don’t need to sell an existing property before their purchase, buyers like first-timers and those looking for a second home. This tilts the scale even more towards many buyers.
But regardless of the situation, for every buyer, the key is to work with a real estate professional that knows the local market and specializes in buyer representation – like an agent who has earned the Accredited Buyer’s Representative (ABR®) designation.

Diane McLafferty is one the members of the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the Accredited Buyer Representative (ABR®) designation. As the world's largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is "The Voice for Buyer Representation,"

To receive a free copy of the REBAC-published Homebuyer’s Toolkit, visit www.REBAC.net or call 800-648-6224.

Ithaca Housing Fair Saturday Feb.28th

Fantastic opportunity tomorrow for first time home buyers to learn everything you need to know from: buying a home, lender information, available grants, assessment information, energy information, home inspections, legal issues and what inspectors and Realtors do!

Coffee, refreshments and pizza! Everything is free!!!!! With an $8,000 Federal Tax Credit, it has never been a better time to BUY A HOME!

Check out the website http://www.ithacahousingfair.com


Location: Ithaca High School tomorrow!
Time: 10:00 am - 2:00 pm.
Date: Saturday, February 28th, 2009

What other costs beside the mortgage principal & interest will I need to consider when purchasing a home?

There are many other costs that you should take into consideration when purchasing a home. You should consider the current monthy utility expenses and factor in the yearly town & county taxes as well as the home owners insurance on a montly basis.

There are many other closing costs that you should be aware of also. To continue ...

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Ithaca, NY - South Hill Trichloroethene (TCE) site

South Hill Ithaca Pollution (SHIP) Toxic Chemical Database as compiled by Timothy Weber, a computer programmer and resident.

http://ship.no-ip.org/

Applying for a Loan?

When you apply for a loan, your lender will look at several things:* Down payment amount* How long you have been employed in your current position* Whether you have the funds on deposit for your down payment and closing costs* Your income-to-debt ratio and your credit report
Lenders nowadays place much emphasis on the credit report. Credit bureaus compile a record of debts from credit card companies, banks, department stores, and other firms. This information appears on your credit report, so it shows whether you pay your bills on time. Lenders develop credit ratings based on how well you manage this function. The higher your credit score, the more flexible lenders will be in loan approval and specific requirements.
When you meet with lenders, ask how they decide if you are a good credit risk. It is likely to be from a credit report. Lenders can order the credit report for you and discuss your score. If your credit is less than sterling, they can usually offer suggestions on how to strengthen your credit position.
Please feel free to call or email me if you have any questions or would like additional information on financing.

Diane McLaffertyAssociate Broker -GRI, eProWarren
Real Estate(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com

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