RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

More Likely to Apply for Mortgage Refinances

April 6, 2015 12:54 am

According to a recent Federal Reserve Bank of New York survey, the likelihood that consumers will apply for a mortgage refinance in the next 12 months doubled, increasing to 12 percent from 6 percent in October 2014. However, the likelihood of applying for at least one type of credit (mortgage refinances, mortgages, credit, credit card limit increases or auto loans) decreased three percent over the same period.

The survey also found a decline in credit rejection rates, particularly for higher creditworthy groups and for credit card limit increase applications.

The distribution of credit seekers remained largely unchanged, with 30 percent of respondents granted credit over the last 12 months, 10 percent of respondents rejected, and 6.7 percent too discouraged to apply, despite indicating a need for credit.

The average perceived likelihood of the credit application being rejected, conditional on applying, remained relatively stable for mortgages, credit cards and auto loans, and declined slightly for mortgage refinance applications.

Source: Federal Reserve Bank of New York

Published with permission from RISMedia.


Want an Energy-Efficient Home? Buy New

April 6, 2015 12:54 am

New homes increasingly offer the energy-efficient features today’s homebuyers are seeking, according to the National Association of Home Builders (NAHB). Recent studies by the organization indicate that home builders are more likely to include features like low-E windows, Energy Star-rated appliances and windows and programmable thermostats in new homes this year.

“Whether it’s improved insulation or sustainable building materials, today’s new homes can reach higher energy performance and greater durability than was possible even 20 years ago,” explains Tom Woods, NAHB chairman and home builder from Blue Springs, Mo. “And programs like the National Green Building Standard help consumers achieve their efficiency needs.”

One NAHB survey found that Energy Star-certified materials are a priority for Millennials new to the housing market. In fact, 84 percent of this group is willing to pay 2-3 percent more for an energy-efficient home as long as they can see a return on their power bills.

Some homebuyers are looking for even more sustainable features, prompting an increasing number of single-family and multifamily builders to deliver green homes. Green builders incorporate energy, water and resource efficiency; improved indoor environmental quality and sustainable and locally sourced products into their projects.

Another NAHB survey revealed that nearly 25 percent of builders installed alternative energy-producing equipment in new construction. This includes geothermal heat pumps and photovoltaic solar panels. The current 30-percent tax credit available for homeowners who install this equipment is set to expire at the end of 2016, which makes this a good time for interested buyers to consider purchases.

Source: NAHB

Published with permission from RISMedia.