Vanguard Realty Group

What is a Mortgage?

2012-08-24T09:19:00.005-07:00

Some refer to a mortgage as a home loan, lien, deed, etc. Regardless of the terminology, a mortgage is essentially an agreement between a bank and a borrower looking to purchase property.
The bank has metrics in place (mortgage calculator, loan calculator, mortgage qualifier, etc.) that will determine if they will loan you the money for your home purchase. The specified amount of money will then be repaid according to a set amount of years and interest rate (usually 15-year or 30-year fixed mortgage). The mortgage is essentially leverage for the bank in the event that you can't make your mortgage payments on time and pay it off in full. In the event of such misfortune - the bank can use the property as collateral and take your home - known as foreclosure.

Stay tuned tomorrow as we will be going over the main types of mortgage transactions.

Robin Williams Buys Villa Sorriso in Napa, California

2012-08-23T12:24:00.000-07:00

According to sources, Robin Williams and his new wife Susan Schneider, have purchased Villa Sorriso in Napa Valley, California.
Nestled between Napa and Sonoma Valley - the space includes 20,000 square-feet of living space, 5 suites, library, theater, cellars for art and wine, 12 full and partial bathrooms - all while sitting on 653 acres of land. The property also includes vineyards, rolling mountains, a solar farm, a natural lake and hiking paths, equestrian facilities, and much more.

Kickstarter Finds Headquarters in Brooklyn, New York

2012-08-22T10:16:00.001-07:00

The crowd-source fundraising firm Kickstarter spent a little over $3.5 million of $10 million it secured from Union Square Ventures and Thrive Capital to buy its Brooklyn Headquarters.
The 58 Kent Street building in Greenpoint was once the Eberhard Faber Pencil factory and will undergo restoration, renovation, and reported to include a rooftop garden penthouse.

Prime Minister of Qatar Spends $47 million on a NYC Mansion

2012-08-22T09:40:00.002-07:00

Click Here for Full Gallery

Aby Rosen's mansion on 22 East 71st was originally purchased in 2004 for $15.65million.
After renovating the Upper East Side beauty - Aby listed the unit originally at $75million. The listing received a few offers in the $60+ million but Abby refused to negotiate which ultimately ended up hurting her in the long run as the property recently sold to Sheik Hamad bin Jassim bin Jaber Al-Thani for $47million. The Sheik was rejected by the co-op from Denise Rich's place and Huguette Clark's place prior to his Upper East Side purchase.

Bruno Mars Buys Mulholland Pad for $3.254 million

2012-08-22T06:55:00.001-07:00

According to Curbed, Bruno Mars recently purchased house on Mulholland Drive
boasting 3-bedrooms, 3.5-baths, sauna, steam shower,
massage and gym area, and a top of the line security system. The house sold in 2011 for $1.235 million but the upgrades enabled the sellers to flip the property to Bruno for $3.254 million.

Landon Donovan - He Shoots, He Scores!

2012-08-22T06:16:00.002-07:00

Los Angeles Galaxy captain Landon Donovan has been on a recent winning streak on and off the field.
Having recently been selected as the MLS Player of the Week by the North American Soccer Reporters - it's hard to fathom things could get any better for the soccer superstar. But it does as Landon recently sold his massive Manhattan Beach, California compound for $4.295 million after just two weeks on the market. The 4 year old compound has two houses on the lot and boasts high end touches like 11-foot ceilings, antique terra-cotta floor tiles, custom wrought ironwork, and much more. The main house has 5-bedrooms, 7-bathrooms, and over 5,700 square-feet of living space. The smaller house includes amenities such as a gym, sauna, wine-cellar, and home theater.

Brooklyn Home Stirs Up Blog World

2012-08-21T08:38:00.001-07:00

Listing of a Brooklyn Home Ignites Blog Readers

By Elizabeth A. Harris

"...Buying or selling a home in New York City has long required rugged skin and a strong stomach, but in these heady days of lightning-speed gentrification and very public Internet flaying, buyers and sellers do well to enter the fray with their elbows out..."

Galveston,Texas & Department of Housing and Urban Development Battle it Out

2012-08-21T08:30:00.002-07:00

Galveston Still Holding Out in Public Housing Fight

By Robbie Whelan

"...Earlier this month, the Journal visited Galveston to report on a controversy surrounding the re-building of some public housing projects that were destroyed by Hurricane Ike in 2008. For more than a year, federal officials at the Department of Housing and Urban Development have been pressuring the city to rebuild the housing..."

Eco-Housing & Public Space

2012-08-20T15:23:00.004-07:00

Futuristic Eco-Housing & Visionary Green Public Space Ideas

By - Steph

"...When it comes to sustainable housing and urban recreation, multi-functionality and biomimicry

are the wave of the future, with communities intentionally designed so that residents have plenty of access to green space even in the most densely populated cities..."

How Rising Gas Prices Transfer Over to Decreased Housing Development

2012-08-20T12:37:00.001-07:00

A recent study by the Federal Reserve Board in Washington, D.C. claims their is a direct inverse correlation between gasoline prices and house construction development.
The study, The Effect of Gasoline Prices on Household Location, found that a 10 percent increase in gas prices leads to a 10 percent decrease in construction after 4 years in locations with a long average commute relative to locations closer to jobs. So while the supply for houses in the suburbs may increase - the demand remains lacking from capitalizing in house prices. With national gas prices ranging anywhere from $3.33 to $4.11 per gallon - a decrease in mortgages may also be at play.

U.S. Gold Medalist Michael Phelps - Out With The Old, In With The New

2012-08-20T08:07:00.000-07:00

Michael Phelps, the most decorated Olympian in history, is getting rid of his Baltimore Condo
and embracing his new life after swimming. According to Curbed and The Real Estalker, Phelps is looking for a buyer wiling to shell out between $1.075M and $1.475M. The residence is roughly 4,100 square-feet with stylish staircases, high-ceilings, and a gorgeous view of the marina from an upper-floor balcony. So why is the superstar listing this gorgeous condo? Looks like Michael Phelps will be jet-setting the globe for a host of new endorsements and appearances.

U.S. Gold Medalist Soccer Star Abby Wambach Heads to Portland, Oregon

2012-08-20T06:43:00.001-07:00

Abby Wambach, co-captain of the U.S. women's soccer team is reported to have purchased a nearly 4,000 square-foot home
in the Northwest Heights neighborhood of Portland for a little over $700,000. Known to her fans as Abby - the soccer superstar was tweeting a few days ago for help locating architects or contractors for her remodel.The house boasts two-stories, four bedrooms, and an over-sized pool nearby Forest Park but apparently needs a little bit of work.

New Plans for Mission Viejo, California

2012-08-19T11:44:00.001-07:00

Mission Viejo, California is beginning to see new development and the formation of an eco-friendly
residential community by Lennar. With cool roof rated concrete tiles, low VOC interior paint, HVAC tight duct testing, downstairs home office - buyers can enjoy the benefits of green technology without comprising their luxurious desires. The prices at the The Ridge are also reasonably priced with homes ranging from $440,000 - $500,000 for 2-4 bedroom homes.

U.S. Gold Medalist Carmelo Anthony - Gold in Basketball, Bronze in Real Estate

2012-08-19T11:40:00.001-07:00

The New York Knicks' small forward Carmelo Anthony has been doing nothing but winning recently.
With an amazing Gold performance in the London Olympics and recently signing a $65 million 3-year contract to play for the New York Knicks - it's suffice to say that "Melo" (dubbed by his fans) is living large. However, according to Curbed National, the basketball star just unloaded his Colorado estate at a $6 million loss. Carmelo had purchased the house in 2007 for $12million and recently let the 21,000 square-foot mansion depart for $6.2 million.

Venice, California - Home of Dennis Hopper Sold

2012-08-19T10:47:00.001-07:00

The beautiful Venice, CA home of the late actor Dennis Hopper recently sold for $5million
after a few years on the market by Abbot Kinney Real Estate and Coldwell Banker's Beverly Hills. The property was unique given Mr. Hopper's penchant for photography and art. The nearly 10,000 square feet of living space had a very minimalist feel and was designed by Brian Murphy and Frank Gehry.

Mortgage Delinquencies Still On The Rise

2012-08-19T10:45:00.001-07:00

Mortgage delinquencies rose in second quarter, trade group says

By E. Scott Reckard and Alejandro Lazo

"...The Mortgage Bankers Assn., in a quarterly delinquency survey issued Thursday,
said home loans with at least one missed payment but not yet in foreclosure increased in the second quarter to 7.58% of all mortgages. That's up slightly from 7.4% in the first quarter..."

Los Angeles, California - Slow Sales, Rising Prices

2012-08-19T09:00:00.001-07:00

Southern California housing market sees price gains as sales slow

By Alejandro Lazo

"...The median home price in Southern California hit its highest point in nearly four years
last month as buyers competed for fewer homes and committed to pricier abodes in more move-up neighborhoods...Sales fell 6.7% from the month prior, but were up 13.8% from July 2011. A total of 20,588 newly built and previously owned houses and condominiums sold throughout the six-county region..."

Rising Mortgage Rates - Freddie Mac Report

2012-08-19T08:43:00.001-07:00

Mortgage rates rise for third straight week, Freddie Mac reports
By E. Scott Reckard

"... fixed mortgage rates rose for the third straight week after setting all-time lows,
with the typical 30-year rate increasing from 3.59% to 3.62%, home finance giant Freddie Mac reported..."

FICO Score - Valid Measure?

2012-08-19T08:39:00.001-07:00

Are FICO scores outdated in rating risk of home loan applicants?

By Kenneth R. Harney

"...You've got some company. Digital Risk, a mortgage analytics firm, is mounting an unusual frontal assault on one of the lending industry's sacred cows.
It argues that credit scores such as FICO failed to predict large numbers of defaults during the mortgage bust years — most notably thousands of "strategic" walkaways by borrowers with high scores — because they could not anticipate homeowners' reactions to economic stress. Unless lenders use more sophisticated assessment tools that incorporate far more than credit histories, Digital Risk says, they may be misjudging not only many of today's high-risk borrowers but other applicants who are safer bets than their credit scores suggest...."

Northridge, CA - Worth the Investment?

2012-08-18T11:23:00.002-07:00

California home buyers have recently been buzzing about homes in Northridge, CA.
Brokers are motivated to sell and families are taking advantage of the prices, extra space, developed infrastructure, and educational opportunities. Most notably known for the 1994 Northridge earthquake, the community is now shaking things up with real estate deals. Located in the San Fernando Valley region of the City of Los Angeles, CA - Northridge offers buyers with a selection of townhouses, condos, and single family homes ranging anywhere from $200,000 to $1.5 million. Compared to the busy streets of Los Angeles - Northridge boasts well-maintained roads, parks, and many thriving new businesses.

Tiger Woods Takes a Swing and Lands in the Rough

2012-08-18T10:43:00.001-07:00

Tiger Woods, arguably the most well known golfer in the world, has just sold his Corona del Mar property for roughly $2.2 million - taking a nearly $800,000 loss
from his original purchase of $3 million in 2004. To add insult to injury, one of Tiger Woods former mistresses reported to TMZ that she spent many nights in the golf stars bachelor pad. The 2616 Ocean Blvd, Corona Del Mar, CA 92625 property boasts 3-bedrooms and 3-baths with beach views of Catalina Islands. Neighbors are sad to see the athlete leave and I'm guessing mostly because their decrease in property value is now globally advertised.

"Titanic" Star Kate Winslet Rents Her Chelsea Condo

2012-08-18T04:41:00.002-07:00

Kate Winslet has listed her immaculate 4-bedroom, 3.5-batroom duplex for
a whopping $30,000 a month. This place is fit for a King or Queen with a gigantic 1,700 square-foot terrace which could compete with the size of most restaurants in New York City!

522 W 22nd St #A

New York, NY 1011

Trulia's IPO

2012-08-18T04:33:00.000-07:00

Trulia Inc. filed for an initial public offering yesterday in an effort to
potentially raise $75million. While the company didn't report on how the shares would be prices or how many shares they'd sell - they did note that they plan to list under the ticker TRLA on the NYSE.

Trulia Website

Consumer Financial Protection Bureau - New Appraisal Rules Benefit Mortgage Applicants

2012-08-17T13:08:00.001-07:00

CFPB: New appraisal rules

By Polyana da Costa

"...the CFPB proposed a rule that would require lenders to notify mortgage applicants of their right to receive a copy
of the appraisal of the home being financed. Lenders would be required to provide copies of all written reports associated with the appraisal no later than three days before the loan closes...."

Rent or Buy? Making Marketwise Decisions

2012-08-17T12:57:00.003-07:00

Rent or Buy? - With Rents on the Rise, New Yorkers Do the Math

By Michelle Higgins

".... The average Manhattan apartment rented for a record $3,459 in July, according to Citi Habitats, which called the price the highest since it began tracking rents in 2002..."