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Re: Wine Bars in JC - near Paulus Hook?
Home away from home
Home away from home


City Vino is good.

The majestic is just fine, don't let one person's opinion on an anonymous message board sway on you on trying the majestic out.

If you are new to the area I suggest trying each restaurant at least once and make you own decisions. I've been to the majestic and haven?t had any reason not to like it but don't take my word for it, I could be a crazy person. LOL

Posted on: 2008/5/22 16:38
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Re: Westchester Can Wait -- "Jersey City...It is like being on vacation every weekend.”
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Let me get this right.

Yuppie=good job?

So are we not supposed to grow up and get good jobs? Isn't that what are parents wanted for us?

I was at a function tonight and I was speaking with some long time residents of jersey city and we were discussing some of the long term landlords each who own 30 plus properties. All are what you would say are working class people but they are clearly much more wealthy than these supposed yuppies.

But arn't these so called working class landlords the ones that drove the rents up to fatten their pockets and displace their fellow citizens?

This is a bullshit conversation, the haves and the have nots.

I've been one this board for a couple of months and frankly I'm getting tired listening to the yuppie bashing or as I call it hating on someone with a better job than me. Nobody has a problem with working class people. It's crimminals and thugs we have problems with.

Keep blamming everyone else instead of looking within.

Posted on: 2008/5/8 1:49
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Re: Westchester Can Wait -- "Jersey City...It is like being on vacation every weekend.”
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I'm pretty sure that he is a man and I am only defending myself. I have no problem with anyone until they make generalizations about me without knowing anything about me. I like to play nice as long as everyone else plays nice with me.
I don't see how it's sexist either, women can be dicks. I've worked for plenty of women that I swear have had... wait, too much information and I'll stop there before I get in trouble.
Bottom line I was defending the girl in the article who I personaly know.

Posted on: 2008/5/5 19:15
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Re: Westchester Can Wait -- "Jersey City...It is like being on vacation every weekend.”
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Home away from home


You are a DICK. That's right a DICK. I am a banker not a mortgage broker and I have never sold a damn subprime loan so you can kiss my ass. Do I shit on your profession?

Why do people that have no experience always feel that they need to comment on someone else's life. What interactions have you had with anyone in the lending business? If you read any of my posts you would have seen that I advise people against buying homes if they cant afford it. Be a sheep and follow the heard, don't think for yourself.

Posted on: 2008/5/5 15:31
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Re: Westchester Can Wait -- "Jersey City...It is like being on vacation every weekend.”
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Home away from home


Boy you guys are grumpy this morning. This girl grew up with friends of mine and I went to college with her sister mentioned in the article Kimberly or as we called her Kimmie.
They are really sweet girls and I am happy that Kerrie and her fianc? are moving to JC. They are not yuppie or hipsters so why are you calling them douches? Is nobody allowed to move to JC or do they need to pass some form of transplant test? Let me see what questions would be on that test?? What are the names of everyone in Bon Jovi?

Get over it and every condo that was mentioned in the last few "the hunts" was sold by different real estate companies so drop the conspiracy theories. People are really loving JC and much to the chagrin of a select few, more people are coming. I was one of them and I am very happy with my decision to move here from NYC. Go ahead I await the nasty comments telling me to go back to NYC or Ohio even though I've never been to Ohio.

Posted on: 2008/5/5 15:17
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Re: Jersey City's 'Live Where You Work' Program -- 30 or 40 year ( 6 1/8% ) fixed-rate mortgages
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Home away from home


Just some pop and circumstance if you ask me. Rates are lower than 6.125% currently plus Fannie Mae has programs like "my community" and flex 100% that are still availalble. FHA loans will still allow 97% as well. This is just an attention grabber imo

Posted on: 2008/4/30 23:26
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Re: Barrow Street Bar
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Rock Band is a video game, and yes they play all types of interactive video games at the bar. Rock Band, guitar hero, wii bowling etc....

Barrow Street Bar is a great place to just hang out and have a beer, play pool, darts, etc...

I moved to the neighborhood a couple months back and everyone there has been really nice and outgoing. They really welcomed me to the neighborhood. Lot's of regulars and Steve (Chris's brother) is a great guy to bullshit with about movies and music.

Probably my favorite place to hang in downtown JC.

Posted on: 2008/4/8 17:55
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Re: Why Fed Rate Cuts Do Not Equal Lower Mortgage Rates
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Another article for those that are interested. I've been trying to tell my clients this but everyone seems to think that is going to help. The best time to lock rates is just before the Fed Cuts not after. The traders take profits and the rates spike after. I spent all day on the phone yesterday explaining this to people but they just don't seem to get it.


A Fed Rate Cut Could Send Your Mortgage Rate Even Higher

by David Goldman
Tuesday, March 18, 2008provided by

The Federal Reserve cut interest rates by three-quarters of a percentage point Tuesday, but don't expect mortgage rates to go down too. In fact, home loans could be heading higher.

Consider recent history: The Fed issued an emergency cut of short-term rates in early January, and then trimmed more just a few days later - but the 30-year fixed mortgage rate has responded by bouncing up from 5.6% to 6.4%.



The Fed's main tool is control over the short-term fed funds rate, which determines what banks charge each other for overnight loans. Long-term mortgage rates are mostly tied to the 10-year Treasury yield, which is determined by bond traders worldwide.

"There is a long disconnect between the fed funds rate and fixed mortgage rates," said Keith Gumbinger, vice president of mortgage and consumer loan information publisher HSH.com.

Inflation drives long-term fixed rates. When the Fed cuts short-term rates, the intent is to lower borrowing costs for corporations so that they'll invest and hire. But this economic growth can lead to inflation.

That in turn leads bond traders to demand higher rates on their long-term bonds - and that drives up mortgage rates too.

"Mortgage rates are determined by how fearful the market is of inflation," said Gumbinger.

The Fed began a series of cuts to its key interest rate last September, taking the rate to 2.25%, from 5.25%.

ARM borrowers may get help. There is more of a connection between Fed rate cuts and short-term and adjustable rate mortgages (ARMs). In fact, homeowners with ARM loans could see lower rates from further interest rate cuts.

Adjustable rate mortgages are pegged to a number of different indexes, including the one-year Treasury yield and the international Libor, or London Interbank Offered Rate, which tend to move with the Fed funds rate.

With Tuesday's rate cut, the cumulative effect of the Fed cuts could entirely offset what would have been a significant rate reset for many homeowners.

For instance, a borrower with an adjustable rate of 4.5% could have faced a rate reset up to 7.5% before the Fed started cutting rates in September. Before the rate cuts, that homeowner would have seen an increase of $370 in monthly payments on a $200,000 loan.

But after Tuesday that rate could reset only a little higher. And for some, the rate might not go up at all - and may actually drop - according to Greg McBride of Bankrate.com. "The Fed rate cuts far are more significant to [borrowers with ARMs] in terms of staving off delinquencies on loans," he said.

Long-term rate solution

Sending long-term fixed rates back down will be more complicated than fixing inflation, because the continuing housing crisis is also exacerbating the rise in long-term fixed rates.

Generally mortgage rates are about 2 percentage points higher than the yield on the 10-year Treasury, which currently stands at 3.29%.

But the housing market is in such turmoil that rates are even higher right now, with lenders concerned that borrowers will not be able to pay back loans.

"The 30-year fixed rate mortgage should be at 5.5%, but instead it's above 6%," said McBride. "The 30-year jumbo loan [a large mortgage that is not federally guaranteed] is a full two percentage points higher than it should be."

So for long-term fixed mortgage rates to go down, the Fed must successfully make banks more willing to lend again.

Posted on: 2008/3/19 16:21
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Why Fed Rate Cuts Do Not Equal Lower Mortgage Rates
Home away from home
Home away from home


Why Fed Rate Cuts Do Not Equal Lower Mortgage Rates

By Barry Habib, Contributing Editor to CNBC.com

Last Updated: February 4, 2008



The Federal Reserve has been on a rate cutting spree once more. Many mortgage applicants are calling

their mortgage representative and expecting a lower interest rate. Others who have been waiting to

refinance are puzzled as to why mortgage rates have not moved lower during the recent five Fed rate

cuts. This is difficult to explain to consumers who have watched a 2.25% reduction by the Fed with very

little benefit in mortgage rates.



Is a Fed rate cut really good \news for mortgage rates? The facts may be surprising. The Fed can only

control the Discount Rate and the Fed Funds Rate. This is very different from mortgage rates. A

mortgage rate can be in effect for 30-years while a rate set by the Fed can change from one day to

another.



It is often said history repeats itself. And if history is any teacher, we can learn from what happened to

mortgage rates the last time the Federal Reserve was in a rate-cutting cycle.



The last time the Fed was in a lengthy rate cutting cycle was back in 2001 from January 3, 2001 to

December 11, 2001. In the span of 11 months, they cut the Fed Funds rate 11 times with eight of those

cuts by 50bp. This resulted in a total of 475bp or 4.75% in short-term interest rate cuts taking the Fed

Funds Rate from 6.00% down to 1.75%. Now most uninformed people would naturally think because the

Fed cut rates by so much during this time that mortgage rates would follow suit and trend lower as well.

Not so. Mortgage rates actually moved higher during this time of significant rate cuts because inflation,

the arch enemy of bonds, gradually rose.



Now let?s take a look at what happened with the Fed?s most recent cutting cycle, the first since 2001. On

September 18, 2007 the Fed cut the Fed Funds Rate by 50bp. The mortgage bond market briefly

enjoyed a ?knee-jerk? reaction to the Fed move by closing higher that day, but lost 140bp over the

following two sessions. Then on October 31, 2007 the Fed lowered the Fed Funds rate by 25bp. The

mortgage bond market responded by losing 78bp over the following five trading days. On December 11,

2007 the Fed once again lowered rates by 25bp and the mortgage bond market lost 88bp in the next

three days. This past month, the Fed delivered a surprise 75bp rate cut on January 22, 2008 and

mortgage bonds lost a whopping 144bp in just 2 days. Eight days later and as widely expected, the Fed

cut rates by 50bp and mortgage bonds had little reaction ? but, were unable to recover the enormous

pricing loss seen back on Jan 23, the day after the surprise 75bp cut.



Please refer to the Table below.



Fed Rate Cut Date Rate Cut Size MBS Pricing Change

09/18/2007 50bp -140bp in 2 days

10/31/2007 25bp -78bp in 5 days

12/11/2007 25bp -88bp in 3 days

01/22/2008 75bp -144bp in 2 days

Posted on: 2008/3/19 16:18
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Re: How will New Conforming Loan Limits affect JC real estate market?
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Home away from home


This just in.....

I just wanted to let you all know that Fannie Mae just released the new loan limits today. $729,750 for the Tri-State area and Loan to Values up to 90% for purchases. 75% for rate and term refinances. These loan amounts will be available starting next Monday the 17th until the end of the year.

Posted on: 2008/3/10 22:20
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Re: How will New Conforming Loan Limits affect JC real estate market?
Home away from home
Home away from home


One thing that most people are forgetting is that these new limits will have "pricing adjustments" to the "price" of the loan which will cause the rate to be a touch higher than regular conforming loans.

Also they will not be eligible for cash out refinances, only purchases and rate and term refinances. Problem is that if you have a first a second mortgage that were not taken out together for the purchase of the property, Fannie Mae will look at it as though it is a cash out refinance and it will not be elligible. An example would be purchasing a property in January and taking out a HELOC to fix it up in Feb. If you wanted to combine them into one loan without taking any additional cash it will still be consider a cash out and not elliglbe.

There are stillsome very agressive Jumbo loans for Full Documented borrowers and Stated loan for borrower with high ficos and low Loan To Values.

I have been giving my clients a 30yr fixed up to 1 million at 6.25% with no points and that includes cash out.

The point I'm trying to make is that this new "temporary program" is only going to fix a few of the problems. I'm looking at it as more of a good PR image fix for Fannie and Freddie than a real solution.

The cash out issue if what is really pissing me off.

My 2 cents.

flame away

Posted on: 2008/3/7 19:20
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Re: New York Times: Cabbie's Detour Causes Williamsburgers To Buy Dixon Mills Condo.
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Home away from home


Kevin is a great guy. We talked alot during the waiting process to close at Dixon Mills.
I'm happy for him and Enrico, as well as loving any good press for Dixon Mills and Jersey City.
I moved in a couple weeks back and love my place and the area.
Being an ex-Manhantanite I started looking in JC orginally for townhouses but opted for the condo when I saw that Dixon units were up for sale. A buddy of mine lived in a Dixon rental years ago and I always loved the building and wondered if I would ever be available to buy there.

Posted on: 2008/2/27 17:08
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