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*TROPICAL STORM ISAIAS MOVING NORTHWARD ALONG THE EAST COAST* This product covers Southeast New York, Northeast New Jersey, and Southern Connecticut ***TROPICAL STORM ISAIAS MOVING NORTHWARD ALONG THE EAST COAST*** NEW INFORMATION --------------- * CHANGES TO WATCHES AND WARNINGS: - A Tropical Storm Watch has been issued for Orange and Putnam - The Tropical Storm Watch has been upgraded to a Tropical Storm Warning for Bronx, Eastern Bergen, Eastern Essex, Eastern Passaic, Eastern Union, Hudson, Kings (Brooklyn), New York (Manhattan), Northeastern Suffolk, Northern Nassau, Northern Queens, Northwestern Suffolk, Richmond (Staten Island), Southeastern Suffolk, Southern Fairfield, Southern Middlesex, Southern Nassau, Southern New Haven, Southern New London, Southern Queens, Southern Westchester, Southwestern Suffolk, Western Bergen, Western Essex, and Western Union * CURRENT WATCHES AND WARNINGS: - A Tropical Storm Warning is in effect for Bronx, Eastern Bergen, Eastern Essex, Eastern Passaic, Eastern Union, Hudson, Kings (Brooklyn), New York (Manhattan), Northeastern Suffolk, Northern Nassau, Northern Queens, Northwestern Suffolk, Richmond (Staten Island), Southeastern Suffolk, Southern Fairfield, Southern Middlesex, Southern Nassau, Southern New Haven, Southern New London, Southern Queens, Southern Westchester, Southwestern Suffolk, Western Bergen, Western Essex, and Western Union - A Tropical Storm Watch is in effect for Northern Fairfield, Northern Middlesex, Northern New Haven, Northern New London, Northern Westchester, Orange, Putnam, Rockland, and Western Passaic * STORM INFORMATION: - About 830 miles south-southwest of New York City NY or about 900 miles south-southwest of Montauk Point NY - 29.7N 79.9W - Storm Intensity 70 mph - Movement North or 355 degrees at 9 mph SITUATION OVERVIEW ------------------ Tropical Storm Isaias, located off the north Florida coast, will continue to move to the north this morning, turning north-northeast this afternoon along the southeast coast. Isaias will continue moving northeast tonight over Eastern North Carolina. Isaias will slowly weaken as it accelerates northeast on Tuesday, likely moving over our area Tuesday afternoon and evening. There is still some timing and intensity uncertainty with this storm. However, confidence continues to increase with respect to the magnitude of local hazards and impacts. The main threats with this system involve heavy rainfall, strong winds, minor to moderate coastal flooding, along with high surf and dangerous rip currents. Locally heavy rain is expected with a widespread 2 to 4 inches, with localized amounts up to 6 inches possible. The heaviest rain is most likely to occur across New York City, Northeast New Jersey and the Lower Hudson Valley early Tuesday morning through Tuesday evening, and eastern sections Tuesday afternoon into Tuesday night. The strongest winds are likely to occur across Long Island, coastal Connecticut, and the New York City Metro. Dangerous marine conditions are likely across all of the coastal waters Tuesday and Tuesday night. High surf and dangerous rip currents are expected along the ocean beaches Monday through Wednesday. The effects from Tropical Storm Isaias are expected to diminish quickly from southwest to northeast across the area Tuesday night into Wednesday morning. POTENTIAL IMPACTS ----------------- * FLOODING RAIN: Protect against life-threatening rainfall flooding having possible extensive impacts across northeastern New Jersey, New York City, and the Lower Hudson Valley. Potential impacts include: - Major rainfall flooding may prompt many evacuations and rescues. - Rivers and streams may rapidly overflow their banks in multiple places. Small streams, creeks, canals, and ditches may become dangerous rivers. Flood control systems and barriers may become stressed. - In hilly terrain, destructive runoff may run quickly down valleys, and increase susceptibility to rockslides and mudslides. - Flood waters can enter many structures within multiple communities, some structures becoming uninhabitable or washed away. Many places where flood waters may cover escape routes. Streets and parking lots become rivers of moving water with underpasses submerged. Driving conditions become dangerous. Many road and bridge closures with some weakened or washed out. * WIND: Protect against dangerous wind having possible significant impacts across Southeast New York, Northeast New Jersey, and Southern Connecticut. Potential impacts include: - Some damage to roofing and siding materials, along with damage to porches, awnings, carports, and sheds. A few buildings experiencing window, door, and garage door failures. Mobile homes damaged, especially if unanchored. Unsecured lightweight objects become dangerous projectiles. - Several large trees snapped or uprooted, but with greater numbers in places where trees are shallow rooted. Several fences and roadway signs blown over. - Some roads impassable from large debris, and more within urban or heavily wooded places. A few bridges, causeways, and access routes impassable. - Scattered power and communications outages, but more prevalent in areas with above ground lines. * SURGE: Protect against locally hazardous surge having possible limited impacts across shoreline communities. Potential impacts in this area include: - There is potential for widespread minor to locally moderate coastal flooding across the Lower New York Harbor and South Shore Back Bays, with localized minor flooding impacts elsewhere. - Localized inundation with storm surge flooding mainly along immediate shorelines and in low lying spots. - Sections of near shore roads and parking lots become overspread with surge water. Driving conditions dangerous in places where surge water covers the road. - Moderate beach erosion. Heavy surf also breaching dunes, mainly in usually vulnerable locations. Strong and frequent rip currents. - Minor to locally moderate damage to marinas, docks, boardwalks, and piers. A few small craft broken away from moorings. * TORNADOES: Protect against a tornado event having possible limited impacts across Southeast New York, Northeast New Jersey, and Southern Connecticut. Potential impacts include: - The occurrence of isolated tornadoes can hinder the execution of emergency plans during tropical events. - A few places may experience tornado damage, along with power and communications disruptions. - Locations could realize roofs peeled off buildings, chimneys toppled, mobile homes pushed off foundations or overturned, large tree tops and branches snapped off, shallow rooted trees knocked over, moving vehicles blown off roads, and small boats pulled from moorings.

Reasons for refinancing your home loan

LongIsland.com

I hope everyone has enjoyed their holidays. I know I did, although I have gained a few extra pounds to work off in the new year. Below I will go over the reasons why one ...

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I hope everyone has enjoyed their holidays. I know I did, although I have gained a few extra pounds to work off in the new year.

Below I will go over the reasons why one should consider refinancing and the underlying options available. Also, I will include some examples as there are many different situations that apply to refinancing. All examples below are assuming a conforming "good credit" borrower, except in the case of debt consolidation.

Lower term/lower payment refinances
The most common type of refinance is to lower the term of the current loan or to lower the current monthly payments. This happens when the interest rate on the new loan is around 1.5% or more lower than the interest rate on the current loan. In some cases, the refinance could be at a rate low enough that it both lowers the term and the monthly payments. The most advantageous way to save money is to lower the term of the loan because it can save thousands over the course of the loan.

Example: John and Kelly refinance their home from a 30 year fixed 7.5% to a 15 year fixed 5.625%. Their current loan balance is 95k and have owned the house 6 years never refinancing. The original loan amount was 110k and the monthly payments are $769. The proposed payments for a 15 year at 101k (which includes closing costs) would be around $831. So they end up paying only $62 per month extra, or 62x12=$744 per year, or 744x15=$11,160 over the life of the loan. However, in 15 years the house will be paid off, but without the refinance they would still have another 9 years of payments at 831x12x9 years=$89,748 savings of interest!

Debt consolidation
Many people are refinancing as a way to cut out those exorbitant credit card payments and even to consolidate car loans. This is a great way to get out of credit card debt and start on a clean slate. Some people that refinance with a debt consolidation do not have the best credit score so they are not able to get the best rate available to good credit holders, however, they are still able to lower their monthly payments because of the higher interest rates associated with credit cards.

Example: Scott and Donna refinance their home from a 30 year fixed 9.5% to a 25 year fixed 9.25%. Their current loan balance is 95k and have owned the house for 5 years never refinancing. Their total credit card debt is 10k with various different card companies which forces them to pay $250 and their original loan amount is 110k with monthly payments of $769. In addition, they have a car loan that they pay $250, with 4 years remaining at a current balance of 10k. They would like to consolidate all their debt including the car loan because of money issues. Even though they could not command an interest rate that much lower than their current, their new payments on a loan of 121k (includes closing costs) would be $1,036. Currently with all debt they pay $769+250+250=1269, so this loan saves them $233 per month, or $2,796 per year.

In my next article I will discuss two other options: Cash-out refinance and construction refinance. Until then, enjoy the new year!