Tags Posts tagged with "mortgage"

mortgage

by -
0 891
A check is presented to Rebecca Briggs, second from left, the widow of Staff Sgt. Dashan Briggs, during a July 24 press conference in Hauppauge. Photo from Bellone's office

By Anthony Petriello

A Port Jefferson Station family received some comfort in the form of a fully paid off mortgage following the tragic death of their Air Force husband and father.

The family of Port Jefferson Station Air National Guard Staff Sgt. Dashan Briggs, 30, who was killed March 15 in a helicopter crash near the Syrian border in western Iraq, had the remaining balance on their mortgage paid off thanks to the Stephen Siller Tunnel to Towers Foundation July 24.

Briggs’ wife, Rebecca, and two young children, Jayden and Ava, received a miracle in the form of an undisclosed payment in addition to $33,000 already donated by Caliber Home Loans toward the payoff.

“I just wanted to say thank you to Tunnel to Towers and Caliber Home Loans for doing this mortgage pay off, because it’s very comforting to know there’s people out there helping all the military families, Gold Star families, and it’s just nice to know that we can stay in our home,” the widow said to the media at the press conference.

Briggs’ family also received close to $46,000 as of Aug. 7, raised through a GoFundMe campaign launched by Andre Galarza, a close friend, former roommate and Riverhead High School classmate of Briggs’.

“I looked up to him very much, just because of the type of man he was — one of the realest people you’ll ever meet,” Galarza said in an interview in March. “As a person, he was one of the strongest people I know.”

Suffolk County Executive Steve Bellone (D) recognized Briggs for his sacrifice in serving the country during the July 24 press conference in Hauppauge.

“Today we honored the family of a man, a husband, a father, a soldier and a hero who made the ultimate sacrifice to his country,” he said. “Technical Sergeant Briggs served us all and now it is we who must honor his service.”

Tunnel to Towers was established to honor the service and sacrifice of Brooklyn firefighter and Staten Island resident Stephen Siller, who died Sept. 11, 2001. The foundation “also honors our military and first responders who continue to make the supreme sacrifice of life and limb for our country,” according to its website.

All seven airmen on board were carrying out a mission in support of Operation Inherent Resolve, an American-led mission to defeat ISIS in Iraq and Syria, according to the  U.S. Department of Defense. All seven military personnel onboard died in the crash of the Sikorsky HH-60 Pave Hawk helicopter.

Briggs and three others aboard the aircraft — Capt. Andreas O’Keeffe, 37, of Center Moriches; Capt. Christopher Zanetis, 37, of Long Island City; and Master Sgt. Christopher Raguso, 39, of Commack were members of the 106th Air National Guard Rescue Wing out of Westhampton Beach’s Francis S. Gabreski Air National Guard Base.

England’s vote to leave the European Union last month will impact the world. Stock photo

By Wenhao Ma

Britain’s decision to leave the European Union three weeks ago has caused mortgage rates to decline in United States, and North Shore financial advisors and real estate agents see Brexit’s impending global changes as good and bad.

A North Shore real estate agent said following Brexit, U.S. mortgage rates have greatly decreased

The value of British pound dropped rapidly after England’s vote on Thursday, June 23, and was significantly lower than the U.S. dollar next Monday. With the change of value in currencies, offshore money has started to flood into the United States, which leads to a drop in mortgage interest rates, according to James Retz, associate real estate broker for Daniel Gale Sotheby’s International Realty in Cold Spring Harbor.

“It’s only been a few days since Britain’s vote to leave the European Union,” he said. “[But] several lenders here have posted lower interest rates for long-term fixed rate mortgages.”

Up until Thursday, June 30, the average 30-year fixed rate had fallen under 3.6 percent and the 15-year fixed rate was more than 2.7 percent.

Retz ruled out the possibility of domestic factors causing low rates.

“I am not aware of anything that has happened in the USA to make the rates drop,” he said. “Until Britain’s vote to leave the European Union a few days ago, mortgage rates were static.”

Besides mortgage rates, Brexit hasn’t yet had much impact on Long Island’s economy. But experts do a predict small influence on local tourism.

“There will be a small negative effect on students and tourists visiting Long Island as the dollar has strengthened against the pound,” Panos Mourdoukoutas, professor of economics from Long Island University, said. “But it will benefit Long Islanders visiting the U.K.”

Mark Snyder, owner of Mark J. Snyder Financial Services Inc., shared that opinion.

“Locally, Brexit will likely mean less foreign tourists coming here since it’s forcing a rise in the dollar’s value, but might make for good international travel deals,” he said. Snyder is not certain of Brexit’s long-term impact on international or local economies.

Mourdoukoutas didn’t sound optimistic on the future of Brexit. “In the long term, Brexit could lead to the break up of EU,” he said. “That’s bad news for the global economy, including China.”

Michael Sceiford, financial advisor at Edward Jones’ Port Jefferson office, thinks otherwise.

“The U.K. is about 4 percent of the world economy and it doesn’t leave the EU immediately,” he said. “So we believe the economic impact is likely to be much less than the market reaction suggests.”

Sceiford believes that it may take three or more years before Britain actually departs. According to an article he submitted, this extended time can give financial markets a chance to absorb the new reality and give investors time to ponder their long-term strategy.

“The Brexit may not be a positive development for the global economy, but we’ve gotten past bigger events in the past, including wars and other political crises,” the financial advisor said. “As the British themselves famously posted on their walls during World War II, ‘Keep Calm and Carry On.’”