Here is an option that many purchasers have overlooked in the past. Why not consider purchasing a home that needs some major repairs at a discounted price and build the rehab costs into the mortgage? This NYTimes.com article explains the process and benefits of this increasingly popular option. AFTER months of searching for a mother-daughter … More “Rehab” Loans to the Rescue.
Many homeowners have taken advantage of mortgages that allow them to purchase with a low down payment. In doing so they will pay something called PMI (Private Mortgage Insurance). This article from Bankrate.com explains how to get rid of the PMI portion of your payment sooner and thus lower your monthly mortgage payment. If you … More Getting Rid of PMI on Your Mortgage Payment.
So you have been shopping for the perfect Co-op and now believe you have found a winner with low maintenance at a good price. While all of that is important, you also must examine the financial condition of the Co-op since you will share future expenses on the common areas of the building with other … More Show Me The Money! …… What’s in the Co-op’s Reserve Fund?
Not in all cases, but escrow agreements should require interest-bearing accounts when escrow funds can generate significant interest for one or more of the parties. For small and short-term escrow deposits, lawyers are permitted by state law to use so-called “IOLA Accounts”(Interest On Lawyers Account). Interest earned on these IOLA accounts is pooled and used … More Must my contract deposit be placed in an interest bearing account?