Paying your mortgage every two weeks instead of monthly could save you tons of money in interest and shave years off your mortgage. However, if your lender offers a payment plan for doing this, you should probably skip it and set it up yourself. Here’s why. Some financial planners advise making two half payments on your … More Biweekly Mortgage Payment Problems
Private Mortgage Insurance or PMI lets home buyers enter into a mortgage with as little as 3.5% down. The lender will require that this coverage continue until the borrowers equity is 20% of the home’s value. This NY Times article serves as a good reminder to borrowers on the fact that this rather expensive insurance … More Reminder: Private Mortgage Insurance is Temporary
More lenders such as Wells Fargo are doing away with marketing service agreements or MSA’s with real estate firms as Federal Regulators have begun cracking down on some of these arrangements as violations of anti-kickback laws. This Realtor.org article explains the recent actions taken against lenders that have made some do an about face on these … More Ending Marketing Agreements Between Lenders and Real Estate Brokers
New York City has been cracking down on building owners to make sure that owners maintain their buildings. This recent article in The Cooperator explains why the building code in NY is unique and what building owners should be prepared to do to stay in compliant. Those of us without engineering degrees tend to take … More Better Safe Than Sorry – Dealing With Building Code Violations
On August 25, Fannie Mae announced that it will begin offering HomeReady, a mortgage loan product featuring new flexibilities for lower to moderate income borrowers. For the first time, income from a non-borrower household member can be considered as a means to qualify for a Fannie loan. In addition, borrowers can include funds received from … More New Fannie Mae Mortgage Product For Low and Moderate Income Borrowers
In this ever changing landscape of bank failures, short sales and multiple mortgage assignments, borrowers often overlook the last step in these transactions, which could come back to haunt them. That last step is getting the prior, paid-in-full mortgage released “of record” in the City Register’s office. Many people fail to understand that merely paying … More Make Sure Your Mortgage Satisfaction is Recorded!
It is a much easier way to purchase into a co-op. When selling an apartment, the sponsor is exempt from following the board’s guidelines and interview process, so purchasers of sponsor units do not have to go through the co-op’s lengthy application packages and review process and do not need a board interview to purchase. … More Is it Easier to Purchase a Co-op From The Sponsor?
Does your building have sufficient insurance in case of a fire? This article from Habitat Magazine explains how coverage may be compromised based on recent policy changes. In the wake of recent disasters, co-ops and condos should be warned: insurance companies have instituted a few changes that could affect you. For starters, many have substantially reduced … More How Your Co-op or Condo May Be Affected By Recent Insurance Policy Changes