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11743 : Real Estate Advice

  • All32
  • Local Info2
  • Home Buying15
  • Home Selling7
  • Market Conditions0

Activity 28
Gail Gladsto…, Real Estate Pro in 11743, NY
Wed Apr 13, 2011
Gail Gladstone answered:
I am the listing agent. The property has been rented.

Please contact me if i can assist with anything else.
0 votes 1 answer Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Tue Apr 6, 2010
Anna M Brocco answered:
I'm sure someone from Trulia will reply to your question as well--in the meantime, you may want to contact your agent and ask him/her to ask the listing agent to remove it--It does show as closed on MLS, by the way. ... more
0 votes 1 answer Share Flag
Meredith C K…,  in East Setauket, NY
Mon Feb 15, 2010
Meredith C Kurz LSA CBR EPRO answered:
THANK YOU for letting me learn something new today - pulled this off the internet - so needs to be re-confirmed - but sounds just about right!
FIVE WAYS TO AVOID PMI if you have less than a 20% down payment or less than 20% equity in the home for a refinance.
1.Single Premium. Pay mortgage insurance with single payment at closing: paid as an up front payment or financed into loan. Usually provides significant monthly savings.
PROS: PMI due at closing when financed into loan.Lower monthly payment. Possibility of qualifying for a large loan, since the monthly payment is lower. Premium partially refundable when home is sold or refinanced ahead of term. Only one mortgage loan, so you don't have a high interest rate, more closing costs, and more paper work that comes with a second mortgage loan.
2. Free After Five This option automatically terminates PMI after 5 years, provided you kept a good mortgage payment history. Even if you haven't built up 20% equity in the property, the PMI payments will be eliminated. You will avoid PMI, while still being covered until you have 22% equity in the home.
PROS: You receive coverage after PMI payments end. Only one mortgage loan, so you don't have a high interest rate, more closing costs, and more paper work that comes with a second mortgage loan.
3. Split Edge. Split PMI with lender. Cost shared through paying a refundable, upfront MI payment. This will reduce your PMI payment and your overall mortgage payment. It could also get you qualified for a large loan. If you are buying a home and the seller is give you credits for the closing costs and prepaids, why not use these credits to pay for some of the up front premium and lower your PMI payment. In turn, you will lower your mortgage payment, compliments of the seller!
PROS: Lower monthly PMI payment, in turn lowers your overall payment. Refundability of the unused MI premium if the loan is paid off early. Only one mortgage loan, so you don't have a high interest rate, more closing costs, and more paper work that comes with a second mortgage loan.
4. LPMI - Lender Paid Mortgage Insurance. You can completely eliminate PMi with this program, in exchange for a small adjustment to the interest rate. You will avoid PMI completely and not have to pay the extra monthly payment.
PROS:Avoid PMI all together without having that extra monthly payment. Mortgage interest is tax deductible, where you have to qualify for PMI to be tax deductible. Check with your accountant for more information. Only one mortgage loan, so you don't have a high interest rate, more closing costs, and more paper work that comes with a second mortgage loan.
5. Piggy Back. OLD SCHOOL AND PROBABLY WON’T HAPPEN (the original way to avoid PMI) This option avoids PMI by taking out a second mortgage loan. You finance the first loan up to 80% of the purchase price (or appraised value, depending on if it's a purchase or refinance), then finance the rest with a second mortgage. This USED to be a great way to avoid PMI, but with recent changes with lenders, second mortgages are more difficult to approve, let alone find. Also, they come with a higher interest rate and more closing costs.
... more
0 votes 5 answers Share Flag
Patientbuyer, Both Buyer and Seller in New York
Fri Aug 7, 2009
Patientbuyer answered:
You make lots of money, but the Federal government was subsidizing the mortgage, real estate professional, and wall street industries by throwing money at people to buy houses. You are almost making as much as "the rich" who are supposed to be paying their fair share of taxes, yet a reasonable calculation shows that you can not afford these inflated prices. The answer is, you need to wait. The housing market crash has not really started yet, once people who bought in the last 1 to 5 years begin learning that their outstanding mortgage balances dwarf the market value (i.e. they have negative equity), and they see better houses than what they own going for less than they owe, the real bulk of defaults will hit the market. Then, housing will become cheap. It is better to rent for now, or buy a REO directly from a bank, or at a foreclosure auction. Don't jump in now, trying to catch a falling knife. ... more
0 votes 21 answers Share Flag
Patientbuyer, Both Buyer and Seller in New York
Fri Aug 7, 2009
Patientbuyer answered:
Brokers are still saying what they think they need to say in order to earn a commission. You didn't want to pay over asking before, why would you want to pay now? There are more how must sell than there are buyers. Wait until you get the deal you want. There is nothing wrong with putting in an offer, with just a cover letter, not their contract, and a small check, at any % of the asking. Worst case, they give you back your check. A broker need not forward an offer, unless it is in writing. Protect yourself, if you pay too much, you'll just lose it later. Prices have only begun to fall, by 2011 nearly 48% of all mortgages will have negative equity according to industry. ... more
0 votes 13 answers Share Flag
Voices Member,  in Benton County, OR
Thu Mar 26, 2009
Voices Member answered:
Jordioni, This might help you with Rental trends and Rent price comparables...
http://www.zilpy.com/
http://www.rentometer.com/

Good luck, Dunes
1 vote 2 answers Share Flag
Cheryl R. Su…,  in Schwenksville, PA
Fri Jan 23, 2009
Cheryl R. Supplee answered:
Hello Miss, there are some sellers out there who are not motivated to sell unless they get their price. But not very many. I would suggest getting an agent seperate from the agent that listed the home to help with negotiations. This is something the agent will need to be convinced that they should give you the home at your price. Another thing you can get are the comparables of recent home sales in that area. This will help you see what any appraiser is looking at. They will need to adjust their price anyway if the other homes are selling for less. Let me know if there is anything else I can help with.

-Cheryl Supplee
... more
0 votes 4 answers Share Flag
Phil Svendsen,  in Huntington, NY
Thu Jul 24, 2008
Phil Svendsen answered:
Before you pull the trigger on any of this stuff, find out exactly where you stand on your mortgage refi ( with proper appraisals ..etc) and your corresponding payment picture. Secondly, then with your attorney's and lender's advice in hand, contact directly, knowledgeable supervisors or managers at each of the major credit reporting agencies themselves and explain your mortgage refinance situation in detail. Their answers should give you a reasonably proper general picture of where you are headed creditwise with them and where you stand overall, in my opinion. ... more
0 votes 5 answers Share Flag
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