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Englewood Cliffs : Real Estate Advice

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  • Local Info4
  • Home Buying2
  • Home Selling0
  • Market Conditions1

Activity 7
Sun Jan 22, 2012
Adrienne Petrook answered:
Dear Lmflorescu,
Because the rental laws vary from town to town, I would recommend that you contact someone in the Englewood Cliffs Municipal building to get the specifics of what the rules are in your town. It does not seem reasonable that you would need to accept the whole house rental or be vacated from the house unless the LL wants to live there himself. ... more
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Sat Dec 8, 2012
Joshua Baris answered:
I hope this link is helpful to you...
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Mon Oct 15, 2012
Barbara Weismann answered:
What is the amount of mortgage that you need? If you qualify for a FHA loan, there's no PMI with FHA loans and you can get a mortgage with 10% down. The interest rate is a bit higher but not by much. Conventional loans require more than 10% down so that won't work. At any rate, you can certainly get a mortgage if you qualify for a FHA loan plus, again if you qualify, as of May 29th, FHA loans also accept the $8,000 tax credit.

To qualify for a mortgage, you must meet some minium requirements that are not going to change - good credit for example is a must. A 10% down payment means it's a FHA loan. You can try walking into local banks and especially into a local savings & loan if your credit is excellent. However, in the current environment banks are sticking to their rules stringently.

This is the best answer anyone can give you, I believe, withoiut knowing the amount of your loan.
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Wed Jan 30, 2013
Robert Chomentowski answered:
#1 You'll have to talk to your CPA to see if MI is tax deductible for your current income. There is a certain income ceiling I think where MI is no longer tax deductible. If it's not tax deductible for you, that makes the 6.25% more attractive.

Your payment is $30 higher with the MI and you are paying an additional $12,285 up front MI that you are not paying at 6.25%. Once your loan balance goes slightly below 80% you can try to get the MI removed. So if you plan to stay in the property and keep the loan with the MI, the monthly will eventually fall off which will be a savings of $3,564/mo for you over the 6.25%.

So if you keep the property and the same loan on it for say 10 years, the MI option would be better because the MI will eventually go away. But if you sold before 8-10 years or refinanced, the 6.25% would be better. But also factor in the if the MI is tax deductible or not because that will change the equation.
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Thu Nov 5, 2009
Gail Zaccaro answered:
HI Dee,

The home you are looking for sold in 2004 for $850,000. Are you looking to buy in Englewood or Englewood Cliffs? Do you need information about the towns? It would be a pleasure to help you in your search. Let me know how I can help you. Gail ... more
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Wed Jul 16, 2008
Susan Wesely answered:
That would probably work - assuming it was a legal duplex before. Why not ask the city? Start with the department that sent the letter. If there is only one stairway, it will probably be easier and less expensive to make it a "one up/one down" duplex - otherwise they could do a "side by side" version. Make sure your client pulls building permits for whatever work they do! ... more
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Wed Mar 26, 2008
Barbara Ostroth answered:
Property taxes will always rise each year, it depends on so many factors. The question isn't whether taxes in Englewood Cliffs rose, it's whether the town did a re-assessment of properties, which the state is pressuring many communities to do. Teaneck just did a professional reassessment for the first time in 20 years, as the old numbers were out of whack with current market values. After that is completed, the total assessment for the town is then divided into the town's budget to determine a new tax rate. Some properties went up in taxes assessed, some went down, and some stayed roughly the same. ... more
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