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House Inspectors and House Inspections for Buyers

My guest, Steve Byrne, is a licensed professional house inspector. We discuss both house inspectors and house inspections–both I highly recommend to my clients wanting to make an offer on a residential property. While not legally required–as terminate inspections are if you are getting a mortgage, a purchase offer for ...

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NY State Tenant-Landlord Matters Part III–DOS Rules, Judge Blocks

Recently the Department of State of the State of New York issued a ruling that created a great deal of turmoil in the residential real estate market in NY State and in particular NYC. However, just days after the DOS ruling was made public, a judge in Albany issued an ...

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The NYS Tenant-Landlord Act Part II

An explanation of why a landlord would chose to use a real estate agent or NYS licensed real estate salesperson (as we are officially titled in NY State) and how it affects renters and the rental market. ...

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The NY State Tenant-Landlord Law

Explaining the NY State Tenant-Landlord Law, also known more formally as the NYS Housing Security and Tenant Protection Act of 2019, as it affects both renters and landlords. ...

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TW on SI Real Estate

5 days ago

Welcome to New Dorp and Welcome O2!New Dorp is one of my favorite neighborhoods in all of Richmond County, which is also known as Staten Island, which since 1898 is also a borough and part of New York City…Niewe Dorp, as the Dutch called it for “new town”, was one of the first permanent European settlements on Staten Island. Officially established in 1671 after the Oude Dorp or “Old Town” was destroyed in the Peach War of 1655. I will do another vlog on New Dorp neighborhood and explain the Peach War then, but meanwhile…This is a wonderful neighborhood with very nice main shopping streets to stroll--New Dorp Lane and New Dorp Plaza, which offer nice window shopping (again thank goodness). Parking is relatively easy. You will find lots of small businesses, unique shops, lots of dining establishments--dining-in, or dining-outside, and/or having your food delivered; and there is everything from tacos to sushi, hamburgers to pizzas, Indian to Chinese, Italian to Mexican, and one of the best bakeries and dessert shops on the Island, Piece of Cake and the Cookie Jar (next door). In addition, this lovely little neighborhood has a Staten Island Railway station--the New Dorp station (and they are installing elevators now at that station); and you will find lots of banks. New Dorp is also home to the only medical cannabis and CBD pharmacy or dispensary, BE, on Staten Island. The DiTommaso Real Estate office is in New Dorp!So, is O2 Beauty Spa…in fact O2 is the newest small business to open in New Dorp neighborhood--having just opened.We were involved in bringing O2 to New Dorp as we were realtors for the landlady and we then assisted Darren Wang, one of the owners of O2, in security the commercial space and getting started here.It was a pleasure for us as the owner and Darren were both a pleasure to work with and it resulted in a lovely new Spa in New Dorp! O2 has just recently celebrated its grand opening. During this time, 20% discount is being offered to customers and clients, so come and give O2 a try and enjoy New Dorp while you are here! ...

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TW on SI Real Estate is at Staten Island, N.Y.

1 month ago

PMI: PRIVATE MORTGAGE INSURANCE (PMI)For the first time home buyer or property buyer…it’s important to know and understand PMI…IF you were to put less than 20% down for a down payment to purchase a property, your mortgage lender is going to want--nay, will insist on, PMI. So, What is PMI? and, Why the 20% figure?PMI — private mortgage insurance — is a type of insurance policy that protects mortgage lenders in case borrowers default on their loans. Mortgage lenders believe that if they have at least 20% of the sales price of the property as down payment, even in the case of a default, they are not likely to lose money--the 20% will cover their exposure. However, if you put down less than 20%, the lender is likely to lose money in the event of a foreclosure. So, mortgage lenders then require someone not putting down at least 20% of the price of the property, to buy PMI so that in case of default, they will get 20%.That’s why mortgage lenders charge insurance on conventional loans with less than 20% down. Mortgage insurance covers that extra loss margin for the lender. If you ever default on your loan, it’s the lender that will receive a mortgage insurance check to cover its losses. PMI covers your mortgage lender, it does not cover or reward you in any way and yet, you are the one paying for it.While PMI isn’t cheap and it would indeed be an additional monthly expense along with your mortgage (and property insurance), it does give potential homeowners an opportunity to buy their first house with less than 20% down. Without mortgage insurance, many people would have to wait years to save up for a bigger down payment before buying a house. Those are years they could have spent investing in their home and building equity — rather than paying rent to a landlord each month.How much is mortgage insurance? Mortgage insurance costs vary by loan program. But in general, mortgage insurance is about 0.5-1.5% of the loan amount per year. So for a $500,000 loan, mortgage insurance would cost around $2,500-$7,500 annually — or $210-625 per month.Usually the annual premium is paid monthly as part and parcel of your mortgage payment. Cost of Mortgage Insurance by Loan Type Each loan type has a different mortgage insurance rate. So even for the exact same loan size, mortgage insurance costs could be very different depending on whether you got a conventional mortgage, FHA, VA, or USDA mortgage. Mortgage insurance is calculated as a percentage of the mortgage loan amount — not the home’s value or purchase price. Since annual mortgage insurance is re-calculated each year--as you are paying down your mortgage with your monthly payments, your PMI cost will go down every year as you pay off the loan. For FHA, VA, and USDA loans, the mortgage insurance rate is pre-set. It’s the same for every customer.Conventional PMI mortgage insurance is calculated based on your down payment amount and credit score. ...

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TW on SI Real Estate is in Staten Island, New York.

1 month ago

Rental properties are historically inflation fighting investments with lots of tax benefits and worth investors' serious considerations! ...

View on Facebook

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TW on SI Real Estate

5 days ago

Welcome to New Dorp and Welcome O2!New Dorp is one of my favorite neighborhoods in all of Richmond County, which is also known as Staten Island, which since 1898 is also a borough and part of New York City…Niewe Dorp, as the Dutch called it for “new town”, was one of the first permanent European settlements on Staten Island. Officially established in 1671 after the Oude Dorp or “Old Town” was destroyed in the Peach War of 1655. I will do another vlog on New Dorp neighborhood and explain the Peach War then, but meanwhile…This is a wonderful neighborhood with very nice main shopping streets to stroll--New Dorp Lane and New Dorp Plaza, which offer nice window shopping (again thank goodness). Parking is relatively easy. You will find lots of small businesses, unique shops, lots of dining establishments--dining-in, or dining-outside, and/or having your food delivered; and there is everything from tacos to sushi, hamburgers to pizzas, Indian to Chinese, Italian to Mexican, and one of the best bakeries and dessert shops on the Island, Piece of Cake and the Cookie Jar (next door). In addition, this lovely little neighborhood has a Staten Island Railway station--the New Dorp station (and they are installing elevators now at that station); and you will find lots of banks. New Dorp is also home to the only medical cannabis and CBD pharmacy or dispensary, BE, on Staten Island. The DiTommaso Real Estate office is in New Dorp!So, is O2 Beauty Spa…in fact O2 is the newest small business to open in New Dorp neighborhood--having just opened.We were involved in bringing O2 to New Dorp as we were realtors for the landlady and we then assisted Darren Wang, one of the owners of O2, in security the commercial space and getting started here.It was a pleasure for us as the owner and Darren were both a pleasure to work with and it resulted in a lovely new Spa in New Dorp! O2 has just recently celebrated its grand opening. During this time, 20% discount is being offered to customers and clients, so come and give O2 a try and enjoy New Dorp while you are here! ...

View on Facebook

TW on SI Real Estate is at Staten Island, N.Y.

1 month ago

PMI: PRIVATE MORTGAGE INSURANCE (PMI)For the first time home buyer or property buyer…it’s important to know and understand PMI…IF you were to put less than 20% down for a down payment to purchase a property, your mortgage lender is going to want--nay, will insist on, PMI. So, What is PMI? and, Why the 20% figure?PMI — private mortgage insurance — is a type of insurance policy that protects mortgage lenders in case borrowers default on their loans. Mortgage lenders believe that if they have at least 20% of the sales price of the property as down payment, even in the case of a default, they are not likely to lose money--the 20% will cover their exposure. However, if you put down less than 20%, the lender is likely to lose money in the event of a foreclosure. So, mortgage lenders then require someone not putting down at least 20% of the price of the property, to buy PMI so that in case of default, they will get 20%.That’s why mortgage lenders charge insurance on conventional loans with less than 20% down. Mortgage insurance covers that extra loss margin for the lender. If you ever default on your loan, it’s the lender that will receive a mortgage insurance check to cover its losses. PMI covers your mortgage lender, it does not cover or reward you in any way and yet, you are the one paying for it.While PMI isn’t cheap and it would indeed be an additional monthly expense along with your mortgage (and property insurance), it does give potential homeowners an opportunity to buy their first house with less than 20% down. Without mortgage insurance, many people would have to wait years to save up for a bigger down payment before buying a house. Those are years they could have spent investing in their home and building equity — rather than paying rent to a landlord each month.How much is mortgage insurance? Mortgage insurance costs vary by loan program. But in general, mortgage insurance is about 0.5-1.5% of the loan amount per year. So for a $500,000 loan, mortgage insurance would cost around $2,500-$7,500 annually — or $210-625 per month.Usually the annual premium is paid monthly as part and parcel of your mortgage payment. Cost of Mortgage Insurance by Loan Type Each loan type has a different mortgage insurance rate. So even for the exact same loan size, mortgage insurance costs could be very different depending on whether you got a conventional mortgage, FHA, VA, or USDA mortgage. Mortgage insurance is calculated as a percentage of the mortgage loan amount — not the home’s value or purchase price. Since annual mortgage insurance is re-calculated each year--as you are paying down your mortgage with your monthly payments, your PMI cost will go down every year as you pay off the loan. For FHA, VA, and USDA loans, the mortgage insurance rate is pre-set. It’s the same for every customer.Conventional PMI mortgage insurance is calculated based on your down payment amount and credit score. ...

View on Facebook

TW on SI Real Estate is in Staten Island, New York.

1 month ago

Rental properties are historically inflation fighting investments with lots of tax benefits and worth investors' serious considerations! ...

View on Facebook

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