Why are refinancing rates higher than mortgage rates?

Great question. Ace Watansuparp, Executive Vice President at Citizens Bank, has your answer.  All things equal, refinance and purchase have the same rates. But in a refinance boom with interest rates at an all time low, as we have now, two things tend to happen: 1) Refinance volume dramatically increases. Because purchase transactions have hard deadlines - closing dates, etc. - many times refinances can affect the banks ability to deliver the loans to meet those hard deadlines. Interest rates on a refinance slightly increase to dictate the amount of volume coming in relative to the banks capacity in order to maintain a high level of service on the purchase transactions. 2) We see lock-jumpers. When a client applies for a refinance it is not always guaranteed that the loan closes: – there could be appraisal issues where the value does not come in at the target value. – if rates … Read More.

How difficult will it be for me to find an apartment if I declare bankruptcy?

Question: How difficult will it be for me to find an apartment if I had to declare bankruptcy last year? Answer: The process can potentially be problematic for a renter who has filed a bankruptcy petition;  however one of our experienced agents may be able to show properties where the landlord will be understanding. In this connection, the potential renter needs to be prepared with a few items: 1. A reference letter from their current landlord representing they are good tenants; 2. A creditworthy guarantor to co-sign in the event they default with their rent payments; and 3. Additional security or pre-paid rent. De som skulle vara sublim bör ta en titt på balklänningar sålda Vi erbjuder ett brett utbud av balklänningar. Du kan välja färg, längd, stil, halsen, silhuett, etc. Känn dig fri att berätta din storlek och beställa en … Read More.

Who is responsible for the title search, buyer or seller?

Q: In a real estate transaction, who is responsible to get the title search done, the seller or purchaser?   Read More.

Can I live in one state and sell real estate in another?

  Q: Can you be a certified agent in one state but live in another? For example, certified in New York, but live in New Jersey or Pennsylvania?   Read More.

Can I rent an apartment under my corporation?

Q: I own a business and would like to rent an apartment under my corporation. Is this possible? Read More.

I am trying to determine the rate of appreciation of a co-op I owned on the Upper West Side

Q: I am trying to determine the rate of appreciation of a co-op I owned on the Upper West Side (82nd St) from the period 1998 – 2006, and then from 2006-2010. Do you have a resource which I could use as evidence in a divorce matter? Thank you. Read More.

I’m thinking of purchasing a home. What do I need to know about doing a title and lean search in order to protect myself as a buyer?

Q: I know that before you purchase a house, you should do a title and lien search to protect yourself as the buyer. What are the key factors to look for? What are some “red flags”? What parts of each search document are vital? What are the terms I need to know, their meaning, etc.? Please explain in simple detail… Thank you. Read More.

I haven’t paid my mortgage in over a year and just received a foreclosure notice. What can I do?

Q: I haven’t paid my mortgage in over a year and they just put a foreclosure letter on my door! I have tried to talk to the mortgage company and they will not help me…they told me to just do what I am doing. What can I do to resolve this? Read More.

Douglas Elliman manages my building. Can I use a credit card to pay my monthly maintenance?

Q: Can I pay monthly maintenance to Douglas Elliman, my building manager, using my credit card? Read More.

We’re being told that there’s an accepted offer on a short-sale property that we love, but I don’t believe that this is accurate information. How do we proceed?

Q: I found a short sale that we love, but the real estate office keeps telling us that there is an accepted offer on the property. If there was an accepted offer, then why would they drop the price on the property today? Is there any way around this real estate company? They aren’t being honest and I believe that someone in the office wants the property. Read More.