Buying Title Insurance Direct?
In the Your Money column by Ron Lieber in the New York Times on Oct 8, he writes:
“The title insurance companies are well aware that most people do not shop around for title insurance, even though it’s possible to do so — say through a Web site like entitledirect.com.”
Has anyone reading this forum used this company?
Here’s their link
http://www.entitledirect.com/
Cash-Out Refi of Primary Mortgage w/o Paying Off Equity Line?
I would welcome feedback from the knowledgeable members of this forum if the following refinancing scenario is possible, with an excellent credit score.
I will be contacting lenders soon but welcome input here.
I would like to do a cash-out refinance of my primary mortgage without paying off a low-rate equity line.
Is that possible?
Combining the amount of the primary mortgage and the secondary mortgage (locked-in equity line), I would not be borrowing more than 80% of my property’s value.
I want to do a cash-out refinance of the primary mortgage to pay off higher-rate credit card debt and a higher-rate investment property mortgage, and the bring down the rate on the primary mortgage.
The amount that I am seeking in the cash-out refinancing would allow me to take out a conventional loan – not a jumbo.
If I must also pay-off the equity line in this refinance, the amount of the new loan would require me to take out a jumbo loan – at a higher rate.
(In either case I will likely seek only a 30-year fixed loan).
So I would welcome feedback here if a cash-out refinance of a primary mortgage is possible without paying off the equity line on the property.
Thanks in advance for your replies.
High Effic Steam? Tax Rebates?
I hope Master Plumber and others on this forum will offer replies to these questions regarding an oil to gas conversion for a steam heating system.
National Grid current offers a $500 rebate in some zip codes for what it describes as high-efficiency steam boilers “with electronic ignition and 82%+ AFUE (Annual Fuel Utilization
Efficiency)†rating. Here’s the link:
https://www.powerofaction.com/mnyrgnaturalgasheating/
1) What models of steam boilers have electronic ignition and an 82%+ AFUE?
2) However, am I correct that IRS residential energy tax credits are available only for “a natural gas, propane, or oil hot water boiler or oil furnace placed in service after February 17, 2009, [with an] annual fuel utilization efficiency rate [of at least] 90?â€
Quotation above taken from Instructions for Line 3B of IRS Form 5695, Residential Energy Credits
3) Do any steam boilers/furnaces achieve an AFUE rating of at least 90%? If so, what models?
4) Or is it necessary to upgrade from a steam system to a hot water heating system to use a furnance with an AFUE rating of at least 90%?
5) To upgrade from a steam to a hot water system, must all the heating pipes and radiators be replaced? Or can the existing steam pipes and or radiators work with a hot water heating system?
6) If all the existing pipes and radiators must be replaced to upgrade from a steam to a hot water system, is there any way to roughly estimate that cost by square footage of the residence, or number of rooms, or number of existing radiators?
7) As with so many of these calculations, the question seems to come down to upfront costs vs long-term savings. Is there anyway to estimate the comparative costs of a) a new steam boiler of 82% AFUE used with existing pipes and radiators vs. b) a new hot water boiler of 90% AFUE with new pipes and radiators? I recognize that the latter would provide the greater savings in the long term.
As always, I appreciate the feedback from the members of this forum that helps so many Brownstoners.
Legally Taking In A Boarder?
What city agencies would be involved or what regulations apply if a single/family homeowner seeks to rent a room to a boarder as a roommate? This would assume shared access to all living areas and no structural changes to the home.
Basem’t Rental, Code Questions
The basement level of our s/f home is partially above grade with front and rear access, front and rear windows, and an existing bath with toilet and shower.
We are in a two-family zone.
Does NYC code allow such a space to be converted into a legal rental?
What are some of the key issues in terms of ceiling height, separation of heating unit from living area, etc?
I welcome any feedback from the architects or contractors on this forum.
Oil/Steam Pressure Questions
A few questions regarding the pressure on an oil-fired boiler for a steam heat system in a single family house.
As always, Master Plumber, input from you and others on this forum is very appreciated
1) Am I correct that the gauge reading “internal syphon” measures the pressure in the system?
2) What should be the correct range of pressure showing on this gauge
3) If the pressure rises above this range, what does that indicate?
4) Does a reading of 4-5 present a danger?
Thanks in advance for your replies
Oil to Gas Conversion: Questions
I hope answers to these questions, from Master Plumber and others on this forum, could guide us and anyone else considering an oil to gas conversion.
We’re looking at such a conversion this spring for the steam-heat system in our 1914 attached, single-family brick house .
1) How does a plumber determine the size of the gas furnace needed? What should I expect them to check during a visit to provide an estimate?
2) How does a plumber determine if a chimney liner is needed with a new furnace? If a new liner is needed, should the property owner first contract with a chimney specialist to have this work done?
3) Since the conversion will likely requirement some movement of asbestos covered pipes connected to the existing boiler, should a property owner first contract with an asbestos-abatement specialist to remove the pipe wrapping, before working with a heating contractor?
4) Can the plumbing contractor also remove the un-needed oil tank? Or, again, should an owner contact a separate company for this work after the oil line is disconnected.
5) Should a plumbing contractor be responsible for any necessary permits and/or contact with Keyspan aka National Grid?
6) In this house, the existing oil burner is partially enclosed in a closet constructed of wood-frame and gypsum board. The front of this closet is fully opened, allowing the face plate of the oil burner to be removed for cleaning and maintenance. Am I correct that such an enclosure now violates the NYC building code? Does the owner need to remove this enclosure before contracting with a plumber?
7) How can an oil furnace be enclosed in a basement that may be used in the future as a living area? Does the furnace require specific clearances on ALL sides either for maintenance access and/or building code requirements? Are removable metal screens (such as larger version of radiator covers) an option to enclose the furnace?
Thanks in advance for your replies.
May 21, 2012 | 02:16 PM