Interest-Only Co-Op Refi?


Our coop needs to refi our underlying mortgage. We are considering an interest-only mortgage as a way to pay for urgent and expensive building repairs without having to raise our maintenance, which is already problematically high. Does an interest-only underlying mortgage look bad to potential buyers & their lawyers + banks? We don’t want this to adversely affect future sales.

Categories: Mortgage
By dpbuyer | 06/19/2009 11:14 AM | Comment

Think he’s been reading Brownstoner?


Anyone else catch Ian Frazier’s hilarious piece in the New Yorker this week? It’s a send-up of a couple who’ve bought the state of Wyoming “as a teardown.”

http://www.newyorker.com/humor/2008/03/10/080310sh_shouts_frazier

Categories: Renovation
By dpbuyer | 03/06/2008 3:57 PM | Comment

re-grouting?


I am moving into an apt. where the previous owner opted to put white tiles in the bathroom with dark grey/blue grout. I’m not a fan of this look. Can I put white grout on top of the current grout, or is it more complicated than that?

By dpbuyer | 02/23/2008 2:33 PM | Comment

Threshold for Mortgage Insurance?


I was thinking of putting 15% down on a place I want to buy, but a friend just told me that anything less than 20% would trigger mortgage insurance. Is this true? I have good credit, no debt, overall good finances, etc.

Categories: Real Estate
By dpbuyer | 10/16/2007 1:57 PM | Comment

Down Payment Gift Question


I am a first-time apt. buyer who is fortunate to be getting help from my parents in the form of a gifted down payment.

My parents have the intended gift in an investment account of their own, and were planning on keeping it there until I need it (presumably so it can keep earning money).

My question is, at what point do I need to have immediate access to these funds? Should I have this money in my account before I make an offer on a place? I understand that if my offer is accepted I will have to put 10% down upon signing a contract. How fast does this happen? Will I need access to those funds the same day?

Thanks.

Categories: Real Estate
By dpbuyer | 10/11/2007 6:01 PM | Comment