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What to Know about Loan Servicers

Posted by Melvin Monachan | Dec 10, 2018 | 0 Comments

If you have purchased a home, you likely obtained a home loan through a lender in order to fund the purchase. While you may think that this means you will pay the lender for the life of your loan, this is oftentimes not the case. The servicing of many loans is dealt with by a loan servicer, who i...

Is a Home Equity Line of Credit Right for Me?

Posted by Melvin Monachan | Nov 28, 2018 | 0 Comments

No matter the circumstances, there may come a time where you need additional funds to pay for whatever life throws your way. Whether you need to pay for repairs to your home or want a safety net to cover unanticipated expenses that may occur down the road, a home equity line of credit may provide...

Understanding Escrow Accounts

Posted by Melvin Monachan | Nov 15, 2018 | 0 Comments

If you are in the process of obtaining a home loan to purchase a new home, your monthly mortgage payment will likely have a great deal of influence on the home that you choose--if you can't comfortably pay the mortgage payment, then you likely won't choose to purchase the home. It's important to ...

Force-Placed Insurance

Posted by Melvin Monachan | Oct 29, 2018 | 0 Comments

Homeowner's insurance is a concept that is familiar to almost everyone who owns their home--most homes are covered by such insurance. The vast majority of the time, homeowners choose their own insurance carrier and policy, even if their insurance payment is escrowed in a mortgage. Sometimes, howe...

Is an Adjustable Rate Mortgage Right for You?

Posted by Melvin Monachan | Sep 26, 2018 | 0 Comments

The home-buying process is a nerve-wracking experience, and obtaining a loan to purchase your home isn't much easier. Multiple times of loans exist in the world of home lending, and it's important to choose the type of loan that is right for you. In some cases, an adjustable rate mortgage (ARM) m...

Common Underwriting Crises and How to Avoid Them

Posted by Melvin Monachan | Sep 19, 2018 | 0 Comments

If you are in the process of shopping for a home in New York, your purchase may hinge on your ability to obtain a mortgage. While virtually anything can cause a loan to go south, several pitfalls occur more frequently than others in the underwriting process which can be detrimental to your abilit...

Self-Help Evictions: What to Do if You Are a Victim

Posted by Melvin Monachan | Sep 17, 2018 | 0 Comments

Most residents in New York state--and especially in New York City--lease or rent property due to the astronomical costs of purchasing a residence and the high demand for a place to live. Unfortunately, this can mean dealing with a difficult landlord. If you are dealing with the wrath of a rogue l...

Common Reasons to Refinance Your Mortgage

Posted by Melvin Monachan | Aug 10, 2018 | 0 Comments

When you enter into a mortgage to purchase your home, you enter into a contract that can last for decades. This does not necessarily mean that you have to stick with the same home loan until your home is paid off, however; if you are unhappy with certain aspects of your mortgage, refinancing your...

The Role of a Buyer's Closing Attorney

Posted by Melvin Monachan | Jul 24, 2018 | 0 Comments

While purchasing a home is an exciting time in one's life, the process can also be extremely stressful. Contracts must be executed, the title must be checked, loan documents must be signed, and proceeds have to be delivered to the right people. Although a lawyer's assistance in a real estate clos...

Choosing the Right Real Estate Agent

Posted by Melvin Monachan | Jun 28, 2018 | 0 Comments

A real estate agent can be an invaluable asset in the real estate process, whether you are buying a home or selling one. You and your agent will likely spend a lot of time with each other during this process, and your sale or purchase can hinge on your agent's ability to perform well. It can make...

The Do's and Dont's of Applying for a Mortgage

Posted by Melvin Monachan | May 24, 2018 | 0 Comments

Being approved for a home loan can often be the deciding factor on whether you are able to purchase a home. If you are in the market for a home, there are several actions which are critical in the mortgage application process, as well as several things which you should refrain from doing to give ...

Partition Actions Explained

Posted by Melvin Monachan | May 24, 2018 | 0 Comments

If you are a joint owner of a parcel of property in New York, you may find yourself at odds with the other owner or owners of the property. One owner may wish to live in or on the property, while other owners may wish to sell the property and split the proceeds of the sale. What does one do when ...

The Do's and Don'ts of Screening a Potential Tenant

Posted by Melvin Monachan | Apr 27, 2018 | 0 Comments

A landlord's dream is to find a tenant who will keep the rental property in good condition, pay rent on time, and not create any disturbances for other neighbors. Good renters can be hard to find, though, so it is important to conduct a thorough screening process for any potential tenant to whom ...

Status of Rent Controlled Apartments in New York

Posted by Melvin Monachan | Apr 27, 2018 | 0 Comments

Rent control is a program that places limits on the amount of rent that the owner may charge and imposes restrictions on the process of eviction. The program is only applicable to units built prior to 1947 in certain New York localities and is not to be confused with rent-stabilized apartments—a ...

An Overview of Title Insurance

Posted by Melvin Monachan | Apr 26, 2018 | 0 Comments

Oftentimes, people imagine the real estate closing process as an hour-long meeting filled with seemingly endless paperwork to be signed. The signing process is only a step in the real estate closing process. Equally as important to a real estate closing is the title examination, which is meant to...

Tenant Screening Laws in New York City Housing

Posted by Melvin Monachan | Mar 15, 2018 | 0 Comments

Roughly 35% of the U.S. population resides in rental housing while in New York this figure is approximately 24%. New York City is among the most costly cities to purchase or lease residential property with the median rent price of $1,830 for unregulated units in 2016. The city has managed laws re...

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