Introduction

In New York City, how you get around affects pretty much your whole day, from starting fresh in the morning to crashing tired at night. It’s way more than traveling between spots; it’s deeply connected to your living situation. 

I’ve watched so many people get excited about a great apartment, just to find out that long walk to the subway makes their daily grind a total drag. In a tough market like New York City’s, focusing on places that make commuting easier can totally change things for the better. 

Let’s dive into some tips on spotting a home that makes getting around feel effortless. 

The Golden Rule: Proximity is Everything 

Picture landing a gorgeous apartment only a short 10-minute walk from the train, but believe me, that distance drags on forever amid January’s icy rain or July’s sticky heat. 

Try to find something within 2–3 blocks of your go-to station. That little buffer can turn a rushed, sweaty dash into a relaxed jaunt, setting a better tone for your whole day. 

Subway vs. Bus: Knowing Your Options  

The subway pretty much runs the show for getting across town fast, but buses are worth considering too, they pick up where the tracks leave off. Wrapping your head around using either one can expand your options when looking for a spot to live and cut down on the hassle. 

• Subways shine for longer hauls, cutting across boroughs with speed. They’re direct, but yeah, some lines have their quirks, always peek at those service updates to avoid surprises. 

• Buses, meanwhile, handle those quick jaunts or areas where trains skip right by. They hit more stops along the way, give you a real feel for the streets, and prove super useful in the quieter hours.

Traffic might bog them down sometimes, making them less speedy overall. 

Scoring a home near both a solid subway stop and a key bus route? That’s the sweet spot, giving you backup plans for whatever the city throws your way. 

Key Questions to Ask When House Hunting  

Sure, you’ll grill the broker on rent and space, but don’t skip the commute intel. Here are some must-asks to gauge if the location clicks: 

• What subway lines are within easy reach? 

• Is the closest station a starting point,  or a big transfer spot? 

• How far’s the walk to the nearest bus hub? 

• Any Citi Bike docks around here? 

 And hey, back it up with your own sleuthing. Apps like Google Maps or Citymapper let you test out routes at peak times, so you’re not guessing. 

A Good Commute Is a Good Investment 

Landing an easy, no-fuss ride to your job or errands frees up chunks of your time each week and dials down the daily tension. 

It doesn’t jump out as a top priority right away, but here in the city, it really amps up your overall routine. Prioritizing transit access is one of those quiet smart moves that pay off big. 

When you’re all set to start looking, the folks at Elite Properties NY have got the expertise to help you buy a home that matches your vibe perfectly. 

Frequently Asked Questions

Question: How can I pick the top subway lines for my daily trips?
Answer: Begin by plotting out where you go every day, like your job, the gym, or hangout places. Tools like the MTA app or Citymapper can simulate trips and highlight reliable lines. Also, chat with locals or your real estate agent for real-world tips on delays or crowds. 

Question: Are buses really a good alternative to the subway?
Answer: You bet, particularly out in the farther neighborhoods or when you’re crossing town. They tend to be less packed and run more often in certain spots. Keep an eye on the traffic flow though; those express routes are often a real find for jumping ahead. 

Question: What’s the extra cost I should expect for a great commute spot?
Answer: It varies depending on the neighborhood, but figure on paying 10–20% more in buzzy areas such as Manhattan spots or Brooklyn hotspots. Think about the time and calm it buys you, usually a good deal. 

Question: Can Citi Bike really help with my commute?
Answer: Yep, for that last mile or when trains are down. Peek around for bike stations close to the pads you’re eyeing; it’s a low-cost, sensible extra for rounding out your trips. 

Conclusion:

All things considered, your spot in NYC goes way beyond being a simple shelter, it’s basically your own portal into the nonstop buzz of the town. Having strong connections to public transport as a key focus in your apartment quest paves the way for simpler routines, fewer irritations along the way, and extra moments to soak up the distinctive flair that makes this city stand out. 

Doesn’t matter if you’re drawn to those charming Brooklyn row houses or the tall buildings downtown, putting thought into this stuff brings real rewards over time. 

Ready to find your ideal spot? Head over to Elite Properties NY, we’re here to guide you every step of the way. 

The 2025 Reality Check 

New York’s housing scene is still walking a tightrope. Median asking rent has bumped past $3,500, a 6.7 percent jump in a year. The average 30-year fixed mortgage now hovers in the low-6 percent range, nearly a point cheaper than this time last year. Yet with few listings to choose from, sellers are holding firm on prices. Before you blitz every buy house in New York ad or scroll through endless houses for rent, pause and decide which path truly fits your wallet, daily routine, and five-year outlook. 

How 2025 Changed the Math 

Sky-high rents have almost erased the gap between a lease payment and a mortgage bill. Softer interest rates are luring new buyers, even if closing-cost sticker shock still stings. Modest bumps in property taxes and HOA fees are keeping owners’ monthly expenses from ballooning. Month to month, buyers and renters often pay similar sums; the real split is flexibility versus long-term wealth. 

When Buying Makes Sense 

• You will stay at least five to seven years. Transfer tax, lender charges, and legal fees can nibble away at early equity. 

• Put down about fifteen percent or more so your monthly outlay stays close to area rents and you avoid PMI. 

• You want control, whether that’s painting a wall flamingo pink or adopting a Great Dane. 

• Equity matters. Brooklyn brownstones still average 4–6 percent annual appreciation, building real wealth over time. 

• With those boxes checked, a fast purchase through Elite Properties NY can lock in today’s rate before spring demand spikes. 

When Renting Wins 

• Career mobility. Wall Street today, Austin tomorrow, rent keeps exit costs minimal. 

• Lower upfront cash. First month, security, and broker fee beat a 20 percent down payment. 

• Zero maintenance headaches. Midnight boiler issues belong to the super, not you. 

• Neighborhoods test-drive. Love Williamsburg at 26? You might prefer Forest Hills by 30. 

• A flexible lease on a home for rent in New York lets you recalibrate if life changes quickly. 

Quick Scenario Comparison 

Personal Priorities Checklist 

• Do I have a six-month emergency fund after closing, or after paying the first rent check? 

• Will my job and target neighborhood remain stable for three years? 

• Am I ready for surprise costs like roof repairs or assessments? 

• Does wealth building outweigh the freedom to relocate on short notice? 

• Can I live with roommates longer to save for a down payment? 

• More “yes” answers on the ownership side? Buying likely wins. More on the flexibility side? Renting probably rules, for now. 

Conclusion 

Buying a place locks you into one neighborhood while boosting your savings with each payment, but renting gives you the freedom to pack up and go with lower regular expenses. Ask yourself how long you’re planning to stay and how many curveballs you can catch. Once you’ve got your goals straight, figure out your finances, draft a game plan, and team up with a reputed New York Real Estate Firm, whether you’re looking to buy home or a rent one in New York, to skip the costly hiccups and maybe even have a good time in the process. 

Introduction 

Selling your house is a big deal, it’s not just about the money, but all the memories tied to it. If you’re in New York thinking, “Should I sell now?” You’re not alone. The market here is a wild ride, shaped by the economy, buyers, and your own life. At Elite Properties NY, we’re here to help. We’ll share some insights on when to sell, guide you through the process, prove why cash buyers like us keep it fast and smooth, and handle any questions you throw our way.  

What is the current state of New York’s housing market? 

Right now, everything from mortgage rates to neighborhood demand, and the bigger economic picture, is mixing things up. In Brooklyn and Queens, plenty of buyers are still hunting, while other neighborhoods are a bit quieter, partly because of the season or local money concerns. 

Before selling, think about: 

• Neighborhood Vibe: If houses nearby are selling quickly, you could get a higher price. But if the market feels a little sluggish, exploring cash offers might be smart. 

• Your Situation: You might be dealing with foreclosure worries, relocating, downsizing, or owning an inherited place you don’t really want. 

• Home Condition: If repairs are on your mind, selling as-is to a cash buyer can spare you the expense and hassle. 

From Manhattan to Long Island to Upstate, Elite Properties NY tailor a plan for you. 

The Traditional Home Selling Process 

Selling the old-school way can feel like a second job, especially if your home needs work. Here’s the deal: 

• Fix It Up: Clean, declutter, stage, and maybe shell out for repairs to wow buyers. This can drag on for weeks. 

• Get a Realtor: They list your place, drum up interest, and line up showings. In New York,1–3%  expect 5% to 6% in commissions. 

• Open Houses: Having strangers walk through at all hours can disrupt your daily routine and keep you tidying up endlessly. 

• Negotiate Offers: Deals can fall apart over inspection results or financing hiccups, sometimes stalling things or stopping them altogether. 

• Closing: The closing phase can run anywhere from a month to three months, and you’ll usually pay another 2–3% in closing costs. 

For many New Yorkers, this is a headache, especially if time or cash is tight. That’s where cash buyers like Elite Properties NY come in handy. 

Why Choose a Cash for Home Buyer? 

If you’re thinking, “I really need to sell my house quickly,” a cash buyer can be the answer. At Elite Properties NY, we buy houses directly, as-is, across NYC, Long Island, and beyond, all for cash. 

 We can close in a week, not the 60-day traditional sales average in New York. No showings, no open houses, no back-and-forth. We take homes in any shape, worn out, empty, with tenants, or facing foreclosure. Got junk you don’t want? Leave it, we’ll deal with it. 

We cover all closing and legal costs, so no fees or commissions. In a rush? We can close in days. Need time? We’ll pick a date that fits, even months out. Cash offers usually land at 60-85% of market value due to speed, but we strive for fairness based on your home and area. We’ve been a trusted name since 2009. 

When Should You Sell? 

Still on the fence? The answer often ties back to what’s happening in your life right now. 

• Money Troubles: If you’re behind on payments or foreclosure feels close, a quick cash sale could help clear what’s owed so you can move on. 

• Moving or Downsizing: Got a new opportunity or thinking of scaling down? We can keep it simple and work around your schedule. 

• Inherited Homes: If you’ve come into a property you don’t need, we’ll buy it exactly as it is, no fixing or cleaning required. 

• Fixer-Uppers: Old roof, outdated kitchen, or other headaches? Sell as-is and skip the renovation costs. 

If your home’s in good shape and you’ve got time, a realtor or FSBO might get you more, but it takes patience and upfront effort. 

How Elite Properties NY Works 

Since 2009, we’ve kept selling simple. Here’s how: 

• Contact Us: Call 917-722-1272 or fill out our website form with your details. 

• Home Visit: We’ll check your place and give a no-pressure cash offer in 24–48 hours. 

• Accept the Offer: Like it? We handle paperwork, and you’ve got three days to back out. 

• Close Your Way: Pick a date, next week or months out. We manage it all, and you get cash. 

Other Selling Options 

Cash deals are quick, but they’re not the only game in town. You could also look into: 

• Realtor: If your property is move-in ready, an agent may help you get top dollar, but expect to pay commissions and wait longer. 

• FSBO: Selling on your own cuts out the agent’s fee, though you’ll handle marketing, showings, and negotiations. A flat-fee MLS can help get your listing noticed. 

Choosing a Trustworthy Cash Buyer 

Not all cash buyers are the same, so check carefully: 

• Check Reviews: Past client feedback tells you a lot. 

• Avoid Lowballs: If you see offers far under 50–70% of value, think twice and shop around. 

• Ask Questions: We’re happy to talk through every step so you know what to expect. 

FAQ – What People Often Ask 

1. Any fees or commissions?
   No. We cover all legal and closing costs, so what we offer is what you take home. 

1. Can I sell if I’m in foreclosure?
   Definitely. A fast cash sale can help pay off debt and move forward. 

1. What properties do you buy?
   Pretty much any residential property, houses, condos, multi-family buildings, empty or tenant-occupied, across New York. 

1. Is Elite Properties NY trustworthy?
   Absolutely. We keep every step transparent, explain your options up front, and put everything in writing so you know exactly what to expect.

Conclusion 

Selling in New York’s fast 2025 market depends on your situation, timing, and property condition. If you’re looking for a quick, stress-free sale without repairs or hidden costs, Elite Properties NY is ready to help. Since 2009, we’ve offered fair cash deals and flexible closings to fit your timeline. Thinking about making a move? Call 917-722-1272 or check out our website for a free, no-obligation cash offer. We’ll handle the details so you can look ahead. 

Disclaimer: This article shares general information only. For financial, tax, or legal guidance tailored to your situation, it’s always smart to speak with a qualified professional. 

Buying a house in foreclosure may save you a lot of money, but it’s not the only thing that these properties offer. Foreclosures can be an ideal option for investors who are looking to fix properties and sell them for better profits. Although, it’s vital to know that foreclosures come with drawbacks. If you’re considering buying a foreclosed property make sure to do thorough research. Scroll down to read our blog on ‘A Guide to Buying a House in Foreclosure.’

Types of Foreclosure Sale

There are five types of Foreclosure sales: 

1. Pre-Foreclosure

Property is in pre-foreclosure when the mortgage lender has notified the borrowers they are in default, but before the property is offered for sale at auction. If a homeowner can sell during this time, they may be able to avoid an actual foreclosure proceeding and its negative effect on their credit history and future prospects.

Pre-foreclosures are typically listed in county and city courthouse buildings. In addition, many online resources list properties that are in the pre-foreclosure phase.

2. Short Sales

A short sale happens when a lender agrees to accept less money for a property than what is still owed on its mortgage. Borrowers don’t necessarily have to be in default for a lender to agree to a short sale, but usually, the borrower does need to show some kind of financial hardship that would likely lead to default, like the loss of a job.

3. Sheriff’s Sale Auctions

A sheriff’s sale auction is held after the lender has given the borrower notice of default and a grace period to catch up on mortgage payments has passed. The purpose of the auction is to help lender recoup their losses quickly from a loan that is in default.

4. Bank-Owned Properties

If a property doesn’t sell at auction, it goes back to the bank and becomes an REO. Banks usually have a department that manages these properties. You can find these properties online on websites like Elite Properties.

5. Government-Owned Properties

If a home is purchased with a loan that is backed by the federal government, such as an FHA or VA loan, and then goes into foreclosure, the government will seize the property and hire a broker to sell it.

Buyers interested in purchasing a government-owned property must work with a registered broker. The U.S. Department of Housing and Urban Development (HUD) has a list of registered brokers on its website.

Causes for a Foreclosure

There are multiple reasons why homeowners fall into foreclosure. One of the most common reasons for foreclosure is a job loss or unemployment. Other reasons why people fall behind on mortgage payments include debts, marital issues, or illnesses. Also, homeowners during a foreclosure may fall into a low-to-moderate-income category that may cause trouble within the job.

As everything has its pros and cons, buying a foreclosure home is not left behind. Below are some pros and cons to consider when it comes to buying a foreclosed property.

Pros of Buying A Foreclosure House

1. Low Prices

The most prominent pro of buying a foreclosure home is its price. As the homes are priced below their market value they can be an easy catch for investors or buyers. Furthermore, foreclosures can offer a ton of savings. Sourced from the balance, according to the real estate data aggregator ATTOM Data Solutions the worth of a foreclosed property over the past five years has ranged from $93,000 to $166,000. 

2. Quick Closing Process

Comparatively, the average foreclosure process typically closes in 30 days as it’s a quick process. Although, till October 2020 the process took an average amount of 54 days from start to finish.

3. Investment Opportunities

A foreclosed property is a way to earn a good profit. Rehabilitating a house by doing a few adjustments can help in establishing a lot of value and gaining immediate equity. If you’re an investor who wants to flip the property for bigger returns then buying a foreclosure house is an ideal investment choice. With the right upgrades and improvements, you can gain a lot of value for an average home.

Cons of Buying A Foreclosure House

1. Multiple Repairs

As a foreclosure property requires selling as-is, this often relates to the that the property will need serious improvements. These houses need a lot of upgrades as the previous owner fails to maintain the house due to pricey repairs. Hence, if you are someone moving into a foreclosure property you will probably need to spend a lot of money on basic fixture improvements.

2. You May Not Get To View Or Inspect The House Before Buying The House

Foreclosure houses are sold on an as-is basis hence, there is hardly any chance for buyers to view the property. Additionally, you may not even get the chance to professionally inspect the property before submitting your bid. As these are some important points they can be deal breakers for many potential buyers. Also, you don’t have any access to the property before buying it. This means you can’t enter the property, and only look at the exteriors which are the windows and walls.

3. Competitive Market

Buying a foreclosure property comes with vying, there are several people looking to buy a property for cheap. The inventory can go out quickly as soon as the property is listed. Also, due to the pandemic where everything is online and people willingly avoid human interaction, the inventory goes out faster. The mortgage relief efforts during 2020 limited the amount of foreclosed homes hitting the market which created more competition.

4. It May Require a Huge Amount Of Cash

Keeping rehab costs aside, a buyer may require some upfront cash while buying a foreclosure home at an auction. Usually, at such events, buyers may have to bid in cash. Although, if you’re not bidding at such events for a foreclosure property and have good credit you may still bag financing.  

Monetary assistance for homebuyers

USDA Loan Program – 

There are two programs that the United States Department of Agriculture offers in order to help those with low or very low income who live in rural areas. The first program is called the Section 502 Direct Loan Program and the second is known as the 504. Both programs work to help these individuals obtain safe and decent homes.

The Section 502 program helps low-income or very low-income citizens pay for loans used to buy a modest residence in a rural area.

The Section 504 Single Family Repair program offers loans to very low-income people in rural areas who cannot get bank financing. Elderly people may be eligible for outright grants.

Veterans Administration Loan Program

The federal Veterans Administration has a mortgage guarantee program that is open to current service members, veterans, and surviving spouses. According to Military.com, the loans can be used to buy repossessed properties, although a bit of advance preparation is needed.

This program provides benefits that include zero down-payment loans, reduced closing costs, and a waiver of the mortgage insurance requirement to those who qualify.

Purchasing a Foreclosed Home

If you’re looking to purchase a property from a bank, it’s important to remember that you’ll need to be firm when it comes to negotiating prices. It never hurts to start low, especially if the bank has had the property for an extended period of time. In general, it’s a good idea to make an initial offer that’s at least 20% lower than the market price. However, this number could be higher depending on the location of the property, as areas with a high number of foreclosures often result in more favorable prices for buyers.

If you’re able to pay for the property and any necessary renovations completely with cash, you’re lucky. That’s why some buyers choose to team up with investors who can help finance the purchase and renovation, and in return, take a share of any profits when the home is eventually sold.

Bottom Line

When you consider buying a house in foreclosure it can result in potential savings. Although, it surely comes with a bunch of risks to deal with. Furthermore, if you think the home selling process will take a toll on your head, you may sell your house for cash. You can get in touch with Elite Properties. We are a cash buying company helping people to buy or sell houses. We buy houses as-is and offer hard cash in return. Call us today at 718-977-5462 to know more.

Private Mortgage Insurance (PMI) is a policy that protects the lender or the lending institution if you fail to repay the loan. PMI covers a part or all of the remaining mortgage, the borrower pays for the policy while the lender benefits. Like other insurance policies, private mortgage insurance comes with an annual premium, and sometimes it also has an upfront premium too. If you want to dive in deep about knowing PMIs, then read our blog ‘Everything To Know About A Private Mortgage Insurance ‘.

What is Private Mortgage Insurance?

Private Mortgage Insurance assures the lender that the loan will be paid, having such a policy helps borrowers to qualify for a loan that they eventually wouldn’t have qualified for. This insurance is mandatory if you pay less than a 20% down payment on a purchase.

In some cases, lenders may allow you to make a down payment of less than 20% without PMI although these loans may have steeper interest rates.

1. How Does Private Mortgage Insurance Work?

Similar to other insurance policies, you pay premiums to cover any unforeseen damages due to unfortunate situations. In such instances, the insurance company is liable for paying the outstanding loan if you find yourself incapable of doing it. Lenders contemplate that it is more likely to happen if you have less of an ownership stake in the property.

2. Private Mortgage Insurance vs. Mortgage Protection Insurance

Private mortgage insurance (PMI) is different from Mortgage Protection Insurance (MPI).  Mortgage Protection Insurance won’t pay off the whole outstanding balance of your loan if you default. Although it may still make some payments if you fall victim to uncertain situations like job loss, accidents that led to disability, or any kind of serious illness.

Here are some more insights into both PMI and MPI to help you understand better –

Private Mortgage Insurance

• A PMI insures against a complete default on the loan
• It protects the lender in unforeseen circumstances
• It pays in the event of foreclosure

Mortgage Protection Insurance

• An MPI only covers a chunk or some missed mortgage payments
• An MPI protects the borrower in catastrophic events
• May pay in the event of the borrower’s death
  
  

PMI Example

Private mortgage insurance (PMI) is an additional cost that homebuyers may need to pay if they have a down payment of less than 20% of the home’s value. For instance, if you purchase a $300,000 home with a 10% down payment, you could be paying between $1,500 to $3,000 per year in PMI. 

To make it more manageable, this cost is typically divided into monthly payments, which could range from $125 to $250 per month in this example. It’s important to factor in PMI when budgeting for your monthly mortgage payments.

Factors Influencing PMI

Amount of Down Payment

When buying a home, the amount of your down payment can have a big impact on your mortgage payments and PMI (private mortgage insurance) costs. If you make a smaller down payment, your lender may see you as a higher risk and charge you more for PMI. This can also lead to higher monthly mortgage payments and a longer time before you can cancel PMI. However, even if you can’t afford a 20% down payment, putting down more money upfront can help lower your PMI costs and save you money in the long run.

Credit Score History

When applying for a loan, your credit history is an important factor that lenders consider. They will review your credit score to determine how reliable you have been in repaying borrowed money in the past. 

A higher credit score indicates that you regularly make payments above the minimum amount, borrow within your means, pay bills on time, and avoid maxing out your credit limit. This demonstrates that you are a responsible borrower and may result in lower PMI premiums. 

However, if your credit score is lower, lenders may view you as a higher risk borrower and charge higher PMI premiums. It’s important to maintain a solid credit history to increase your chances of being approved for a loan and receiving favorable terms.

Type of Loan

The type of loan you choose can impact the amount of private mortgage insurance (PMI) you’ll have to pay. 

Fixed-rate loans offer less risk because the interest rate remains the same, resulting in consistent mortgage payments. This lower risk can lead to a lower PMI rate, potentially reducing the amount you need to pay. 

On the other hand, adjustable-rate mortgages (ARMs) can bring more risk because the interest rate can fluctuate based on the market, making it harder to predict future mortgage payments. This could result in a higher PMI rate. 

However, ARMs often have lower initial interest rates, allowing you to pay more toward your principal and build equity faster, potentially reducing the amount of PMI you need to pay. 

Your lender can guide you through different loan options and help you determine how much PMI you should expect to pay.

How to Avoid Borrower Paid-PMI?

If you’re a home buyer looking to avoid paying borrower-paid PMI (BPMI), there are a few strategies you can consider. 

One option is to make a larger down payment, as PMI is typically required for loans with a down payment of less than 20%. 

Another option is to look into lender-paid PMI (LPMI), where the lender pays the PMI premium but may charge a slightly higher interest rate. 

Finally, you could consider a piggyback loan, where you take out a second loan to cover the down payment and avoid PMI altogether.

1. Make a Large Down Payment

If you’re looking to avoid paying Borrower-Paid Mortgage Insurance (BPMI) on your home, consider making a large down payment of at least 20%. This will not only help you avoid BPMI altogether, but it will also give you more equity in your home from the start. Alternatively, if you already have BPMI and have reached 20% equity in your home, you can request to have it removed. And once you reach 22% equity, BPMI is often removed automatically.

2.  Apply for FHA & USDA Loan

If you’re looking to avoid private mortgage insurance (PMI), you may want to consider taking out an FHA or USDA loan. 

However, it’s important to note that these loans come with their own form of mortgage insurance. For FHA loans, this is known as mortgage insurance premiums (MIP), and for USDA loans, it’s guarantee fees. These fees typically last for the life of the loan, unless you have an FHA loan with a down payment or equity of 10% or more, in which case you’ll only pay MIP for 11 years. Ultimately, these fees will be in place until you pay off the house, sell it, or refinance.

3. VA Loan can help you

If you’re a veteran or active-duty service member looking to buy a home, taking out a VA loan may be a great option for you. Unlike other loans, VA loans don’t require mortgage insurance. Instead, they have a one-time funding fee that can be paid at closing or added to the loan amount. 

The size of the funding fee depends on factors such as your down payment or equity and whether it’s your first or subsequent use of the loan. It can range from 1.25% to 3.3% of the loan amount. 

However, if you’re a qualified surviving spouse or receive VA disability, you may be exempt from paying the funding fee. Additionally, if you’re refinancing with a VA Streamline loan, the funding fee is always 0.5%.

4. Piggyback Loan

If you’re looking to avoid paying private mortgage insurance (PMI) on a conventional loan, a piggyback loan may be an option to consider. With this approach, you make a down payment of at least 10% and take out a second mortgage, such as a home equity loan or line of credit, to cover the remaining amount needed to reach 20% equity on your primary loan. 

If you take a second mortgage, you will have to pay it back with a higher interest rate. This is because if you can’t pay back your loans, your first mortgage will be paid first. Make sure to check if this will save you money or if it’s better to just pay the PMI.

How to Avoid Lender Paid PMI

If you’re looking to avoid lender-paid private mortgage insurance (LPMI), there are a few options available. 

One option is to pay your entire PMI upfront at closing, which won’t require a higher interest rate. However, keep in mind that with LPMI, your payments are made as a lump sum upfront, so it’s impossible to cancel it. 

Another option is to go with borrower-paid PMI (BPMI), which may be cheaper depending on the mortgage insurance rates at the time. With BPMI, you’ll pay a monthly premium until you reach at least 20% equity. While you can’t completely avoid paying for PMI with less than a 20% down payment, these options can help you save money in the long run.

The Pros and Cons of Private Mortgage Insurance

To begin with, there are both advantages and disadvantages of PMIs. Although, it can make it easier for you to qualify for a loan. PMI lowers the risk you present to the lender. A PMI gives you more buying power as it lowers the down payment that you are required to make every time. It can also act as an aid when you’re short of funds.

A primary drawback of PMI is that it increases the monthly mortgage payments and sometimes the closing costs too. Furthermore, PMI payments are no longer tax deductible. Although, you may be able to write off premiums on a loan taken out before 2017 (based on your income and the terms of the mortgage). Additionally, mortgage insurance has one more downside. It only protects the lender in case you default. It absolutely offers no protection to you (the borrower) if you lag behind in repayments.

1. Pros of PMI

• It enables you to qualify for a mortgage loan
• Allows you to make a smaller down payment
  
  

2. Cons of PMI

• It may increase the monthly payments
• Can increase the closing costs
• It provides no protection to the borrower
• The premiums are not tax-deductible

Reasons for Cancelling PMI (If you already have it)

There are several reasons why you may want to cancel your private mortgage insurance (PMI) if you already have it. 

• One reason is if you have reached 20% equity in your home, regardless of whether you made extra payments towards your principal. 
• Another reason is if you have made significant improvements to your home that have substantially increased its value. If your loan is owned by Fannie Mae, you must have 25% equity or more, while the Freddie Mac requirement is still 20%. 
• You can also request removal of your mortgage insurance based on natural increases in your property value due to market conditions. But Fannie Mae and Freddie Mac require you to have 25% equity if the request is made 2-5 years after you close on your loan. 
• After 5 years, you only need to have 20% equity. However, you must be current on your mortgage payments. For this, an appraisal must be done to verify property value for your request to be honored. 

If you have a single-unit primary property or second home and don’t request cancellation. PMI is automatically canceled when you reach 22% equity. This is based on the original loan amortization schedule, assuming you’re current on your loan payments.

Canceling PMI On A Multi-Unit Property

The rules for canceling PMI on a property with many units are different. It depends on if you live there or if it’s an investment. For Fannie Mae loans, you can ask to cancel PMI when you have 30% equity. For Freddie Mac, you need 35% equity.

If you have a property with many units or an investment property with Freddie Mac, you need to ask to cancel the mortgage insurance. It won’t cancel by itself. But with Fannie Mae, the mortgage insurance cancels by itself halfway through the loan term.

Is There A Need to Pay for Private Mortgage Insurance?

A PMI typically costs around 0.5% -1% of your loan value on an annual basis. Although, it is subject to vary. The lender will look at your PMI premiums in detail on your initial loan estimate inclusively of the final closing disclosure form. Here, you choose to pay the premium upfront while closing or as a part of your monthly payments.  

Bottom Line

Now that you know everything about private mortgage insurance you may pick and choose wisely. If you think you’re running out of time and can’t make outstanding mortgage payments. It’s probably time to sell your house fast for cash. Elite Properties can help you sell your house as we are a cash buying company and we assure to make the home selling process easy for you. For further information call us at 718-977-5462 and we will guide you through the selling process.

Staging is a way to market your property for better profits.

What is Virtual Staging?

Like traditional staging, it is an innovative marketing technique that showcases multiple features of your house. It is a method to entice prospects and convert them into buyers. If you are planning to sell your house, then you must try to impress potential buyers with virtual staging.

A virtual staging as the name says is done virtually with the help of computer software that shows various uses of spaces/rooms. It includes demonstrating the potential placement of the decor, furniture, accessories, appliances, etc., in high definition.

Ideal Spaces For Virtual Staging

To begin with, virtual staging is best suited to vacant properties. If your home is occupied with furniture and other stuff you might want to opt for traditional staging. Although vacant homes, homes with obsolete furniture, and houses that have tenants are ideal spaces for staging. 

What Is Better, Virtual Staging Vs. Traditional Staging?

When it comes to staging, this staging is a lot cheaper than a traditional one. A traditional staging will cost you several hundred dollars a month although, it is completely dependent on the stager you hire. Additionally, the prices may vary depending on the type and quantity of furniture you rent and the number of rooms that require staging. On the other hand, this staging may cost you anywhere from 39-199 dollars per room. Again, this is all reliant on the contractor, the number of rooms, the location, and the spaces that require staging.

Pros And Cons Of Virtual Staging

If done right, it can be a great way to sell your house fast. You will need a professional stager and will have to work with a reputable company with a wide and fine portfolio of completed projects.

Pros of virtual staging –

• Highlight the best features of your room/house
• Cost-efficient
• Best way to entice buyers and sell properties online
• Customizable to stage the number of rooms

Cons of virtual staging –

• Can be a little expensive while remove furniture or other items from pictures
• Can be difficult if the room is occupied unless you have vacant room pictures handy
• The furniture and decor are not real and only exist in a virtual space

Pros And Cons Of Traditional Staging

­A traditional staging doesn’t always require a professional stager. Although, hiring a professional provides an eye for detail and creates a space that entices buyers. Besides, there are some pros and cons of traditional staging.

Pros of traditional staging –

• Provides a real-life perspective while walkthroughs to buyers
• Can make spaces appear larger and enable buyers to gauge the size of the space
• Does not require a professional stager

Cons of traditional staging –

• Can be on the expensive side
• Extra upfront costs for furniture and decor
• Can be an extra pile of work as the market can be uncertain in terms of selling your house

Virtual Staging Mistakes To Avoid

Hiring a virtual staging company that is not up to the mark can be a potential mistake. The virtually staged pictures must look so realistic that buyers fail to recognize it’s computer-generated. 

Other mistakes most people make are –

• Buyers tend to imagine things as they are shown virtually. It is vital to provide buyers with vacant and staged room images that offer a better perspective to their imagination.
• The second mistake is staging the house for the worse instead of making it look appealing. Remember overdoing the furniture and decor will only make the room look chaotic and not pleasing.
• Lastly, using virtual staging when it’s not needed. If your property looks fine just by shifting furniture and changing the rugs then it is advisable to avoid this type of staging.

Is It Possible To Sell Your House With Virtual Staging?

Virtual staging can be a big asset while you sell your house. Although, there are some points you might want to touch down before hiring a staging company. Avoid over or underdoing, creating a balanced look will do wonders. Virtual staging can help you sell your house fast, but if you want to avoid the hassles of hiring a stager you can sell your house as-is to Elite Properties NY. Call us today at 718-977-5462 and learn about how to sell your house for cash.

If your house isn’t selling, it can be a big problem and a matter of extreme stress to homeowners. If it has been sitting for a long time in the market, it will ultimately lose its value. Simply tweaking your marketing skills and changing your home selling process can favor you a lot. If you think you’ve tried everything, then think again or scroll down below and go through the 7 Tips On How To Sell An Unsellable House.

Postpone The Home Selling Dates for your Unsellable House

Setting the right time to sell in the market is extremely essential as the price you may achieve certainly relies on it. It is a known fact that real estate is majorly a seller’s market and you’d need to know about the pattern of selling homes. There is a certain time of the year when the sales are highest, spring is the ideal time to sell your house or put it on the market. Whereas, winter is the time when sales are comparatively low. If you’re not up for the seasonal sale pattern then there’s another way where you can wait for the inventory to drop and then put your home on the list.                     

Try Selling Your House Under The Market Price

Mispricing your home can be the easiest mistake you can make while listing your home, so the ideal way to entice buyers is by selling your property for a lower market value. Buyers or real estate investors are always on a hunt to find houses that are priced for less than their fair market value, this kind of sale is also known as ‘fire sale’ according to the real estate lingo.

This might not be your ideal choice but in this state of utter despair, this might be the most enticing option for you. As investors are constantly looking for such deals, some companies might actually surprise you by buying your property in as-is condition for a fair price. Try selling your house to a ‘we buy house for cash’ company; Elite Properties New York will buy your house in any condition and additionally offer you a no-obligation offer.

Consider Deep Cleaning, Improvements, And Curb Appeal

A clean house will always sell for a huge profit, keeping in mind its functional aspects of it. Fixing serious issues like your electrical and HVAC system will work wonders if they were in a rough condition. Plumbing, windows, and checking for leakages from roofs or sewage pipes are important points to remember. Make sure all the functional aspects of the house are covered before selling. If you’re not able to cover the improvement’s expense then include it as an incentive with the house.

The next important thing to focus on is the curb appeal of your house. If a home isn’t good-looking from the outside it’s never going to sell. You can counter the easy and less pricey things first and then move on to the costly improvements as and where needed. Just cleaning the sidewalks, mowing the lawn, and cleaning the exteriors of your house can make a visible difference.

Up Your Marketing Game

It’s all about the virtual world these days; the easiest way to list your home on the market is by putting it online for people to take a view. Adding to the rest, the results will only show if you market your home right. MLS or Multiple Listing Service can be extremely handy once you choose to put your home online, this particular service enables you to find the right buyers on a wider platform.                                               

Good marketing is equivalent to profitable sales so while listing your home make sure you’re putting out precise information for prospective buyers. Click sharp images of your complete house and also try making a video from the entrance to each room for a better perspective for buyers. A buyer would possibly skip pictures but not a video; make sure the quality of your video is clear, crisp, and shot in bright light.                    

Documentation Of Property Is Essential

If you’re putting your unsellable house on the market it is important for you to keep complete written information about your property and the changes made or required in the coming future. Keeping updated information about your property will help you in an easier sale and would promise better profits. No matter whether your house is in whatever condition it will always be sold for a fair price if you’ve been transparent with the potential buyer.                 

Think Through A Short Sale

This might be your last option to reach the final results and achieve a fair price on your property.  In most cases statistically quoting; people end up owing more than the property’s worth which is practically impossible to remunerate. There are cases where most of the lenders (in case you have an outstanding mortgage) may or may not agree to a short sale additionally, not every seller will qualify for a short sale. In such circumstances, it is best to opt for a short sale although it is important to do your research before diving in.                                                                                                

Sell Your Home For Cash To Elite Properties

Going through a mortgage, debts, improvements, and on top of it selling an unsellable house can be a lot to bear. In such an unfortunate condition your first option should be selling your home for cash to cash buying companies in New York like us. Selling your home for cash to us might be a boon in an ugly situation. We buy houses as-is which means you are saved from the hassles of making repairs. We close the deal in as less as 3 days which means you can take your money and repay your debts in no time.

 guarantee a fair all-cash offer with an additional no-obligation offer where you can terminate the proposal and you won’t have to pay any commission. If the deal is finalized we’ll also pay the closing and associated fees, so what is stopping you? Sell your house for cash to us and we’ll promise you a profitable all-cash sale. Call us at 718-977-5462 or visit us at Elite Properties to sell your house today.

Your house is an asset that is near to your heart, we comprehend the amount of damage that tenants may cause just by taking the property for granted. No matter how thoroughly you screen your tenants there are always some of them who would damage your property. Keeping up with the tenants can be a devastating phase, which can make you suffer mentally as well as monetarily. Although, as difficult as it is there are many ways where you can save your house from being damaged and also make the whole process less painful. Get to know more about what to do if Tenants Destroy The Property?

What will you do if Tenants Destroy The Property?

Tenants can be really fussy and can create a lot of damage. Damages like harming the property, breaking the furniture, punching holes in the walls, cracking tiles, damaging wood floors, etc. are some tenant damages done by them. These situations might take a toll on your head and leave you in a rough state. As difficult as the instances are there’s always a solution for it, scroll down below for options to look out for when tenants destroy the property.

What to Do In Such Circumstances?

The initial step is to educate yourself and understand the law and causes of the destruction. Damage can be caused due to innumerable reasons like natural calamities, intentional negligence, etc. In some states, if the damage isn’t caused due to any natural hazard then the tenant is liable to pay for the financial recompenses to the homeowner. Although, the only difficult part of the whole chaos is to tackle the situation peacefully.

There are various ways to tackle different situations.

Following are some references.

1. If Your Tenant Is Still Residing In Your Property

• Documentation- It is extremely important that you document everything for further reference. Any action you take in the coming future has a written justification or evidence. Another point to remember while you document things is to take high-resolution pictures of your property. Do it before your tenant moves in. Additionally, maintain a document in which the tenant agrees to his or her responsibilities inclusive of the quotes that contractors provide for repairs that will justify the costs.
  
  
• Talk With Tenants For Negotiation – In the occurrence of accidents, if there is any damage to your property then the best way out is to talk with your tenant. You shouldn’t escalate the situation if your tenant has a good reputation. Instead, talk to them and negotiate conditions to resolve the problem. If the tenant proposes to do the job by themselves and handle the whole situation then it is a good step towards a peaceful end. If at all the tenant is unable to pay for the damage then try to come up with a plan that suits all like partial or monthly payments, this will keep the transaction flowing smoothly. In the end, all you have to do is to keep calm and never forget to document every little detail that the tenant has agreed upon.
  
  
• Part or Full Deduction From Security Deposit – A security deposit is the best thing to touch down. This can happen in the case when you and your tenant can’t boil down to mutual conclusions. A security deposit is a chunk of the amount given to the landlord before the tenant moves in. The security deposit can be refundable or non-refundable. This is completely dependent upon the agreed terms between the landlord and tenant respectively. The landlord has legal rights to deduct a part or complete a security deposit. This happens if your tenant has caused any damage and is not ready to recompense. If the money is not covering the full price of your damage then you can move on to other options like filing a lawsuit.   
  
  
• Consider Filing a Lawsuit – If the tenant is stagnant and won’t agree to pay for the repairs then you might want to consider filing a lawsuit against them. Although, if the price of the damage is not much or is bearable then the best option is to elude any legal collaboration. You wouldn’t want to spend extra money or time on certain things, it is better to keep the security deposit and let go.

2. If Your Tenant Is Being Violent And Dragging Issues Unnecessarily

• Filing For an Eviction- If nothing works, then, in the end, all you can do is evict the tenant. If he/she is behaving aggressively with you or is damaging your property on purpose. Eviction is a slow process and it gets complicated. Hence, it is to tell to do your research well before taking any step.
  
  
• Bringing It Under The Police’s Notice – If your tenants still won’t pay heed to your actions, your next step towards this should be to involve the police. And tell them about the whole scenario. As told earlier, documenting the entirety is really important. Involving the police can be tricky, and things may take a bad turn. It is crucial to keep all the evidence in place. Furthermore, it becomes easy for the police to intervene and take possible actions depending on the situation.  
  
  
• Considering ‘Cash for Keys’ As Your Option – If you want to elude all the hassles of a problematic tenant then cash for keys is the best option to go with. All you want to do is offer a few dollars to the tenant. You can avoid legal procedures for problematic tenants, as it is not the ideal scenario for you. You’ll have to prevent upcoming damage.

3. If Your Tenant Has Left Or Is Non-Responsive

• Take The Legal Way To Confront The Situation – In most cases, the tenant damages your property and leaves no traces of their existence. So, what to do when you find yourself stuck in a rut? If your tenant has disappeared post damage or doesn’t take initiative to resolve the issue, you might have to invite legal jurisdiction into the issue. You can hire an investigator or an attorney to find your tenant and carry out the legal procedures further. If a tenant doesn’t show up or needs to track down, it is an extreme and sporadic case.
  
  
• Consider Filing an Insurance Claim – The easiest way to cover your tenant’s damages is to opt for claiming insurance. If your tenant has caused any damage intentionally or unintentionally then the smartest way out is to claim insurance. It’ll cover the damages. If you don’t want to do so you can choose not to claim the insurance. And then pay for the improvements from your pocket, which won’t be the smartest decision.

You can also read about the laws of Tenant destruction.

We Buy House for Cash; in Any Condition, Any Location

After perceiving all the scenarios stated above, you might choose the best suitable option. It should be for yourself respective of your tenants and the damages they’ve caused or caused. Lastly, we can tell as some damages can be covered while some may leave you stranded, in such instances, it is best to sell your house for cash.

Selling your house to a cash-buying company will aid in a profitable sale. Your house will be sold on the basis of FMV (Fair Market Value). We at Elite Properties will help you in selling a house in as-is condition and give you the best offer on your damaged property. Not leaving behind, they will also provide the best possible solutions for your tenant-related issues. You can reach out to us at Elite Properties or call on  718-977-5462.