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  Mon Jul 16

Private Mortgage Insurance explained

Private Mortgage Insurance (PMI) 

If your down payment on a home is less than 20 percent of the appraised value or sale price, you must obtain private mortgage insurance, known as PMI, with your lender. This will enable you to obtain a mortgage with a lower down payment because your lender is now protected against any default on the loan.

 

PMI charges vary depending on the size of the down payment and the loan, but they typically amount to about one-half of 1 percent of the loan, according to the Mortgage Bankers Association of America. Mortgage insurance premiums are not tax deductible.

 

Example

Let's say you put down 10 percent or $10,000 on a $100,000 house. The lender multiplies the 90 percent loan, or $90,000, by .005. The result is an annual PMI of $450, which is divided into monthly payments of $37.50.

 

Most home buyers need PMI because 20 percent of the sale price on a home is a lot of money; for instance, that's $20,000 on a $100,000 home. Home buyers must maintain the PMI premiums until they cross that one-fifth-of-principal threshold, a process that can take years in longer-term mortgages.

 

Tip

Keep track of your payments on the principal of the mortgage. When you reach the point where the loan-to-value ratio hits 80 percent, notify the lender that it is time to discontinue the PMI premiums. The Homeowners Protection Act of 1998, which took effect in 1999, requires lenders to tell the buyer at closing how many years and months it will take for them to reach that 80 percent level and cancel PMI. Lenders must automatically cancel PMI when the balance hits 78 percent.

Note: The law does allow lenders to continue requiring PMI all the way down to 50 percent equity for so-called high-risk borrowers. Traditionally, those loans that are considered riskier include reduced documentation loans, in which customers provide less proof of income and other information during the approval process. Loans for people with spotty credit histories and higher debt-to-income ratios also fall into this category. Additionally, some FHA loans require payment of PMI throughout the entire life of the loan.

 

Ways to avoid PMI

In today's market, there are some new ways to avoid mortgage insurance even when you don't have the standard 20 percent down payment.

 

Pay more interest: Some lenders will waive the mortgage insurance requirement if the buyer accepts a higher interest rate on the mortgage loan. The rate increases generally range from .75 percent to 1 percent, depending on the down payment. The advantage is that mortgage interest is tax deductible.

 

Using an "80-10-10" loan: This program involves two loans and a 10 percent down payment. The 90 percent loan is financed with a first mortgage equal to 80 percent of the sale price, and a second mortgage for the remaining 10 percent of the sale price. The second mortgage has a higher interest rate but since it applies to only 10 percent of the total loan, the monthly payments on the two mortgages are still lower than paying one mortgage with mortgage insurance. Plus, again, there is the advantage of mortgage interest being tax deductible.

 

Example: If we compare the purchase of a $100,000 home under the "80-10-10" plan with a standard fixed mortgage including PMI, we find that the former is $17.45 cheaper each month.

 

Here's how it works. Under the "80-10-10" plan, the 10 percent down payment on a $100,000 house is $10,000. The first mortgage is $80,000 at 7.50 percent, which comes to a monthly payment of $559. The second mortgage for $10,000 has a 9.50 percent interest rate, making a monthly payment of $84. Total monthly payments of the two loans: $643.

 

With a $10,000 down payment, one mortgage of $90,000 at 7.50 percent has a monthly payment of $629, plus PMI of $31.45, making a total payment of $660.45.

 Sharyn Guzzi

631-902-0342

 

 

   
  Mon Jul 16

BACK OFF

   
  Wed Jul 11

Organizations For Low Cost Spay/ Neuter Certificates & Free Programs

Nassau  County

1.  PAWS - PIONEERS OF ANIMAL WELFARE
     PO Box 861
     Hicksville , NY 11802
     516 364 - 7297
     www.paws-li.com
     Low cost and free certificates for feral and owned cats.
     Traps for loan - call Judy @ 516 872-8053



2.  LAST HOPE, INC.
     PO Box 61
     Syosset, NY 11791
    
631 425-1884
     Low cost and free certificates for feral
     www.lasthopeanimalrescue.org



3.  ST. FRANCIS REFUGE
     Low cost spay/neuter resources. 
     Dottie Abatelli      516 935-7893
     PO Box 508
     Plainview, NY 11803


4.  NORTH SHORE ANIMAL LEAGUE FERAL CAT 
     SPAY / NEUTER PROGRAM



       Call 516 883-7579 Option 1 or 516 883-7900 Ext. 268
       Speak directly to Liz or Jean for scheduling and information.
       Spay / Neuter with Rabies vaccination and*Ear tipping      $25.00

*It is recommended that all feral cats being returned to a colony be        ear tipped to identify them as having been spayed / neutered / vaccinated and cared for, which is recognized by municipal animal control wardens.

Drop off Friday evening between 6 - 8 pm.
If you are unable to drop off Friday night, you may drop off Saturday, at 8 am.
Pick up Saturday evening between 6 - 8 pm
Payment is at the time of drop off or pick up.


5. Nassau County SPCA


NYC

1. ASCPA N.Y. SPAY / NEUTER MOBILE VAN
      212 876-7700 Ext. 4303  for free spay / neuter program.
      Choose #6 for rescue persons to sign up for free spay/neuter of feral and stray cats.



National

1. SPAYUSA 1 800 248-7729
     203 377-1116 / 203 375-6627 www.spayusa.org
     Direct to low cost Veterinarians and Programs.    

Suffolk County

1. LAP LEAGUE OF ANIMAL PROTECTION, GRATEFUL
     PAW SHELTER
     PO Box 390
     Huntington, NY 11743
     631 757- 4517
     Low cost and free certificates for feral and owned cats.
   

2. LITTLE SHELTER
    631 368-8770 or 754 - 8200
    33 Warner Road
    Huntington, NY 11743
    Irene DaVide - TNR Program
    Traps to loan, will trap for elderly, loans cage for recuperation.
    Educate persons and assist regarding TNR, low cost sp/n certificates
    www.littleshelter.com  Email: info@littleshelter.com

3.  KENT ANIMAL CLINIC
     631 727-7797
     2259 River Rd
     Calverton, NY 11933
     Low cost and free spay/neuter program
 

4.  SAVE A PET
     631 473-6333
     608 Route 112
     Port Jefferson Station, NY 11776
     Traps available. Can hold feral's as needed for preop. and
      recuperation.
     Low cost and free sp/n programs  
 

5.  ARF - Animal Rescue Fund of the Hamptons

Daniel's Hole Road
PO Box 901
Wainscott, NY 11875
Sara Davison - Director Ext 209
631 537-0400
fax 631 537-1759
www.arfhamptons.org
email:   info@arfhamptons.org

"Operation Cat  - A free TNR program for feral and stray cats.  

6. Elsies Ark - Pat Lillis "Save the Un-savable"
PO Box 2900
East Hampton, NY 11937
631 329-2900
Free spay neuter certificates
Inquire about adoptions for special needs animals.

7. SAVES, INC. GREENPORT, NY
    631 722-0015 / 722-2650
    Free Spay/Neuter Program
    $25 donation and will give certificated for free spay/neuter program at Kent Animal Shelter.



 

 

Rescue Resources     |    Free & Low Cost Spay/ Neuter     |     Traps     |      Trappers    |     Education     |   Adoption Services   

 

   
  Wed Jul 11

NEW HORSE PROPERTIES

WE HAVE  NEW LISTINGS with barns on trails!!


EXCLUSIVE ONLY TO US AND OUR PRIVATE BUYERS

 

AFTER OUR PRIVATE CUSTOMERS ARE SHOWN OUR EXCLUSIVE LISTINGS IF THEY ARE NOT INTERESTED THEY WILL BE PUT ON MLS 

WE HAVE ALL THE HORSE PROPERTY LISTINGS 

sharyn@lihorseproperties.com

* We do not share our private inventory with buyers agents sorry



 

   
  Wed May 02

WILD HORSES 3/22/2018 AT 7-9PM 61 WEST MAIN ST, BAYSHORE

Ride free and let the paint of this wild mustang take you away...

Doors open at 6:30pm painting will start at 7pm. All paint supplies included. Leave with your 16x20 painting as a lasting memory. Surprises await! There will be a 50/50 Raffle and door prize. Open to Public in Support of the Islip Horsemen's Association.  

Address: 61 W. Main Street Bay Shore NY 11706 (this is next to the new Salt and Barrel Restaurant) and across the street from Pennisula Chinese Restaurant (also formerly known as park ave).  
Pinot's Palette has a huge parking lot for ample parking right behind the studio off Park Ave, avoid numbered spots for FREE parking in municipal lot.

Painting It Forward:
A paint and sip class with an extra dose of heart and soul. When you buy a seat in a Painting It Forward class, you're making a donation to a nonprofit or community fundraiser.

   
  Mon Jul 16

Mortgage Rates on the Rise. Article 1/27/2018

The average prime 30-year fixed mortgage rate quoted on Zillow increased almost 10 basis points to 3.98 percent over the past week, rising to its highest level since March 2017 and breaching the psychologically important 4 percent threshold over the weekend.

Rates have increased decisively in two of the past three weeks and the momentum is clearly upward. The past week’s increase preceded the federal government shutdown on Friday evening and, although rates have retreated slightly from their weekend high, they remain above where they stood in the middle of last week and more than 20 basis points higher than the start of the year.

Jerome Powell was confirmed as Fed Chair this week, an outcome that had been widely anticipated and is not expected to dramatically alter the path of interest rates moving forward. Congress also held confirmation hearings for Federal Reserve nominee Marvin Goodfriend, whose academic research suggests monetary policy views that are different from those that have prevailed on the Federal Open Market Committee in recent years. Markets interpreted his testimony as more in line with the recent consensus than had been expected.

Friday’s Q4 Gross Domestic Product (GDP) data are the most important data scheduled for release this week, although markets also are likely to follow developments in NAFTA negotiations. If negotiations suggest a breakdown of the trade pact, rates could move higher.

   
  Fri Jul 13

Our Current Listings 7/16/2018

   
  Thu Jul 12

Lessons in Photography in Commack

In my personal studio in Commack.
  From beginners  to those who want to reach a higher level - I teach the art of photography.

  Have a new camera, and confused how to get the most out of it?
  Love nature photography, or want to learn macro?
  Birding?
  Got kids?
  I studied with the very best in children's photography.
  Elena Shumanlova.

  Want to learn the art of silky water and waterfalls ?
  Shoot NYC at night like a pro?
  Want to learn Photoshop?
  Get your camera off Auto!
  Learn RAW photography, and see why it makes a tremendous difference.

  Reasonable rates.
  $25.00 for a full hour.
  No more than three people at a time.
  Guided tours in the field also.

   
  Thu Jul 12

You can post and download prize lists here

Now you can post your prize list right on our site.  No charge for this service!

1.  First you have to convert your prize list to a pdf. If you can’t do that yourself, send it to and I will try to do it for you.

office@lihorseproperties.com

2.  Each show series should be entered at once, just keep adding dates. You can even go back later and change them.

3.  After you enter the dates, go back and upload the prize list to each date.

4.  Be patient- some prize lists are big files and take a long time to upload. If you get an error screen, hit your back button and refresh, then try again.

Having a problem?  E-mail it to

office@lihorseproperties.com

   
  Sun Jan 14

Jumps, Standards and Much More

Show season is here and it's time to practice!

Do you wish you had a set of standards to practice for that Hunter or Jumper competition you have coming up, but can't afford to pay those ridiculously high prices you see in the catalogs?  We can build the jumps, standards and flower boxes you are looking for at a much lower price than any catalog!  All of our products are custom built for our clients to suit their individual needs.  Delivery available.

Call Matt @ 406-461-2659 for a free quote

   
   
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