If you are on the verge of buying Brooklyn real estate, you’ve probably heard the term Private Mortgage Insurance (PMI). Mortgage professionals talk about it a great deal, but you may be asking, “What is it exactly? And why should I care?”

Private Mortgage Insurance Defined

PMI is required by lenders if the down payment of a purchase is less than 20 percent of the home’s value. It protects the lender if the borrower defaults on the loan. It also makes the lender more apt to loan, even if the down payment is as low as 3%, because in the long run, the lender’s investment is protected.

You Pay For It

Unlike other types of insurance which you pay to protect your interest in an asset, you pay Private Mortgage Insurance to the mortgage company to protect its interest in your new Brooklyn real estate. (Note that PMI is not usually tax deductible. Check with a tax professional for details. )

Make It Go Away: PMI Can Be Terminated Once You’ve Paid Down Your Loan

Once you pay down your mortgage to the point where it hits the magical 80% of the original purchase price or appraised value, whichever is less, you can request cancellation of PMI. The Homeowners Protection Act requires that loans made after 1999 include notifications to the borrower when you arrive at this point in your payments.

Your PMI payments must be automatically canceled once you pay down your loan to 78%. At closing, and on a yearly basis, you should receive information from your lender about when you can request cancellation.

Whether you’re ready to buy Brooklyn real estate or need more information before taking the plunge, I can help. Give me a call today Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected],

What to do with those Outdated Items in your Brooklyn Home

If your Brooklyn home is starting to look like a landfill, you’re not alone. You’d like to get rid of all the old stuff you don’t use anymore, but you want to be responsible and don’t know where to take it, right?

Here are some of the most common obsolete items and ideas on what to do with them.

·        Technotrash: This is computer-related waste, VHS tapes, cassette tapes, CDs, DVDs and other obsolete accessories.  A company called GreenDisk can handle all your technotrash disposal needs by safely and securely destroying your old data, recovering reusable components, and recycling all of the rest of your accumulated technotrash.

• Old electronics: Also known as e-waste, this includes old appliances, TVs and monitors that contain valuable metals that can be recycled, along with other hazardous heavy metals that need to be handled responsibly. Many communities sponsor an E-waste Day, when everyone can bring their old appliances in for safe disposal. Some retailers have recycling programs where you can earn gift cards by trading in old electronics.
• Shoes: Don’t trash those outdated shoes or ones you just don’t wear anymore. Soles4Souls is a charity that wants all gently-worn shoes. You can find drop-off locations near your Brooklyn home. The shoes will be sent to people in need around the world.
• Old medicines: If you have medications that are past their expiration date or that you don’t want or need any longer, don’t flush them. Drugs are becoming a serious problem in water supplies and groundwater.  You can now buy a postage-paid envelope to responsibly dispose of many prescriptions and over-the-counter drugs. The Dispose My Meds program is an online resource to help you find local pharmacies that will take back expired or unwanted drugs.

Now that you know where to take your old obsolete stuff, you’re well on your way to getting your Brooklyn home clean and de-cluttered. If your next step is to get it on the market, I can help with that too! Contact me call today Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected],

When a buyer makes a short sale offer on your Brooklyn home, it’s impossible to know for sure if the offer will be accepted by the lender.  Even when you’ve negotiated the offer with the buyer and come to an agreement that meets both of your needs, there’s still no guarantee that the lender will say yes to the short sale.

Here are three tips to help get short sale offers on your Brooklyn home accepted by the lender:

1. Convince the lender that you have a legitimate hardship. Submit a hardship letter, pay stubs, bank statements, monthly budget and profit and loss statement to demonstrate that you cannot make your monthly payments and have no disposable income. Here are examples of hardships to mention in your letter:
   1. lost your job
   2. reduced hours/pay at current job
   3. have to move more than 75 miles from home to get a new job
   4. death of a borrower
   5. divorce
   6. onset of a disabling illness

1. Negotiate with the buyer to exclude terms and contingencies that complicate the sale. Lenders do not like to accept short sales when they include time contingencies or when the short sale is contingent on the sale of another home.

1. Submit paperwork as a complete package. Ask your lender for a list of all documents needed. Fill out the paperwork and collect all other documents required. Make copies of everything. Put together a complete package, including all the documents your lender requested, and only then send the entire package to your lender. If the lender later tells you they can’t find a particular document, don’t waste your time arguing about it, just resend the information – it’s easy to do because you already have copies prepared!

If you’d like more information on the possibility of selling your Brooklyn home as a short sale, give me a call today Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected],

Save Money,Save Energy,Save The Earth

Saving money and saving the planet go hand-in-hand. It’s all about being thoughtful, creative, and into DIY – doing it yourself. Here are some ways you can save money, Save Money, Save Energy, Save the Earth at Your Brooklyn Home

• Be seasonal. Dress, cook and eat according to the weather. If it’s hot outside, dress accordingly, and keep the thermostat in the high 70s. Don’t use the oven in summertime; eat and drink cold fare. When it’s cold, wear a sweater, and keep the temperature in your Brooklyn home in the high 60s. Winter is the time to bake and to eat warm, hearty food.
• Use a clothesline. The clothes dryer is an energy hog. Let the sun and wind do it instead. Go ahead and fluff the wet laundry briefly in the dryer on the air fluff cycle before hanging it. You’ll be surprised how fast your sheets will dry, and how smooth your clothes come out, compared to the rumpled look they get from the dryer. And the truly fresh scent beats the cloying smell of fabric sheets any day.
• Keep air filters clean. Professionals recommend that you check the filters on the air conditioner and furnace in your Brooklyn home once a month, and clean or replace when needed. This will keep your heating and cooling systems working efficiently and extend their life.
• Grow your own. Farmer’s markets are great, but there’s nothing like going right outside the door of your own  home to get the freshest ingredients for your meals. Even if you’re an apartment dweller, you can grow fresh herbs (and more) in pots.
• Use cloth diapers. If you don’t want your child to live next to the disposable diaper landfill in 20 years, don’t create it today.
• Get rid of the gas-hog. Still driving an SUV or truck? Don’t be fuelish. Trade it in for a used car that gets over 30 mpg.

There are more money-saving tips to read on my blog. Subscribe for free today and get new tips automatically emailed to you.

Charles D'Alessandro your Brooklyn New York real estate agent

Before you put your home on the market, you want to make certain that it’s in tip-top condition to ensure a quick sale. The key to listing your home at a competitive price and guaranteeing you have what buyers are looking for is to think like a Brooklyn  real estate agent. To get your Brooklyn home ready to sell, here are five easy and inexpensive home improvements this Brooklyn real estate agent recommends: Layout – Take an objective look at your home and stage accordingly. Remove clutter and rearrange furniture so that potential buyers can envision each room’s purpose. Also, store any obtrusive furniture that disrupts walking flow or makes rooms look smaller.

1. Hardware – Update all hardware. Changing out door handles, drawer pulls and light fixtures is an easy way to modernize your home while costing little money.
2. Charm – Play up the unique features of your home. Refinish hardwood floors if scuffed, remove excess objects from built-in bookshelves and clean unique light fixtures. It’s these irreplaceable elements that make your home stand out from other homes and hook buyers.
3. Scent – Eliminate all bad odors like pet smells, stale cooking odors and cigarette smoke.  Just lighting candles or spraying air freshener won’t work.  Clean, deodorize and get rid of rugs or other cloth objects that still smell bad.
4. Curb Appeal – Spend some time sprucing up the yard. It’s the first impression buyers will have, and although the house might be in mint condition, a lots-of-work lawn could instill a negative notion before they even step a foot inside your home.

Buyers’ needs vary in every market. However, buyers will always consider these five features before they buy. So, stay one step ahead of the game and ensure your house is up to par with buyers’ expectations. If you’re getting ready to sell your home and are looking for a Brooklyn real estate agent who can help you sell your home fast and for top-dollar, I’d be honored to be interviewed for the job.  Give me a call today  Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected],

Divorce and Your Brooklyn Real Estate

Divorce is hard enough without having to deal with the frustration of dividing assets. However, when it comes to valuable items such as property, you need to make sure you’re taking the logistical steps necessary to appraise and distribute your Brooklyn real estate.

Determining Value of your Brooklyn Home

• Hire a real estate appraiser – If you and your soon-to-be ex can’t come to an agreement on the value of your home, then you might want to consider employing an appraiser to come to a decision for you.
• Get help from a real estate agent – A more cost-effective, but maybe not the most precise, way to determine the value of your property is to ask a Brooklyn New York real estate agents to estimate the cost. They’ll usually charge you little to nothing, and you can use this as a way to interview real estate agents to sell your home.

Evaluating Equity of your Brooklyn home

• Calculate the true value – Computing the equity of your home is essential to figuring out how much it’s worth. Take the home’s value and subtract how much you still owe in mortgages, equity loans and secured lines of credit.
• Figure out non-marital vs. marital equity – In equitable property states, non-marital equity (such as assets acquired before marriage, prenuptial exclusions, gifts, personal injury settlements and inheritance) remains yours and is set aside from the communal marital assets.

Dividing Assets

• Know the difference between the title and mortgage – Many people try to have their name removed from the title thinking it will exempt them from the debt of the mortgage — this is incorrect. The title lists the legal owner and the mortgage lists parties responsible for payment. If one party is awarded the home, then you must refinance for it to be reflected on the mortgage.
• Sell and divide the proceeds – Put your home on the market for an immediate sale, and after all the costs have been deducted, divide what’s left.

When dividing assets during a divorce, an immediate sale isn’t the only option. You can award the house to one party and compensate the other with money or other valuable assets.

If you’re going through a divorce and need help deciding how to proceed with your [city] real estate, I’m happy to help.  Call  Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected],

Questions and Answers from Charles The Realtor®

You’ve reviewed your finances and have decided you can afford to and want to help your child buy Brooklyn real estate.  Is lending the money to your offspring your best option?  Here are some questions to consider when making this decision.

1. 1. Will you need the money later?

If there’s a chance that you might need the money to live on at some point, lending the money to your child is a better option than giving it to them.  You can always forgive part of the loan later on, if you find you don’t need the money to live on.

1. 2. How much should you lend?

Depending on your financial situation, you can lend part or all of the down payment or part or all of the purchase price of the Brooklyn real estate.

If you have enough money to lend the entire mortgage amount, consult with your financial planner to determine if this is the best option for you. Lending the entire amount often offers you more interest than you’d get from a bank and gives your child an even lower interest rate than he or she would get with a traditional mortgage.  It also allows your child to deduct the mortgage interest because the loan is secured by the property.

1. 3. Who will receive the mortgage payments?

Decide if you want to receive the monthly mortgage payments or if you’d prefer to have a third party service the mortgage.  If you want to know more about employing a third party to draw up the mortgage contract and accept the monthly payments, look into companies that handle intra-family loans.

1. 4. How much interest should you charge?

As part of the loan agreement, you’ll want to charge an interest rate equal to the IRS-approved Applicable Federal Rates (AFRs). The AFR is the lowest interest rate you can charge without causing any unwanted tax complications.  Work with your financial and legal experts to ensure the loan agreement is in the best interests of both you and your child.

Let me help you find the Brooklyn real estate that meets the needs of you and your child – and get it at a great price!  Call call Charles D’Alessandro your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected],

Feng Shui your Brooklyn Home

Feng shui is the ancient Chinese art of designing space so that energy flows through it in a harmonious way. While it may sound exotic and foreign, the principles of feng shui are based on making people feel secure and comfortable in their surroundings. If you want to try to implement some of the tools of feng shui in your Brooklyn home, here are some first steps to take.

• De-clutter. This is the first and most important thing to do. Think of energy in terms of new opportunities, helpful people, prosperity, happiness, health and movement. If your Brooklyn home is cluttered with stuff, it has a restricting effect, both physically and mentally, on those who live there and on those who visit.
• Eliminate ‘shars.’ Shars are considered ‘poison arrows,’ created by straight lines and sharp angles. For example, if your Brooklyn home sits at the end of a T-junction, with a road pointing straight at it, this is considered unfortunate. Think about it:  Any car coming down the road could come crashing into your home! While this is unlikely, it affects you on a subconscious level, making you feel vulnerable. A feng shui remedy would be to plant a hedge or build a fence across the front of the house, to hide the view of the road and remove the subconscious threat. Another type of shar is created by furniture with sharp corners; have you ever bruised yourself on a sharp corner, while dodging clutter? If so, you can see how feng shui could make your home and your life more harmonious.
• Pay attention to your front door. Is it easy to find? Is it clean and freshly painted? Is it easy to open? Is there an open pathway leading up to it? If not, these are some things you can address to make your entrance more inviting.
• Look at pictures of your Brooklyn home, inside and out. We become so accustomed to our own home we can’t see it as a newcomer would. It’s surprising the things that stand out in a photograph of something we look at every day.
• Get a book on feng shui. If you like the sound of these ideas, you should look into it further. This is only a rudimentary glimpse of an ancient philosophy.

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Brooklyn New York Experiences Earthquake 2011

I was working in my office,( Fillmore Real Estate ) in Brooklyn New York when I felt my first earthquake!  News reports are still coming in, but the reports are the earthquake started in Virginia and has been felt up and down the East Coast.  News reporters are saying the magnitude of this earthquake is 5.8 which is very unusual for Brooklyn New York.

I asked myself ,what should I to do after an earthquake comes to your Brooklyn home.  Here are a few initial things you might want to to do after you make sure everyone in your household is safe:

•   Inspect gas lines
Check for gas leaks. If you smell gas or hear blowing or hissing noise, open a window and quickly leave the building. Turn off the gas at the outside main valve if you can and call the gas company from a neighbor’s home.  If you turn off the gas yourself, it should be turned back on by a professional.

•  Look for electrical system damage
If you see sparks or broken or frayed wires, or if you smell hot insulation, turn off the electricity at the main fuse box or circuit breaker.

•  Clean up
Make sure to clean up spilled medicines, bleaches, gasoline or other flammable or potentially toxic liquids immediately. Make sure to leave your home if you smell gas or fumes from other chemicals.

•  Inspect your chimney
Look at the entire length of chimneys for damage. Unnoticed damage could lead to a fire.  If you aren’t sure, get a licensed chimney sweep company out prior to using the chimney.

•  Check for sewage and water lines damage
If you suspect sewage lines are damaged, call a plumber and avoid using the toilets.  If water pipes are damaged, contact the water company and avoid using water from your tap.  Drink bottled water or melt ice cubes until you have a pro check it out .

•  Open cabinets cautiously Beware of objects that can fall off shelves.

Get additional tips from FEMA

If you need help determining if now is the best time to sell your Brooklyn home, call Charles D’Alessandro Your Brooklyn Realtor® with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected],

Back to School!

If you’re looking to purchase a new home, then you have a list of priorities. When looking at Brooklyn homes for sale, families with young children consider proximity to schools and quality of school districts as two of the top concerns on their home buying checklist.

With “back to school” on the brain, your top priority when looking at Brooklyn homes for sale might be how close a home is to schools. Before you purchase property near a school, take the following considerations into account.

Top-notch education – If the local school is the best in the surrounding area, then your property value could increase. Houses in your Brooklyn neighborhood will be in high demand because families will want to ensure their children are included in that district.

• Around the block – Living near a school could be beneficial if you have younger children you can walk with. Additionally, your proximity will allow you to react quickly if school closes early or your child gets sick.
• Noise alert – With cars whizzing by and children walking past, you might have to deal with daily commotion and traffic. Depending on how close you live to the school, you could also be subject to noise from recess, after-school practice and Friday night football games.
• School view – Living directly across from a school could actually decrease the value of your home and increase the litter. A view of a high school isn’t as good as a view of a quaint, tree-lined street; and the constant foot and car traffic could mean more mess in your yard.
• Neighborhood watch – Do your research. Some Brooklyn neighborhoods surrounding schools may have better relationships with the school. If your neighborhood civic association meets monthly with a school, you’ll be able to voice any concerns you might have.

While there are many pros and cons to living near schools, you need to decide what is best for your family.

Whether you’re interested in Brooklyn homes for sale near or far away from schools, I can help you find a home that fits your priorities.  Call me Charles D’Alessandro your Brooklyn real estate agent with Fillmore Real Estate at (718) 253-9600 ext 206 or email me at [email protected]