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Sunday, March 17, 2019



Section d



Want to buy a home? Do the math.

(BPT) - It is a common
misconception that a 20
percent down payment is
required to buy a home.
Advice to wait and save
a large down payment is
often based on the theory
that the cost of mortgage
insurance (MI), which is
required when you buy
with a smaller down pay-

ment, should be avoided.
This may not be the best
advice and is, in fact, not
in line with market trends,
considering the median
down payment for firsttime homebuyers is 7
percent, according to the
National Association of
Yes, you can qualify for

a conventional mortgage
with a down payment as
small as 3 percent of the
purchase price. It is also
true that you can reduce
your monthly mortgage
payment by paying for discount points at closing, but
that can be 5 or 10 percent
of the purchase price - not
20. And because every
buyer’s situation is unique,
it’s important to do the
math. In today’s market, it
could take a family earning the national median
income up to 20 years to
save 20 percent, according to calculations by U.S.
Mortgage Insurers using a
methodology developed by
the Center for Responsible
Lending; a lot can change
during that time, in the
family’s personal finances
and in overall mortgage
market trends.

How can buying now
save you money later?
Consider you want to
purchase a $255,000 home.
A 5 percent down payment
is $12,750 versus $51,000
in cash for 20 percent
down. With a 740 credit
score at today’s MI rates,
your monthly MI payment would be about $110,
which is added to your
monthly mortgage payment until MI cancels. MI
typically cancels after five
years; therefore, you will
only have this added cost
for a short period of time
versus waiting an average
of 20 years to save for 20
With home price appreciation, today’s $255,000
home will likely cost more
in the years ahead and this
will also have an impact
on the necessary down
payment and length of

time required to save for it.
There are other variables
in the equation too, such
as interest rates. As federal rates rise from their
historic lows, so too will
the costs associated with
financing a mortgage. The
savings a borrower might
calculate today could be
altogether negated by waiting even a few more years.
Another factor is that
rents are on the rise across
the nation, leading to a
reduced capacity for many
would-be homebuyers to
save for larger down payments.
If you decide to buy
today with a low down
payment mortgage that
has private MI, keep in
mind that the monthly MI
payments are temporary
and go away, lowering the
monthly payment over
time. Again, private MI

typically lasts about five
years as it can be cancelled
once a homeowner builds
approximately 20 percent equity in the home
through payments or
appreciation and automatically terminates for most
borrowers once he or she
reaches 22 percent equity.
Importantly, the insurance premiums on an FHA
mortgage - a 100 percent
taxpayer-backed government version of mortgage
insurance - cannot be cancelled for the vast majority
of borrowers.
So, do the math and let
the numbers guide you.
There are many online
mortgage calculators that
can help. Check out to
learn more.

Property Transfers
City of Auburn
Equalization rate 100
• Robert Wilson, 58
Case Ave., Auburn, to
Mark A. Hand, 48 Case
Ave., property at 60 Case
Ave., Auburn, $32,000.
Assessment $43,000.
• The Secretary of
Housing and Urban
Development, Washington
D.C., to Thomas J.
Alexander, 1 Brae Ridge
Road, Auburn, and
Theodore H. Leader, 13
Bristol Ave., Auburn,
property at 65 Fleming
St., Auburn, $72,444.
Assessment $131,000.
• Clarence R.
VanOstrand Jr. and Virgina
S. VanOstrand, 203 S.
Seward Ave., Auburn, to
Karen Lynne Dec, 190
Lake Ave., Auburn, and
Kim Marie Bertonica, 8
Anderson Circle, Auburn,
as Co-Trustees under
the VanOstrand Family
Irrevocable Trust, property
at 86 Walnut St., Auburn,
$0. Assessment $93,300.
• Clarence R.
VanOstrand Jr. and Virgina
S. VanOstrand, 203 S.
Seward Ave., Auburn, to
Karen Lynne Dec, 190
Lake Ave., Auburn, and
Kim Marie Bertonica, 8
Anderson Circle, Auburn,
as Co-Trustees under
the VanOstrand Family
Irrevocable Trust, property
at 203 S. Seward Ave.,
Auburn, $0. Assessment
• Jeffrey A. Dennis, 7
Jefferson Ave., Auburn, to
Brandon Cook, 34 Fourth

Ave., Auburn, property at
7 Jefferson Ave., $132,500.
Assessment $123,000.
• Jay A. Carbonaro,
individually and as
Executor of the Estate of
Judy M. Carbonaro, 69
Throop Ave., Auburn, to
Wayne Finch and Mary
Jeanne Finch, 33 Delevan
St., Auburn, property at
49 Belmont Ave., Auburn,
$13,000. Assessment
• Nationstar Mortgage
LLC, dba Mr. Cooper,
Coppell, TX, to Secretary
of Housingand Urban
Development, Oklahoma
City, OK, property at 185
North St., Auburn, $10.
Assessment $115,000.
• Mark Shayne Smith,
3646 state Route 38,
Moravia, and Floyd
Charles Smith, 20 Britsol
Ave., Auburn, to Chelsey
R. Bozeat and Michael J.
Wavercak, 5 First Ave.,
Auburn, property at 61
Arlington Ave., Auburn,
$69,000. Assessment
• Steven P. Webster, 33
Chedell Place, Auburn, to
Terssa Klink, 61 Chedell
Place, Auburn, as Trustee
of The Steven P. Webster
Irrevocable Trust, property
at 33 Chedell Place,
Auburn, $0. Assessment
• Jonathan A. Cramer,
aka Jonathan Cramer, 126
Osborne St., Auburn, to
Jerry L. Sylvester, 22 N.
Hunter Ave., Auburn,
properties at 7 Franklin
St., 1 Near Place, 300

Seymour St., and 41 Morris
St., Auburn, $200,000.
Assessmentes $88,300,
$39,900, $37,000, $60,300.
• Jazzmyng M. Dones,
61 West St., Auburn, to
Vincent Dones, 49 Barber
St., Auburn, properties at 4
Sheldon Ave., Auburn and
31 N. Division St., Auburn,
$0. Assessments $65,000,
• Jazzmyng M. Dones,
61 West St., Auburn, to
Vincent Dones, 49 Barber
St., Auburn, property at 29
N. Division St., Auburn, $0.
Assessment $52,000.
• Stephanie Hutchinson,
28 Grover St., Auburn, and
Christopher Hutchinson,
114 South St., Auburn, as
Trustees of the James E.
and Janie N. Hutchinson
Irrevocable Trust, to
Hutchco Development,
Inc., 2 Elizabeth St.,
Auburn, property at 41
Arterial West, Auburn, $0.
Assessment $645,000.
• Robert J. LaLonde,
Jr.,23 Frances St., Auburn,
and Susan LaLonde, 109
N. Hoopes Ave., Auburn,
to Barry Leader, 19 Hurd
Circle, Auburn, property
at 38 S. Lewis St., Auburn,
$45,000. Assessment

Town of Fleming
Equalization rate 35
• Thomas J. Wahlers,
5615 W. Lake Road,
Auburn, to Ryan F.
Flaherty, 6140 Oakridge
Road, Auburn, property
at 5615 W. Lake Road,
Auburn, $400,000.
Assessment $81,300.
• Rita A. Lewis 2808
Forest Hill Drive, Auburn,
to Nancie J. Reese, 417
Wasters Edge, Auburn, and
David C. Lewis, 1 Black
Forest Drive, Webster, as
Co-Trustees of The Rita A.
Lewis Irrevocable Trust,
property at2808 Forest
Hill Drive, Fleming, $0.
Assessment $130,300.
• Charles N. Donato and
Dorothy J. Donato, 2650
Quick Silver Drive, Auburn,
to Charles N. Donato
and Dorothy J. Donato as
Trustees of The Charles
N. Donato and Dorothy J.
Donato Irrevocable Trust,
property at 2650 Quick
Silver Drive, Auburn, $1.
Assessment $186,014.

Town of Genoa
Equalization rate 96
• Resa Reynolds, fka
Resa Alvord, 208 Groton
Road, Freeville, and Estella
W. Alvord, 24 Aurora St.,
Town of Brutus
Apt. A-5, Moravia, to Resa
Equalization rate 100
Reynolds and Michelle
• Gary R. Hurd, 8233
Reynolds, 208 Groton
Shepherd Road, Weedsport, Road, property at 1156
to Keith A. Lum, 8435
Clearview Road, Genoa, $0.
Shepherd Road, Weedsport, Assessment $62,800.
property at 8435 Shepherd
Road, $69,900. Assessment
Town of Ira
Equalization rate 100

Improved prIce!
1 Lawton Ave.,
Spacious, Updated Colonial
Includes 1st FL Remodel,
4BR’s, New Windows,
Furnace & Hot Water Heater.
Marian Anderson, 315-730-6159 (C)

751 Spring Lake Rd.,
Beautiful Colonial on 6 Acres.
Completely Remodeled. 4BR,
2BA, Large Kitchen w/ Dining
Area, Deck, Barn & More.
Marian Anderson, 315-730-6159 (C)

6450 Wembridge Dr.,
Ranch w/ Open FL Plan in
Frankiln Park. Lots of Updates.
Needs Finishing Touches in
Basement, Large Level Backyard.
Elizabeth A. Foster, 315-415-6551 (C)

5 Cottrell St.,
Beautiful Cozy Home Offers 3BR, 1BA, All Appliances,
Fenced In Backyard, Big Deck,
Great Neighborhood.
Sabrina J. Falcone, 315-289-2238(C)

4903 Rockefeller Rd.,
2800 Sq. Ft. Split Level w/ 30’
Deeded Lake Access. 4BR, 2BA,
Living Room, Dining Room,
Family Room w/ Views.
Lee G. Holmes, 315-729-7713(C)

3818 E. Genesee Street Rd.,
Skaneateles Schools. Cayuga
Taxes. 4BR, 2.5BA, Double Living
Room, Formal Dining Room. New
Furnace, Electrical, on 1.7 Acres.
Lee G. Holmes, 315-729-7713 (C)

32 Grove St.,
Spacious Home! Beautiful
Large Yard. 2-Story Barn
w/ Workshop Kitchen. New Roof,
Electric. Many Improvements!
Marian Anderson, 315-730-6159 (C)

2652 Sand Beach Rd.,
Just Outside City. Features Open
Floor Plan, 3BR, 2.5BA, New
Kitchen, Finished Basement, Private
Yard. In Desirable Neighborhood.
Greg Mott, 315-730-4044 (C)

70 Steel St.,
Beautiful Colonial - 3BR, 1BA,
Many Updates - New Kitchen,
Bath, Electrical, Plumbing, Sheet
Rock, Hardwoods. Must See!
Lee G. Holmes, 315-729-7713 (C)

142 Dunning Ave.,
Long Standing Business sits on
3+ Acres. Great Opportunity!
Includes Retail Shop, Greenhouse,
Garage, Storage & Outbuildings.
Stephen C. Ansteth, 315-730-3880 (C)

• Eric L. Keysor, 13113
White Cemetery Road,
Hannibal, to Dylan C.
Teska, 3447 Lysander
Road, Cato, property at
13152 Arnold Road, Ira, $0.
Assessment $154,700.
Town of Mentz
Equalization rate 100
• David Duxm 395
Chatfield Road, Elbridge,
to Glenn Baliva and Crista
Baliva, P.O. Box 369,
property at 557 Traver
Lane, Montezuma, $10,000.
Assessment $17,000.
• Randal Cheney, 8201
state Route 34, Weedsport,
as Executor of the Estate
of Ruth W. Cheney, to
Christopher Nagell, 8374
Baptist Hill Road, Port
Byron, property at 33
Utica St., Mentz, $57,068.
Assessment $59,000.

Town of Sennett
Equalization rate 92
• Peter Kofi Amankwaah,
630 Barnes Ave., Syracuse,
to James D. Iwanicki, 7081
Owasco Road, Auburn,
property at 426 Grant Ave.
Road, Sennett, $20,000.
Assessment $79,700.
Town of Springport
Equalization rate 81
• Donna Moll, Durham,
CT; Marie Moll, Mt.
Rainer, MD; and Leann
M. Ceresoli, 107 Horizon
Drive, Chittenango, to
Michael D. Squires, 15
Wallace Ave., Auburn,
property at 9 Hillview
Drive, Springport, $).
Assessment $109,900.

Town of Sterling
Equalization rate 100
• David M. Sampson,
Town of Niles
13960 Martville Road,
Equalization rate 95
Martville, to William
• Mildred Tracy,
Showers, 1316 Howland
1939 Coon Hill Road,
Island Road, Port Byron,
Skaneateles, to Albert
property at 13960 Martville
G. Joerger, Sarasota, FL,
Road, $95,000. Assessment
property at 4500 state Route $78,600.
41A, Niles, $0. Assessment
• Robert J. Halstead,
13364 McGibben Road,
• WKK, Inc., 1773
Martville, as Administrator
Tamarack Trail,
of the Estate of Robert
Skaneateles, to Albert
R. Halstead, to Robert J.
G. Joerger, Sarasota, FL,
Halstead, property at 13364
property at 4500 state
McGibben Road, Sterling,
Route 41A, Niles, $540,000. $0. Assessment $43,300.
Assessment $531,500.
Town of Throop
Town of Owasco
Equalization rate 100
Equalization rate 79
• Louis J. Vasile, W.
• Christopher S.
Lake Road, Auburn, to
Prentice, Lutz, FL, to
Eric Austin and Heather
Christopher Scott Prentice, Austin, 280 Seymour St.,
Lutz, FL, as Trustee
Auburn, property at Peach
for the Christopher
Tree Road, Throop, $5,000.
S. Prentice Revocable
Assessment $21,900.
Living Trust, property at
333 Cottonwood Lane,
Town of Victory
Owasco, $0. Assessment
Equalization rate 87
• Mary Helen Hughson,
• A. Marie Bundy, P.O.
459 Shorewood Trail,
Box 283, Skaneateles, and
Ontario, as Executor of the
James S. Bundy, 6181
Last Will and Testament
Broadway Road, Auburn,
of Floyd Donald Neal;
to Christopher W. Yengo, and Nathali Neal, 12966
P.O. Box 343, Skaneateles, Coolican Road, Red
property at 6181 Broadway Creek, to Nathali Neal,
Road, Owasco, $125,000.
12966 Coolican Road,
Assessment $112,600.
property at 12966 Coolican
Road, Victory, $118,000.
Town of Sempronius
Assessment $125,800.
Equalization rate 100
• Lawrence E. Kolb, 5859
• Dale L. Kehoe, 2841
Westbury Road, Red Creek,
state Route 41A, Moravia, to Stephen Aucter, P.O.
to Adam R. Kehoe and
Box 35, 12642 Upton Road,
Mary Katherine Kehoe,
Red Creek, property at
2470 Curtain Road,
12642 Upton Road, Victory,
Moravia, property
$25,000. Assessment
at 2841 state Route
41A, Sempronius, $0.
Assessment $146,000.


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