Home Buying in Grand Island>Question Details

Dottie, Home Owner in Grand Island, NY

What would the approx. monthly payment be on a $100,000 mortgage at current rates.

Asked by Dottie, Grand Island, NY Sat Mar 26, 2011

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Thank you to those of you who responded to my simple question with a simple answer. Can't imagine why it would be illegal or unethical to do so. The information was very helpful in planning my next move.
0 votes Thank Flag Link Sun Mar 27, 2011
There are 2 issues that impact licensed professionals (real estate, law, medical, financial etc) when answering questions on a public forum. 1) The State regs that govern activity in the State where the person asking the question lives or the area they are inquiring about. 2) RESPA, HUD, Fair Housing etc are federal guidelines and applies to all. As I said in my earlier comment, speaking to YOUR client in person, on the phone etc is not what I am talking about. When anyone offers advice or answers questions in newsprint or on a public social web-site, or quotes interest rates on a personal web-site, on-line social networking, blogs, forums or whatever, you are not talking to YOUR client anymore. When you answer questions on these public forums, blogs or in e-mails to people you don't know and your answers become specific and are not generalities, your/ our answers become questionable with regard to the defined guidelines regarding such.
NAR has published several articles warning of the protocol that should be maintained on the internet. The Governing agencies are going crazy trying to police all of the areas and trying to even establish or re-write laws to restrict certain activities.
My comment was not directed specifically at you but to warn all that there is great liability (beyond the State and Federal laws) when someone asks questions and we give advice to people in areas where you are not licensed in. There are a few case histories already. Enough said.
0 votes Thank Flag Link Sun Mar 27, 2011
I appreciate your explanation Joe. And we have testers in Wisconsin as well. I try to be very careful not to step over the line and I take our laws very seriously. We too have an agency disclosure in Wisconsin, but we are not required to get signature anymore until we actually begin to move forward with an offer or negotiations. When we call to set up a showing appointment, we can now answer with, buyer agent, seller agent or pre-agency.

However, I am still not clear on how telling a potential buyer what their payment would be is in violation of any laws. Perhaps I need to go back and check with the laws of my state to get clarification. If you have the RESPA quote that says we are not allowed to give this information, I would appreciate seeing it. And being that I am from Wisconsin, I would think that I am governed by Wisconsin, not New York.

At any rate, one plus one is still two regardless of what state you are in, so the numbers would not change regardless of which state one is in. I appreciate your comments and I will look into this further because, as I said, I do not wish to cross any lines or even go near a gray area. I am normally a real stickler when it comes to following the rules.

Thanks for your response.
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Sun Mar 27, 2011
Not quite what I’m saying Linda. In New York State, before a Real Estate Agent can have substantive contact with a buyer or seller and discuss financial matters, price etc, they must first be licensed by the State of New York and have presented the buyer or seller with the NYS Agency Disclosure form(DOS-1736-a), explain the Law of Agency fully and obtain their signatures as an acknowledgement. Furthermore, real estate agents are cautioned not to provide advice in areas that are outside their licensed field of expertise. Telling someone whom you are working with an approximate monthly payment is different than publishing or posting rates without all of the RESPA required information in either advertisements, public forums, blogs etc. HUD along with the Dept of Fair Housing and many real estate boards are stepping up their efforts to police not only news print but on-line forums, blogs, personal web pages etc. in an effort to protect the consumer and minimize violations of the laws. The various agencies many times use testers and there will be more and more out there especially on social networks, blogs, forums and other internet based sites that provide discussion about topics that require someone to be licensed in a particular field. We should all be cautious about what we say to someone, offer information or advice especially when you don’t know who you are really talking to.
0 votes Thank Flag Link Sun Mar 27, 2011
Good point Joe. This is really a good info. Just in case anyone need to fill out a form DOS-1736-a, I found a blank form in this link http://goo.gl/MTFXPT. This site PDFfiller also has several related forms that you might find useful.
Flag Fri Feb 6, 2015
Wow, Joe,

Is this really true? If you are working with a buyer, you are not allowed to tell them what there payment would be based on fact?
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Sat Mar 26, 2011
Dottie, unfortunately, NY State RESPA Laws prohibits us from quoting payments, rates etc. without full disclosure FIRST, and a full table of explanation of all the terms. So, if this is a tester, the rest of you just got busted!
0 votes Thank Flag Link Sat Mar 26, 2011
Hi, around $500 per month at todays interest rate. Remember you have to add property taxes and home owner insurance just to name a few. Plus depending on size larger heat/electric bills etc. However $500/month is a great place to start and go from there!
0 votes Thank Flag Link Sat Mar 26, 2011
This depends on the interest rate and the number of years you are taking the mortgage for. Also, do not forget that there are taxes and insurance, possible flood insurance and possible pmi.

But just looking at $100,000.00:

Interest at 4.75% $521.65
5.00% $536.82
6.00% $599.55

And so on. These figures are based on a 30 year. Now you still need to add to that the property taxes and insurance.

Hope that helped.
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Sat Mar 26, 2011
About $500.00 is the answer(not exact) and of course that would be for a 30 year Mortgage. Best of Luck
0 votes Thank Flag Link Sat Mar 26, 2011
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