NYC is one of the most pro renter cities in the country. At times, it seems like the renter has more rights than the owner. If a tenant goes to tenant/landlord court and says they cannot afford to move at this time, the court will take whatever rent they have to pay each month for 6-8 months or more, put it in an escrow account and give it back to the tenant to help them move while all this time they can live for free where they currently are.... more
It depends. There are so many things to consider when deciding if one should buy down an interest rate or not. Sometimes buyers with limited funds, prefer to hold on to the money rather than spending it on buy down points. I've seen buyers who don't even have the option to buy down rates because the very little cash they do have available needs to stay put for required reserves. For those who can, I suggest to sit with your Loan Officer and go over all the numbers involved. What will it cost you to buy down the rate? what will the new monthly payment be? how long will it take to re-gain the points you've paid in monthly savings? what's the overall savings in the life of the loan? etc.
It is important to look at all these things in order to determine of it's worth it or not...
Senior Loan Officer
Sterling National Bank