Financing in 10003 : Questions & Answers

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James P. Fur…, Real Estate Pro in Boston, MA
James P. Furlong answered:
HELOC on a second home
Yes, but it will depend on your financial situation. Given the low rates on the 30 year fixed mortgage it might make more sense to just go with one larger mortgage on each property unle ... more
0 votes Share Flag Thu Oct 11, 2012 Financing in New York
Ron Thomas, Real Estate Pro in Fresno, CA
Ron Thomas answered:
current appraisals
Looking at the PER-SQUARE-FOOT price for Appraisals would be a non-sensical number; meaningless!

Appraisers will also shy away from using NEW Condos as Comps for used condos.

Ther ... more
0 votes Share Flag Sun Sep 2, 2012 Financing in Battery Park City
Michael Rich…, Real Estate Pro in New York, NY
Michael Richman answered:
I have a client who is from Ireland and is looking to refinance a studio apartment near Rockefeller Plaza.
Hi Tom,

I ha ve several loan officers who have worked with foreign buyers/owners and can probably be of assistance.

Michael Richman
Licensed Real Estate Associate Broker
Bellmar ... more
0 votes Share Flag Fri Oct 5, 2012 Financing in New York
Erika Roberts, Real Estate Pro in New York County, NY
Erika Roberts answered:
Does anyone know of a bank that is financing in a Condotel in NYC? I am looking to get a HELOC on our Condo that is classifed as a Condotel.
Yes, it is possible. But, there are more questions I would have to ask about it. If you are interested, you can email me direct at erikaroberts2002@yahoo.com
0 votes Share Flag Thu Oct 11, 2012 Financing in 10019
Veronika Baba, Real Estate Pro in New York, NY
Veronika Baba answered:
Are there any lenders in NYC willing to do a HELOC on a coop apartment that is not a primary residence?
Check Charles Schwab bank phone: 877 535 4021
Good luck.
Veronika Baba phone: 347 528 5573
0 votes Share Flag Fri Jul 27, 2012 Financing in New York
Jenet Levy, Real Estate Pro in 10012
Jenet Levy answered:
Difficulty to refinance condo apartment in NYC
Aggie499,
Most major lenders follow the Fannie Mae guidelines. This is so that they can sell the debt in the secondary market. The conditions the bank is describing to you is for "co ... more
0 votes Share Flag Fri Oct 5, 2012 Financing in New York
Jill Raff…, Real Estate Pro in Austin, TX
Jill Raff 917.887.5899 answered:
Looking for a preferred lender for a non-warrantable condominium complex in the New York area.
I work with a great team of preferred lenders with Citibank and Keller Williams. They are introducing a new product to help provide loans for buildings which haven't been able to get fi ... more
0 votes Share Flag Tue Sep 25, 2012 Financing in New York
Darrell D. D…, Real Estate Pro in 78154
Darrell D. Drouillard answered:
if your mortgage rate is 4.75%, is it worth refinance at 3.5% with 29 years left in the old mortgage?
My gut feeling is no, but there are many things to consider and many facts to look at based on facts you didn't provide. In a nutshell, if you are planning on refinancing back to a 30 ... more
0 votes Share Flag Fri Oct 4, 2013 Financing in New York
creditreport, Other/Just Looking in Georgia
creditreport answered:
How often can you check your credit history?
You can check your credit report as many times as you want. I check my credit reports every 3 months with Freecreditreport.com. They provide instant credit report and credit score which ... more
0 votes Share Flag Thu Jul 12, 2012 Financing in New York
creditreport, Other/Just Looking in Georgia
creditreport answered:
How can a good credit history help you?
A good credit history means a good credibility. In case you wish to take some credit, then this good credit history will help you in getting credit without much hassle. The lenders firs ... more
0 votes Share Flag Sat Jun 30, 2012 Financing in New York
Dan Tabit, Real Estate Pro in 98074
Dan Tabit answered:
I have exceeded my credit limit. How it will affect my credit score?
Jugmendra,
Your score is derived in part based on how much free credit or room you have available on your various credit lines. By maxing or exceeding your limits your score will be ... more
0 votes Share Flag Fri Jun 29, 2012 Financing in New York
Zita Alvarez…, Real Estate Pro in New York, NY
Zita Alvarez Lo answered:
I own a SFH in vegas rented. I live in UES (renting) . Looking to buy a co-op close to Grand Central, quiet neighborhood what are my options?j
Hi Judy,

The best thing for you to do first would be to get pre-qualified for a mortgage if you are financing. There are a lot of options available. Take advantage of the still his ... more
0 votes Share Flag Mon Jun 11, 2012 Financing in New York
Aileen Gross…, Real Estate Pro in New York, NY
Aileen Grossmann answered:
I'm a Chinese, and I want to buy a condo in NYC for investing. What's the lowest downpayment for a foreigner? And can I got the loan?
Hi! There are many foreign buyers that purchase Condominiums as investments. Generally speaking though... Many NEW condos are required to sell a % to
0 votes Share Flag Mon Jun 11, 2012 Financing in New York
Marilyn Maye…, Real Estate Pro in New York, NY
Marilyn Mayers answered:
I live in an HDFC about to end its 25 year coop agreement with the city/HPD - any advice on commercial banks/lenders willing to lend $1.3M?
Call Jere Lyons
Senior Vice President - NMLS#71600
GuardHill Financial Corp.
140 East 45th Street, 31st Floor,
New York, NY 10017
Office: (212) 688.9500
Direct: (646) 519.7530
... more
0 votes Share Flag Fri Jun 8, 2012 Financing in 10027
TC, Home Owner in New York, NY
TC answered:
RIFI question in a COOP
GEEZ>>With my name full out there I am not hiding!!..and I really don't care that this information is public because I was going to take it to the "press" Been in this building over 30 ... more
0 votes Share Flag Mon May 14, 2012 Financing in 10014
Terry Koraha…, Real Estate Pro in 11358
Terry Korahais answered:
If i refi my coop in clinton No cash out i sit subject to NY transfer tax..we own the ccop now
Hi Edwin, I am not a mortgage person- But in my experience you would not be liable for NYC or NYS transfer taxes, but you will most likely be subject to a mortgage tax (almost 2% of ... more
0 votes Share Flag Fri May 11, 2012 Financing in 10036
Mitchell Hall, Real Estate Pro in New York, NY
Mitchell Hall answered:
If i refi my coop in clinton No cash out i sit subject to NY transfer tax..we own the ccop now
Edwin,

You only pay transfer taxes when you sell. Coops aere exempt from NY state mortgage recording tax because coops are not "real property" they are considered "personal property" ... more
0 votes Share Flag Mon May 7, 2012 Financing in 10036
Gail Gladsto…, Real Estate Pro in 11743
Gail Gladstone answered:
What is "origination cost"? How does it work? Is it a on-time cost or does it get added to my mortgage rate on an ongoing basis?
The best person to answer these questions is a mortgage broker. Give Dominick Sutera a call; he will be happy to explain it all to you.

You can reach Dominick at Academy Mortgage ... more
0 votes Share Flag Fri May 4, 2012 Financing in New York
Mark Fisher-…, Real Estate Pro in New York, NY
Mark Fisher-Mortg Lender answered:
can you get a reverse mortgage at 70 east 10 th st?
Is that property a co-op or condo?
0 votes Share Flag Sat May 4, 2013 Financing in New York
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