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Financing in New York : Real Estate Advice

  • All639
  • Local Info71
  • Home Buying346
  • Home Selling51
  • Market Conditions15

Activity 1,129
Mon Jun 26, 2017
Eliz.jimenez.c answered:
Hi, I am trying to buy an apartment in New York City, but I want only an apartment with 2 bedrooms. I would like to know if can be possible using NACA.
0 votes 28 answers Share Flag
Sat Jun 17, 2017
Kathy Burgreen answered:
No lender will give you a loan for more than you can afford. Lenders want proof that you can repay the loan on time every month. Therefore, they will see you just signed for a mortgage loan already. How will you be able to repay another loan? You should have researched all the costs BEFORE closing on this home. Looks like you;re stuck with what you have. ... more
0 votes 1 answer Share Flag
Fri Jun 16, 2017
Brian Martucci answered:
At 4.375% you have $2,116.97 monthly payments x 120 payments = $254,036 paid out over 10 years - $6,500 credit = $247,536 total cost over 10 years.

At 4.00% you have $2,024.24 monthly payments x 120 payments = $242,908 paid out over 10 years + $1,500 cost = $244,408 total cost over 10 years.

If you're sure you're going to be there for 10 years take a lower interest-rate.

However, these are numbers that your lender should have already gone over with you. And quite frankly these rates don't sound like they are the most competitive. If you want to check and see if I can get you lower terms, and if you want to work with a lender that is more thorough and transparent and educational, contact me for more.
... more
0 votes 1 answer Share Flag
Fri Jun 9, 2017
Carole.lee.walsh answered:
I have Quick books but they charge 2.9%. to accept rent payment - albeit efficiently. I do not like Paypal since it - for me - is not user friendly. And it takes too long for the funds to move to my bank from my account.

I love Quickbooks bookkeeping system since it downloads all the credit cards and checking accounts automatically. And best of all - it memorizes things that are repeats quickly. Making the data entry/update process much faster. And since it's on line, my bookkeeper can do it from her desk and I can be at my desk anywhere in the world that has internet connection. We can be working together or independently.
... more
0 votes 25 answers Share Flag
Wed Jun 7, 2017
Catrina.beare asked:
Legally separated and looking for a home to move into - is there any way around this? I have thumbs up on everything else, excellent credit score etc. Please advise.
0 votes 0 Answers Share Flag
Fri Jun 2, 2017
Maryakarp352 asked:
Thu May 25, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

It certainly makes the process a little tougher but generally you can uses your two year average income shown on your tax returns as your income.

If you have any other questions or would like help with this you are welcome to get in touch with me.
... more
0 votes 1 answer Share Flag
Thu May 25, 2017
Gregg Pomeroy answered:
Also it look like your in Poughkeepsie. I know that area and all of the Hudson Valley well.
0 votes 3 answers Share Flag
Wed May 24, 2017
Kathy Burgreen answered:
I'm a recently retired NYC realtor and life long area resident. I'm assuming you are buying a condo or a house because co-op Boards do not accept FHA. What I'm very confused with is if you have a closing date, how did you get this far? Were you pre approved by a lender already? If you have been pre approved, then your lender should be able to close the loan.
If you were NOT pre approved, how could you sign a contract and have a closing date? Most NYC realtors do not allow buyers to sign contracts unless they have proof of financing (pre approval letter or proof of funds). I'm shocked your realtor allowed this. Perhaps you are working with a new licensed agent who doesn't know what they are doing?
Having permission from a trustee to proceed and buy a home does NOT mean you are qualified to buy a home. It's only proof for the lender that you can proceed. Lenders need to qualify you based on several factors - not just permission from a trustee. The criteria lenders use is: employment and income; savings or investments; credit history and credit score; debt to income ratio and tax returns.

Bottom line - Even IF you find a lender, there is NO GUARANTEE that a lender will approve you to buy a home. If you are under contract, you need to brace yourself that you may need to cancel and back out. Will you lose your deposit? You will not get a refund for fees already paid. You did things backwards.
... more
0 votes 1 answer Share Flag
Fri May 12, 2017
Kathy Burgreen answered:
As a local realtor & Bronx resident, this is illegal in NY. No lender is allowed to ask for passwords to your account. Tell this lender, forget it & get somebody else.
0 votes 3 answers Share Flag
Thu Apr 27, 2017
Mark Howe answered:
Hi Cabria,

The ability to approve you for a mortgage is going to depend on your overall debt to income ratio, not just that one loan. The only way to get you the answer is to contact a lender and have us go over your income and expenses, as well as the other qualification criteria.

I would be happy to help you review your situation, so feel free to contact me. With one phone call I will be able to tell you whether you need to pay off debt or not to qualify.
... more
0 votes 2 answers Share Flag
Wed Apr 19, 2017
Jonathan Bellemore answered:
Wed Apr 12, 2017
Ran Chen asked:
Tue Apr 11, 2017
AS asked:
sue? Long story short: I was doing a refi with my existing primary loan holder, but when it came time for my secondary loan to sign off, they took months to get back to the primary loan…
0 votes 0 Answers Share Flag
Thu Apr 6, 2017
Kathy Burgreen answered:
The Property Management company for your building is required to give every shareholder (homeowner) a letter or 1099 itemizing the amount you paid for property taxes for your unit only and the amount paid for maintenance. The letter / 1099 also states how much is your share for the building's property taxes and maintenance. If you did not receive your statement, contact the management company for a copy. Perhaps you received it and misplaced it? Hoping you did not throw it out.

The property taxes paid for your unit only and your portion of the building's property taxes is added together and this is the amount you itemize on Schedule A. Since tax deadline is coming up quickly, get your copy asap. In the event of a delay, next best thing is to ring the doorbell of your downstairs or upstairs neighbor on the same line and ask for their copy. They should have the same number of shares as you do.

As for the number of share you own - that is on your closing documents. You can also contact the management company and they will tell you.
... more
0 votes 1 answer Share Flag
Fri Mar 31, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

You can get a VA loan with no money down and even roll closing costs into the loan using a sellers concession.

If you have any other questions or would like help with this you are welcome to get in touch with me. ... more
0 votes 1 answer Share Flag
Fri Mar 3, 2017
rock13979 asked:
Hello my sister's husband died and left her with a 9.5% mortgage in which she can't afford to pay. her credit is shot and have no funds. She do have a lot of equity in the home.…
0 votes 0 Answers Share Flag
Thu Mar 2, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

We have programs that go down to a 580 for an FHA loan.

If you have any questions or would like help with this you are welcome to get in touch with me. ... more
0 votes 1 answer Share Flag
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