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Financing in 10003 : Real Estate Advice

  • All44
  • Local Info1
  • Home Buying17
  • Home Selling4
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Activity 191
Thu Oct 11, 2012
James Furlong answered:
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 unless your goal is to max out your LTV on both properties. ... more
0 votes 4 answers Share Flag
Sun Sep 2, 2012
Ron Thomas answered:
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.

There are so many variables here; the only way to do this is to jump into the water; sticking your toe in will tell you nothing.

Good luck and may God bless
... more
0 votes 3 answers Share Flag
Fri Oct 5, 2012
Michael Richman answered:
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
Bellmarc Brokerage, Ltd.
681 Lexington Avenue
New York, NY 10022
Phone 212-688-8530 x223 Cell 917-991-2528 Fax 212-758-7495
Email mrichman@bellmarc.com
... more
0 votes 3 answers Share Flag
Thu Oct 11, 2012
Erika Roberts answered:
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 4 answers Share Flag
Fri Jul 27, 2012
Veronika Baba answered:
Check Charles Schwab bank phone: 877 535 4021
Good luck.
Veronika Baba phone: 347 528 5573
0 votes 3 answers Share Flag
Fri Oct 5, 2012
Jenet Levy answered:
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 "conforming" loans. That means conforming to the Fannie Mae current (they keep changing) guidelines. Your best bet is to use a mortgage broker. They have access to a range of mortgage programs, including some that are more flexible.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
... more
0 votes 4 answers Share Flag
Tue Sep 25, 2012
Jill Raff answered:
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 financing. Give me a call if you want more information or if I can help you in any way.

Best,

Jill
917.887.5899
... more
0 votes 4 answers Share Flag
Fri Oct 4, 2013
Darrell D. Drouillard answered:
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 year note with a lower interest rate, you will probably lower you payment several dollars a month, but the upfront closing costs could be thousands and the long term interest paid will likely increase.

Things to look at are residence goals - are you planning to move in the next 1-5 years or do you plan to stay in the home for quite awhile? Are you looking to refinance for another 30 years or are you looking to refinance for a 15 or 20 year note? Are you looking to refinance for cash out or just for loan balance.....or even with a payment to decrease current amount?

When you figure your payments based on year of note and amount financed (you can use any Internet calculator program for monthly payments), look at the difference and then determine the change in total interest paid and compare to your long term goals of occupancy. Good Luck.


Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg 4
San Antonio, Texas 78248
210-373-6160
210-881-6760 (Fax)

www.dddrealtor.com

'Serving all Your Real Estate Needs'
... more
0 votes 12 answers Share Flag
Thu Jul 12, 2012
creditreport answered:
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 is reliable and correct. You too can get your credit reports and scores with them! ... more
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Sat Jun 30, 2012
creditreport answered:
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 firstly check your credit report to find out your financial background and if it is good, they do not hesitate in giving lend at a low rate of interest. ... more
0 votes 6 answers Share Flag
Fri Jun 29, 2012
Dan Tabit answered:
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 lowered. How much lower I can't say, but it's not helpful.
To maximise your score, pay all your bills on time, pay down balances to 1/3 or below the credit limit and don't close any accounts.
... more
0 votes 6 answers Share Flag
Mon Jun 11, 2012
Zita Lo answered:
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 historic low interest rates. I can refer you to a mortgage broker from DE Capital, our mortgage arm affiliated with Wells Fargo. Once he tells you as to how much financing you are qualified for, it would be a lot easier to focus on the apartment that is workable within your budget. Pls contact me by email or call me at 917.656.8112. Looking forward...


Warmest regards,

Zita Alvarez Lo
Licensed Associate Real Estate Broker
Bus 212-350-2825
Cell 917-656-8112
Fax 646-497-3968
zlo@elliman.com

PRUDENTIAL DOUGLAS ELLIMAN
205 East 42nd Street, 6th floor
New York, NY 10017
... more
0 votes 8 answers Share Flag
Mon Jun 11, 2012
Aileen Grossmann answered:
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 9 answers Share Flag
Fri Jun 8, 2012
Marilyn Mayers answered:
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
E-Fax: (212) 751.3218
jlyons@guardhill.com
www.guardhill.com

He has many lenders.

Marilyn Mayers
Lic. Assoc. RE Broker, Sr. VP
Halstead Property LLC
212.381.3211
... more
0 votes 5 answers Share Flag
Mon May 14, 2012
TC answered:
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 years and should not be treated like this ... more
0 votes 3 answers Share Flag
Fri May 11, 2012
Terry Korahais answered:
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 mortgage amount). I would certainly ask the mortgage broker/banker and also speak to management office to see if they have any restrictions. Terry K 718-614-3167 or email TKorahais@elliman.com ... more
0 votes 4 answers Share Flag
Mon May 7, 2012
Mitchell Hall answered:
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" shares in a corporation. A mortgage broker/banker must provide a "good fairth estimate" of mortgage related closing costs.

Best,

Mitchell Hall, Associate Brok
The Corcoran Group
917-312-0924
MHALL@corcoran.com
... more
0 votes 3 answers Share Flag
Fri May 4, 2012
Gail Gladstone answered:
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 516-249-4800 or on his cell at 516-655-2900. ... more
0 votes 6 answers Share Flag
Sat May 4, 2013
Mark Fisher answered:
Is that property a co-op or condo?
0 votes 3 answers Share Flag
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