A good mortgage broker helps to make the closing of a mortgage loan as seamless as possible. Friends, who are homeowners, and your buyer rebate agent will be able to recommend mortgage brokers who they have worked with locally. Interview a few mortgage brokers before choosing to work with one Read more
Lenders are informed of buyer rebates to comply with federal law. Lenders do not allow for money to be given to the buyer after the closing. Imagine: You are lending $80 dollars to the buyer with a $20 dollar down payment to buy a $100 home. How would you feel Read more
Upon 3 days of receiving your loan application, the lender will issue a loan estimate letter to you. It will include every feature of the loan to help you understand the scheduled repayment amounts that you are responsible for. The 3 page form is standardized by the federal government. Take Read more
Adjustable rate mortgages (ARM) often come with low initial interest rates, then the rate increases to a higher market rate set against some type of Fed index after the initial teaser period expires. An ARM may be right for you if you plan on paying off the full loan in Read more
Closing cost estimates for co-op sellers are only for reference. The exact cost to the seller will be different on the closing cost details provided by the seller’s lender and attorney. Pay attention to the broker’s commission and taxes. These closing cost line items are a percentage (%) of the Read more
The average real estate transaction in New York City is relatively large and can amount to millions of dollars. Collecting 1% of the total purchase price as commission is a reasonable fee on these transactions. At the same time, the difference of the broker commission split after collecting our 1% Read more
Technology has enabled brokers to complete market analysis on a property in a few clicks. What used to take hours of work looking through city records manually is now done in a few minutes through websites such as StreetEasy. Comparable reports contain sales data for: Active Listings In-contract listings Unavailable Read more
Owning a home comes with monthly mortgage payments, property taxes, homeowners insurance, repair and maintenance of the things that break. Seems like a lot of responsibility, but not necessarily more than coming up with the monthly rent that allows you to live in your apartment. If you miss your rent, Read more
NY REAL ESTATE BUYER REBATES ARE LEGAL Real estate broker commission rebates are legal in 40 states, including New York state. NY Attorney General Eric T. Schneiderman issued a public letter confirming that commission rebates are legal. New Yorkers are encouraged to take advantage of lower commissions when buying a home. Changes Read more
Some homeowners are not ready to sell until you present them with the idea of someone wanting to buy their home because of the nearby schools or the family oriented community. Include your best family photo with the letter of intent. Letters help plant the seed in homeowners who have Read more