off topic Real Estate

[Josh]

You can get the financial reports before you make an offer, but they may not give you the shareholder minutes until after your offer has been accepted.

If you can, try to plan for a 1 month window where you have the old apartment and the new. This will allow you to do your construction and moving.

I have a 5x1 ARM. I see it like this, I am able to lock in a low rate for 5 years (about 1.2 points below the 30year jumbo). Most people move every 7 years, so if I have to deal with a bad rate for two years, so be it. Also, the rate can only fluctuate like 2 points or something.

Also, if you get a coop, you can make an "adjustment" to the mortgage without changing the title (saves about $2000). Mortgage companies allow you to pay a one time fee for a lower rate. I think I had like 6.0 locked in when we bought and I called a few months later and adjusted it to 5.25. The monthly payment went down about $400 and the bill was only $1200. Now I am locked in at 5.25 for another 1.5 years. I plan to sell in 2 or 3 years if the market doesn't take too much of a hit.

 

[marrone]

You can do it before or after but you really want to do it before. What you can do is make an offer and then review it after, before you go to contract. Even if you make an offer and go to contract your lawyer should have some thing in the contract that can get you out if something comes up, without llosing any of your money.

 

[jhale]

I'm weak in the mortgage knowledge area. I'm going to have to do some studying.

Is it a waste of time to start looking before I have that figured out?

 

[marrone]

I'm weak in the mortgage knowledge area. I'm going to have to do some studying.

Is it a waste of time to start looking before I have that figured out?

Need to figure out what you going to pay and what you can afford. There are alot of mortgage model software on line.

 

[jhale]

okay thanks, I'll take a look at them.

 

[Josh]

Yeah, just price a 30 year based on what you are buying (jumbo?), how much you are putting down, etc. At least then you will know what the payment will be. Add that to the maintenance and you have some idea of your financial range.

 

[Reef Guy]

Right now @ par CountryWide's wholesale rates are @ 5.75 for good credit buyer with a LTV of 75% or below. The avg rate right now for good credit buyers is about 6%, on a $400,000 Loan that would be about $2400/mo and thats full doc. Whats really gonna get you would be the down payment. You will have to cover closing cost, which is roughly about 6%-7% in NY. However you are allowed up to a 5% sellers concession, but even with that you will need at least $8000 to cover closing cost and you will still be @ a 100% LTV...which you will most likely have to do a piggy back loan 70/30 unless you have a large sum of money for a nice down payment.... I say move to FL and buy a mansion for 400000...which will proly get destroyed by a hurricane the way things are goin

 

[jhale]

I don't wanna move to florida. okay maybe miami.

so your saying no matter what it's better to put down 20%.
I know it makes sense all around. I'll see what I can scrounge up.
maybe someone on RC will by some of my tort frags for 1k apiece
they are very rare, they are the Ossining Tort aka the House Tort

 

[Astoria]

Mortgage Basics

Jonathan here some info about, Mortgage Basics

http://www.bankrate.com/overkeyword/green/mtg/basics1-intro.asp

also look for

Location, Location, Location for any property.

You can fix any house the way you want it, but you can't move a house to a new location.

Gary

 

[jhale]

thanks for the link.

I'm looking in downtown manhattan, lol, location

 

[Astoria]

Some locations in downtown manhattan are better than others ;-)

 

[jhale]

well, the village, soho, west village, noho, are first on the list, but eventually all of NY is going to be a good location.

 

[GQ22]

preapproval

get preapproved/preqaulified now, and then when you do find a place, just show the guy your docs and that you mean business. drop some line how you'll be ready to close within a month, and negotiate a price a down. i did this and knocked off 9g's by convincing the seller i was ready to do business. he was so sick of getting his hopes with people that barely had enough for a mtg only to see if fall through at the bank at the last second.

 

[Reef Guy]

Well 20% is a lot of money to put down, if it was a years ago I would just say go with a FHA program, but now days Conventional and FHA rates are basically the same. What you can do is put down 10%, and buy the rate down for 1 point or even 2 if you plan on living in the house for a while. If you plan on living there for 5 years or less I would get a 70/30 2/28 LIBOR Adj....and hope that your house wont go down in value before you sell it. GQ22 brings up a good point, you can always get someone down a few grand. What happens a lot is once a seller accept a bid and they go into contract with the buyer, if the buyer cannot obtain a mortgage the seller cannot sell the house to anyone for up to 2 months. So its always good to walk around with a pre qual even though it doesnt really mean anything, most people will think other wise

 

[nycmat]

if you look in queens i can help you a little with location

matt

 

[michael stern]

Jon

Best of luck to you. That's really great. Just remember the 3 most dangerous words in real estate....................."might as well"

 

[jhale]

thanks Michael. I'll try to remember that when I'm looking.

 

[Doc]

Good Luck with it all. Greenpoint is an up and coming market. They are putting up a ferry to the city making it a 12 min trip to manhattan. Buy what you can afford, but don't get sucked into anything you can't. As a general rule, if your morgage turns out to be lower than the local rent, then It's a great deal. If your morgage is more, then the deal isn't great, but if you can afford it, then go for it. Know what you're looking for as well. School district important? How about plumbing (For the tank)? Space for the tank? Space for you? Make an offer when you like what you see, and start below the offering price. Morgage rates are going up, but they have stalled in the recent past. If you get a morgage, get a 30 year fixed, don't be fooled into the 5/1 ARM. I am looking to buy something myself and my family is in real estate, so I know a bit of what's going on. If you have any questions PM me.

Doc

 

[stingnyc]

Well 20% is a lot of money to put down, if it was a years ago I would just say go with a FHA program, but now days Conventional and FHA rates are basically the same. What you can do is put down 10%, and buy the rate down for 1 point or even 2 if you plan on living in the house for a while. If you plan on living there for 5 years or less I would get a 70/30 2/28 LIBOR Adj....

i think john is looking for a coop and unfortunately there are board requirements which forces you to put 20% down...

 

[inkblue]

2 centavos

i hate coops... bad enuF you have to deaL with office politics mon-Fri, doNt wanna have to deaL with people who thinK they know what they are doing with your own pLace. i like my condo coZ i caN do whatever/when i want, and when another condo opeNs up next to me, or aBove/below, i can make a hole and put in a spiral staircase :smokin: or have a 1,000G reef tanK :yeah: