With mortgage rates rising alongside inflation, tax abatements are an incentive for New York City condo buyers. An active 421-a tax abatement is a great selling point right now for the new developments that have one...
Category - Financing & Mortgage
What is a portfolio loan?
A portfolio loan is when a lender keeps a loan on their books instead of selling it to a third party. For real estate, this means a lender keeps the mortgage instead of pawning it off on a federal insurer such as Fannie...
What does Fannie Mae eligible mean?
A home buyer is Fannie Mae eligible when the government-backed company will buy their mortgage from a lender. A lender — a bank like Chase or Wells Fargo — will provide the mortgage to the home buyer. Fannie Mae will...
Condo Questionnaire: All you need to know
A condo questionnaire is a form sent to a condo development by a lender when a potential borrower applies for a mortgage. The questionnaire allows the lender to determine if the condo meets its requirements for a loan...
What is a HUD-1 Settlement Statement?
The HUD-1 Settlement Statement is a government form that was used widely before 2015 when buying, selling, and refinancing real estate. It lists all the charges and credits to the buyer and seller in a real estate...
Cleared to close: What happens next?
After the arduous process of finding a home and qualifying for a loan, getting a Cleared to Close (CTC) letter from the bank providing the mortgage, is a huge relief. It means that any conditions or stipulations (often...
Mortgage broker or direct lender? The advantages of each
Okay, so you’re ready to buy a home. You have your bank statements, tax returns, W2’s, pay stubs and/or a financial statement for your business. You’ve pulled a credit report and feel confident about your approval...
Buy or rent a condo in NYC? The case for renting
Buy or rent a condo in NYC? It’s hard for many people to understand why that’s even a choice. The dream of home ownership is woven into the fabric of American culture. It’s the number one source of wealth...
Financing contingency: What are the risks?
A financing contingency is a clause in a sales and purchase agreement. It states that the purchase of a property is contingent on a buyer securing a mortgage with which to buy the property. Why is a financing...
Mortgage Commitment Letter: What is it and why is it important?
This is the final step towards getting a lender to commit to giving you a loan. How does this differ from a Mortgage Pre-Approval? For a commitment letter to be issued a purchase property needs to have been identified...
Mortgage pre-approval: The first step in financing a new home
A Mortgage Pre-approval is the first step towards buying a home. It is an evaluation by lender for your eligibility for a mortgage and how much money you can borrow and at what interest rate. They accomplish this by...
Closing costs: Additional costs to be aware of when financing a purchase
Hundreds and sometimes thousands of dollars in closing fees are thrown around like confetti when buying a home in NYC. Of course, there are the big-ticket items such as a broker’s commission and mortgage transfer taxes...
