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What is the best refinance rate are you getting as of now?
A belated thank you to all who answered.
Everyone above is correct based on my experience. If you take the deduction, it will result in an IRS inquiry because your name doesn't match the 1098 issued by the bank at year's end listing the mortgage interest. My own experience with this resulted from my then boyfriend and I taking out a mortage together. The mortgage listed us both as mortgagors, but the 1098 form only had room for one of our names so his name appeared. Each year we we split the deduction according to the percentage of the mortgage we each paid, the IRS sent me a letter demanding I pay a penalty and back taxes or that I submit proof of eligibility for the deduction (meaning a copy of the loan agreement). Each year my accountant would take care of providing the proof and the matter would be resolved. But it was annoying. When we refinanced we made sure the bank would list us both on the 1098 and it hasn't been a problem since then. Lesson: the IRS pays close attention to this stuff.
No. As described, you are neither the shareholder or the mortgage holder. You are only a tenant, with no ability to deduct or offset interest or taxes.
No, because the 1098 (that shows mortgage interest paid) will be issued by the bank in your mother's name and social security number. Get her to take the deductions.
I wouldn't think so. The whole point of a mortgage deduction is to offset income.
Is financing available for this building when there's a pending lawsuit from the board against the sponsor? Seems like there's an issue with roof leaks and structural defects at the building. At an $8mm lawsuit, that's a pretty sizeable amount for a building with so few units (15 i think?) should the board lose and need to pay for all the structural defects on its own.
They also mention a private roof but apparently the roof hasn't been partitioned yet for each apt and there's more leak issues up there? Does anyone have insight into this building's financials or know anything about what the $1700/month assessment for 6 months is for? A 10k asssessment sounds quite sizeable to me.
You can work with more than one mortgage as well as approach banks individually. The mortgage brokers are paid by the bank. If you work with more than one, you may end up paying for more than one appraisal.
E.S. Funding Co.
Mortgage Broker. since 1990
NMLS # 60631
Licensed Real Estate Broker since 1987
No upfront fees, lender pays me, great niche products
Stu kolinsky. Stukolinsky@gmail.com
GuardHill Financial Corp http://www.guardhill.com/. they are really great.
contact Discount home Mortgage they are great did my loan no upfront fees at all got them from Angies list. 718-528-0645 honest guy Steve michaels work with owner he is in busines 30 years
GuardHill Financial Corp. is a mortgage banker and brokerage company, catering to the specific needs ofmany different types of borrowers. We provide our clients with the most competitive mortgage programs inthe market with rates equal to or less than rates they would otherwise obtain independently.
GuardHill Financial Corp. is second to none in the foreign borrower lending market. We have fantasticprograms to help foreign nationals purchase or refinance homes here in the United States.
Here are some highlights:
• Fixed and adjustable rate mortgage loans for co-op’s, condo’s, and single family
• Up to 60% financing
• Can close in LLC, Trust, Sub S Corp or Corporation as long as it’s a US entity
• Must supply two years and year to date income from their country
• Clients must show International credit if you can get it, if not 4 vendor reference letters with a good 12 month pay history and in good standing.
• Must show assets in an internationally recognized financial institution
Sohoman - Just confirming Adam statement above.
One of my colleagues notified me to the recent activity on this thread. To confirm I am not Brookman. I do post semi-regularly on brownstoner.com if anyone cares to check on the validity of my statement. I have been quoted in the NY Times and I can be found on the internet via google search. I don't post that often on SE but have in the past on a few occasions.
Mortgage Master acted as a direct lender on his transaction. We sold the loan to one of our investors (institutional banks) post closing. I was not a broker on the loan.
The program guidelines allowed for 60% LTV, I had gotten an exception on his loan for 61.31 LTV due to an appraisal coming in slightly lower than expected. The property was a condo owned free and clear in Dumbo. This was an all cash out without a required relationship. 420k loan amount. No credit score reported on the US credit report. 5/1 ARM and the rate at the time of closing was 5.25%
Mortgage Master Inc
adahill AT mortgagemaster.com
>Are there any programs available for illegal aliens?
Probably, just need to show their Municipal ID card.
Does any one has use their services ? They are both mortgage banker & mortgage broker.
CoyWolf, sounds to me like Wells is pricing you as a Jumbo borrower and not a conforming loan, as Jumbo pricing is better than conforming today. Actually, $1.266mm @ 60% is Jumbo territory so they almost definitely are. I'm on round 3 of financing in 4 years with same banker at Wells, each time he's been best price along with great process. (2011 purchase, 2012 refi, 2014 sale/new purchase). I'm going 30 year fixed Jumbo now as well, 47% LTV, closing next week and was locked at 3.875% in mid July. However, 1/8 point brought me down to 3.75% and additional Wells banking relationship reduced another .125% so I'm fixed at 3.625% for 30 years with just 1/8 point. My banker said this is the lowest he's ever closed on a 30 year fixed, my timing on the lock was pure luck. Considering my 2012 refi rate was at the market bottom then, with 3.375% on a 10/1 ARM, I'm pretty happy with only 250 basis points higher on a 30 year fixed.
CoyWolf, I apologize if we are late to the game. First Republic is a Private Bank built on Jumbo Home Loans at low leverage. Depending on some basic relationship requiremetns most of my 7/1 IO's are being locked at 2.60% which is our floor today. The 5/1 Floor is 2.25% Always open to a conversation if you would like more detail. Both No Points.
That's a really nice deal on the points - 3.25 year breakeven or so
Here is the scenario.. Buying a townhouse in hamilton height area - Towhnhouse cost 1.6 mn.
Myself and partner put down 10% for downpayment and agreement. Lender agreed to finance and backed out in the last minute.
Here is the details of the property.
Property address : Hamilton Heights , Mixed Use
Price . 1.6 Million
Total Sqft - 5100 Sqft, ( Commercial 2000 sqft 3100 Residential)
Current Cash Flow - Vacant property.
Projected Cash Flow - Fully rented - 192,000 annual, 16000 $/ Month
We both have excellent credit and willing to put 40% for downpayment.
One of the partner owns around 6 restaurants and willing to open another one in the commercial space below.
can any one of you guys willing to provide financing. we will put 40% around 600k or if needed more towards the purchase price..
Please provide your details below and I will reach out..
Have an even smaller building without massive reserves and our underlying mortgage is through NCB.
Looking at refinancing and they're offering about 200 bps over the 10Y Treasury on a 10Y balloon. Just starting the process so not sure exactly how terrible that rate is.
I purchased a prewar coop apartment with 22 units in NYC in cash, and the building has some spotty financials (low monthly maintenance combined with an unexpected boiler breakdown depleted the reserves a couple of years ago). The financials are on the mend, but I'd love to take out a mortgage sooner rather than later to lock in rates and begin doing some renovations. Does anyone have a recommendation on NYC lenders that have a more holistic approach?
Appreciate any insight or advice from those who have been through this sort of situation.
Anyone have experience using First republic for home mortgage?
As a mortgage broker I had a relationship with Wells Fargo until they terminated their relationship with all mortgage brokers.
That said that just because a building is not on. Wells' s approved list does not mean it's not a Fannie Mae approved building. They may not have researched the building due to the fact that they did not do any loans in the building therefor didn't research it. In this case they do a spot approval, and if this works, they will consider the loan. That said under no circumstances would Wells consider financing in a building. Not Fannie Mae approved with no waiver.
E.S. Funding Co.
Licensed Mortgage Broker since 1990
Licensed Real Estate Broker since 1987
Seems like 1) you should be excited that they are willing to lend to non-approved building and 2) you should make sure you know why it's non-approved and that you're comfortable taking that risk. (A lot of people rely to some degree on the bank's stamp of approval to confirm that diligence isn't too bad - and here you don't have that). I wouldn't stress over "marginal difference" in pricing within WF. To make sure it's competitive thought, can't hurt to get a second opinion on pricing from another bank.
Certain buildings are on a bank's "approved list"; the banks consider this building financially safe. The building has enough reserves; a large percentage of the units are NOT owner occupied; the sponsor does NOT own too high a percentage of the units, etc.
But a building that's NOT on the bank's "approved list": banks are reluctant to offer mortgages to an applicant who's buying into a "non-approved" building, generally speaking.
Nonetheless, a bank will loan to an applicant with very good financials, even though he/she is buying into a "non-approved" building.
My question: If one buys into a "non-approved" building, will the mortgage rate be HIGHER than the rate if one buys into an "approved" building? If so, what's the difference in the rate, generally speaking?
My banker from WF just told me that there is no difference, and I'm happy. But I've heard that there could be a marginal difference. So I'm confused.
Should start over with a new lender?
I was in contract for a studio, and decided to back out when a studio in the building I REALLY wanted came up a week later (cost me a lot of money to back out, but the 100k saving was worth it). The bank had given me a conditional approval based on the other place, and said it would be no problem switching as the new place was cheaper, and most of the work was done. Now, I get a stack of papers in the mail asking me to apply over, none of all the previously gathered info filled in, and the rate shown is .25% higher than anyone else right now. The thing is, I can never get the loan officer or his assistant to respond to the most basic question and tell me what rates are - and tell me if, in signing this, I'm stuck at that rate, and if appraisal has been done, if we are in fact starting over etc. Basically, what the state of play is.
If it really is a case of starting over, I'm thinking of switching to a mortgage broker who's been chasing me because they would appear to have a vested interest in following through.
I also have BoA contacting me but I'm reading how problematic they are (or is that par for the course with any big bank?)
By the way, I chose the bank because of free recasting. The broker said with her company - which functions as a mortgage bank, by which they would eventually sell my loan to Fannie Mae - recasting is not guaranteed.
Appreciate advice here! Closing is mid July.
Also can you get anyone to lock you on a weekend?
use my broker the best got him from Angies list. I started out with Citi. they were the worst. in 1 week got a commitment closed in 35 days Discount Home Mortgage is the best 718-528-0645 ask for steve michaels honest broker
I am a Mortgage Banker with The Federal Savings Bank. We are a federally chartered bank that has relationships with investors (all the banks you are applying to & some that you're not) The benefit of working with me is if we cant fund your loan, chances are no one will. Additionally, I can provide a commitment letter during the pre-approval stage that an underwriter has review income & assets. Please let me know what I can do to help.
James Giacalone, Mortgage Banker
The Federal Savings Bank | 120 Broadway, 29th Floor, Suite #2950 | New York, NY 10271 | USA
direct: (646) 568-3644
A mortgage broker can submit your application to several banks at no charge.
E.S. Funding Co.
well good luck- I'm a nyc arch- also do work -design in westchester/ct custom homes- if you are in need of an architect/designer/project manager- let me know i love to design and can work with all all budgets - i see projects from concept to move in/..i have a lot of very good general contractors connections as well.
best email me at firstname.lastname@example.org anytime
> I bought a 1.7 mill condo with a 500k downpayment. I am now leaving the country, and recently sold my apartment for 2.4 mill.
Did you have to pay any capital gains tax?
Congrats Andy! From what I have learned (luckily not personally, at least not yet) there is no job security anywhere. It may actually be better to be a freelancer skillful/valuable enough where a number of companies are willing to pay you $1M to consult for them (and still be able to get jobs in 2008/2009 to make $200-500K) vs. having a "stable" job with one firm paying a $500K salary, and being let go at the exact same time hundreds of other similar formerly "stable" positions get cut. Frankly, all of us take a gamble when we buy without having a very sizeable cash cushion, because no one’s income is safe and can be gone in a heartbeat. Even with some savings, counting on one’s job to pay mortgage is still a gamble..
Or lose your job.
Big deal. So you gambled and won. I guess this means we should all go to Atlantic City!
At our closing, each bank asked for verification of the latest financials before they approved the closing date. My bank took 5 business days and buyer's took 8.
NYCee, can you share how long you had to wait for the HDC approval? We are just starting the board application now, and it is also in an HDC building @145th street. Thank you for your input.
Depends on the bank- SHould be within a week of receipt of the last condition- aka title.
Senior Loan Officer
Atlantic Home Capital
4175 Veterans Memorial Hwy
Ronkonkoma, NY 11779
Office: 631-687-3510 x106
Direct Fax: 631-918-5222
You can catch me in the directory at www.Brownstoner.com & www.montauk-online.com
I have had my loan commitment for a couple of months, including an extension that expires later this month.
I've just (finally) gotten approval to go ahead with the sale by the city (HDC property) and the underwriter has just about everything, except the title search which wasn't ordered until the approval Friday.
I'm trying to get an idea of how long it would take to schedule the closing now. I did try and contact my mortgage processor, who was out yesterday and will probably not get back to me before Monday. But I'm kind of antsy to get some idea right now.
Research says closings can happen in as soon as 30 days, but those also consider the entire process, not this end bit.
TIA for any info.
Agreed that USAA and Amica are good companies -- for the middle market. Their are many "good" companies out there, which is not usually the issue. Furthermore, for NYC condo/coop owners, you may find the middle market not sufficient for the unusually high valuation of NYC condo/coop valuations.
Unfortunately, many people make an insurance purchase based on incomplete information and do not completely understand the product they have purchased. This is inherent in the complexity of the industry & products -- and the fact that you only "really" know if you bought the "right" product after you have a large claim.
Some good advice is to work with a trustworthy & experienced broker who can explain the differences in coverages and who can shop around for you. Your condo/coop/home is perhaps your largest asset and your insurance placement should be commensurate with your risk appetite. Also, a good broker has a fiduciary duty to represent you, unlike the agent who takes the call when you buy insurance yourself.
Kindly get in touch for a no obligation consultation.
I bought Amica home insurance, after it was recommended several times by Consumer Reports over the years. It's top rated in the May 2014 issue. (based on reader survey/satisfaction). I've never had to use it, though.
CR also top rates USAA (but i think you have to have a military connection) and in 2009 Chubb was right up there, too, but isn't mentioned in the 2014 survey.
Folks -- I can help. I fully endorse what Tallisman says above. Condo/Coop Insurance is inherently complicated for many reasons. Condos/Coops in New York City are even trickier. Many good carriers have left the market after Sandy and won't write business anymore.
By way of introduction, I am an independent broker and president of my firm Prana Risk. I can help explain to you the differences between the standard/middle market and the more higher end products. I also work with AIG, Fireman's Fund, Chartis, and Chubb and they are all great higher end products.
I also have access to many middle market products. That being said, there are some large gaps with middle market products that are especially relevant in higher valuation apartments in locations like NYC.
Here is an example of one gap:
Most condo/coop policies are written on a named perils basis for dwelling (i.e. studs in coverage). What that means is that the peril has to be one of 17 or so covered perils in order for the claim to be paid. In the even of a claim, the burden of proof is on you, the insured, to show it is one of the covered perils. Now, to contrast, in a standard Homeowners policy, the dwelling is covered under what is called a "special form" -- which means everything is covered unless it is specifically excluded. This difference is HUGE and shifts the burden of proof on the insurance company.
The only way to get this "special form" coverage on the dwelling portion of your condo is to go with one of the higher end products. The products that are advertised on TV will not cut it. Nor will most brokers (sad to say, but true).
Now, most condo owners would view their asset equivalent to a Home in terms of worth, value, etc. Like a home, your condo/coop is likely your most valued possession. Why then insure it any less than if it were your home?
At the end of the day, I can walk you through a myriad of choices and explain the pros/cons of the product you are purchasing. More often than not, an insurance purchase is often rushed and poorly understood which can lead to unsatisfactory outcomes. My primary goal is to get you to fully understand the product you are purchasing, and to ensure you are comfortable with that product. I also try and assess your own personal risk tolerance. Sometimes I find that people are ok with the standard product -- and I am very pleased to offer it when they understand what they are purchasing. And the same goes true for a higher end product. It's just a matter of choice. But unlike a car purchase -- there is no test driving allowed here (and we hope there will never be one!).
Kindly get in touch for a no obligation consultation.
Tallisman: You still around? Would love to get your email add since I'm looking for a new broker
Mortgage Broker here that does commercial loans.
E. S. Funding Co.
Try a mortgage broker.
I'm interested in finding more info on commercial loan rates (to acquire a small multi-family building) at varying LTV, along with a realistic estimate of closing costs. Any advice? Thanks.
Any borrowing, including margin balances will show up in the liabilities section of the financials you submit as part of your board package. Given the usual margin rules (i.e., the value of securities you have to have free & clear in order to borrow cash) , the liability may not be considered significant, given the security assets. This is a form of what the OP is proposing. OP claims he can take the additional 10-15% hit to his income to cover the loan, at which point I would ask why he just doesn't invest an additional 10-15% of his income.
Find a bank that will give you an unrecognized loan.
What I meant was to borrow without using the co-op shares as collateral- use a margin account at a brokerage, where of course you would need other collateral like other stocks.
Crescent: NWT is correct. Nix won't actually own any property after the purchase of the co-op--just shares in a corporation that owns the building and a lease to his apartment. If he wants to use the shares in the co-op as collateral for a loan for the additional 10%, the bank will have to inform the co-op and the jig is up. No need for a sleuth to figure that one out.
We have an accepted offer on a condo. As part of the counter offer it was on the issue of a closing date,as we had already sold our home (our closing date is April 4 and we will now be getting temporary housing in an apt) and the sellers of the condo have asked at this time for an end of June closing date. They didn't have it yet on the market and weren't thinking it would sell so fast. Anyhow, we're in a dilemma as to do a 120 day lock, as 60 day lock in case the sellers find something sooner. There's the float option too. Then if they don't, an additional 30 day or 60 day lock? Or...just don't do anything at this point and wait until it gets closer to the time. There is always the chance that they might find something sooner and ask for an earlier closing. We were quoted a 5% rate with a 120 day lock. What would the difference be if we just waited until there is a set closing and just take what we get as far as the interest rate goes. Perhaps the rate would be at 5% then anyway. Advice on what to do with lock, not lock, market rate forecast, etc would be greatly appreciated.
All of this is really helpful insight. Thank you so much you guys are such a wonderful resource!
I may be able to help. My bank can lend on unwarrantable condo's & co-op's.
James Giacalone, Mortgage Banker NMLS# 482256
The Federal Savings Bank | 120 Broadway, 29th Floor, Suite #2950 | New York, NY 10271 | USA
direct: (646) 568-3644
If you have the offering plan and one set of recent financials you're not in terrible shape. I can name you three fancy Manhattan managing agents that would take six weeks to produce master certs of insurance, so having to chase building documentation is a problem that lenders are definitely used to dealing with.
The next question is "where are the 2012 financials"? If previous financials exist but current ones don't, does that mean that the building's treasurer retired or moved out? That might be a red flag to me.
But again, if they simply haven't been drawn up, that's not the biggest task in the world.
1. that owner occupancy isue is largely the result of vestigial thinking and memory
2. it mattered in the real estate meltdown of the late 1980's to mid-1990's because
large numbers of Coop Sponsors went bankrupt owning 50-80% of their Coops after
encumbering theie Coops with unsustainable mortgages which resulted in increased
maintenance charges such Sponsors coukd not pay because the apartments they had
retained were occupied by low rent rent-stabilized or rent-controlled tenants
3. things are different today: what matters in economic terms is whether the remain-
ing Sponsor apartments make or lose money on a monthly operating basis
4. if they do - and I believe that in most instances the Sponsor blocs do - their con-
tinued ownership by a sponsor does not present an economic threat to a Coop or to
its ability to service its underlying mortgage, current or new, as long as the Sponsor's
positive cash flow is stable and unlikely to reverse
Barclays and HSBC Wealth worth a look
LOL just saw this.....still offering the best rates....631-316-7272 , try me, I will earn your business.
no way GB = fieldschester. I'd lose so much respect for fields.
>And no, I'm not apt23, but I do have another name on the board too.
I'm sure your doctor is pleased