0.5 point fee for co-op fixed-rate mortgages

it's a tax that albany is now allowing the city to implement, apparently the city was thinking about it since koch... anyway, condos pay it, this would unify it.

why not asking for a price discount to the seller so that the monthly payment remains the same for you? (hence transferring the tax to the seller). once the cost is known, it should be reflected on prices imho.

as explained by UD:
http://www.urbandigs.com/2010/02/a_coop_mortgage_recording_tax.html

sorry! it's just a closing cost, not a higher rate (sorry! but still, why not asking hte seller to pay for it?)

Its a PAF or "Price adjustment factor".

What is your credit score and loan to value?

high 700s. 80% LTV.

notadmin, I'm not referring to the mortgage recording tax, this is a different type of charge imposed by Fannie/lender/state (I'm not sure which).

Not familiar with the .5 fee. Perhaps its just a citibank thing. Sunny.hong@bankofamerica.com

initially when they increase the definition of jambo from 417k to 729k the banks were allowed to add it. As the program was extended and the competition increased (fewer buyers) most banks drop this and incorporated it to the general origination structure. I refinanced in June 09 and had the same experience. Citi identified it as a seperate charge while others (Astoria etc) did not have it or did not separate it. The conclusion- when you compare cost of mortgage look at the totality of the rate including all points paid.

given Citi's stock performance, my guess is they need to collect all the extra fees they can to keep their employees and pay out their bonuses! But not to worry, the bonus babies will help lift the value of your asset over time! So FEE ON!

Any mortgage brokers have color on what the 30-year fixed agency jumbo mortgage rate is looking like currently?

Kewlly, it was about 5.125 with 0 pts today depending on credit score and LTV.

Thanks shong. I locked a 5.25 rate with about a quarter point credit back to me from the lender. Not as good as 5.125, but close enough.