Manhattan Mortgage Rates – To Understand Borrowing Options Better

Buying a house means an investment of a lifetime. So, one should take time in getting the proper mortgage quotes. In Manhattan, a buyer can compare the mortgage rates offered by different lenders and choose the best suitable one. According to a recent report by Jonathan J. Miller, president of the appraisal firm Miller Samuel, the Manhattan residential real estate market has stabilized. Mortgage rates are now at record lows and the prices are still much below peak levels.

Only opting for the lowest mortgage rate will not be a good idea. A buyer also needs to see the other terms and conditions stated in the mortgage before finalizing the deal. A person can also get an online mortgage quote. He needs to fill out a form that asks for some basic information like-

* Credit report: A person having an excellent credit report is likely to get a lower interest rate on a home loan.

* Type of mortgage: Whether the person wants to take a fixed-rate, adjustable-rate, hybrid, or a balloon loan. If a borrower wants to refinance his existing loan, the terms and conditions will be slightly different.

* Loan term: If a person opts for a longer loan term, the interest rate will be more.

* Type of home: The interest rate will also depend on the type of real estate property. The property can be an apartment, a single-family unit, a duplex, or a condominium.

* Percentage of down payment: A person needs to pay 20% of the total loan amount toward a down payment. However, if one is unable to do so, he needs to buy PMI (Private Mortgage Insurance). This insurance ensures repayment of the mortgage amount to the lender, in case the buyer fails to make payments.

* Loan amount: The mortgage rate also depends on the amount of loan taken by the homebuyer.

In Manhattan, mortgage rates for both commercial and residential properties in case of adjustable type are set to recast. If you are a resident here and want to get low Manhattan mortgage rates, log onto Great Northern Mortgage Corp. is ready to help you whether you are looking for Manhattan mortgage rates for refinancing or purchasing a new property. They provide loans that will be specifically tailored to your needs. Each acquisition will receive the best Manhattan mortgage rates and terms. You will also receive unsurpassed customer service and customized product knowledge. Their team of professionals will help you in every process from initial loan application to closing. Visit them and make your real estate transaction a smooth one.

Selling New York City Apartments

Crushing It in Apartments and Commercial Real Estate

What we find great about investing in New York City apartments is that they’re easy to find, banks love to lend to them, and they’re great cash flow generators.

If you’re wondering how to get into commercial real estate (CRE), you need to have a solid understanding of what constitutes cre. There are quite a few types, including offices, industrial spaces (such as storage warehouses), retail and dining property, and multifamily units, such as apartments.

Step 1: Decide if you want an NYC Real Estate Broker. If you hire a broker you will incur the broker fee. If you don’t hire a broker you run the risk of a less efficient sale process.

Selling NYC apartments with NYC Real Estate Broker

If you elect to use an NYC Real Estate Broker to sell your New York City Apartments you will gain the benefit of having someone do strong advertisement for the sale of your NYC Apartments with no additional cost for you. In addition, you will gain the benefit of the Broker’s knowledge of the New York City real estate market and Real estate websites and he will sell your NYC Apartments at a competitive price.

NYC Brokers Fee

A New York City Real Estate Broker is paid on commission; which means they are paid a percentage of the proceeds from the sale of your NYC Apartments. The types of the commission are as follows:

  • Open listing; is one that authorizes the broker to find a buyer and, if successful, earn a commission of a certain percentage of the NYC Apartments sales price.
  • Exclusive agency; provides the same, except that the NYC broker will earn the commission if any broker finds a buyer and an “exclusive right to sell” provides that the broker will earn a commission if the New York City Apartment is sold, regardless of who finds the buyer including the owner!
  • Multiple Listing Services; is an organization of many brokers that agree to share their listings with each other. This is in an attempt to provide the maximum exposure for the New York City Apartments sale of a particular property.

NYC Brokers Commission Rates

Commission Rates vary from the 6% – 7% “full commission rates” to as low as 2% “Discount rates”.

Note: Lower commission rates are often offered in exchange for an “exclusive” listing, but this means that only one NYC real estate broker will be seeking purchasers for you.

TIP: It is generally a good idea to contact your New York City real estate attorney well in advance of selling your NYC Apartments and ask him/her to read the brokerage agreement and advise you before you sign it.

Selling NYC Apartments – The Do It Yourself Checklist

If you elect to sell your NYC Apartments without retaining a New York City Broker, here is a checklist that you will find useful.

Determine the correct asking price. If you set the asking price too high, you will scare away potential New York City Apartments or Properties buyers. If you set the asking price too low, you will ultimately sell your NYC Apartments for less than you could have. To determine the correct asking price, consider what other similar apartments in your neighborhood have sold for and add 10% to your asking price. If you cannot determine what other apartments in your neighborhood sold for, hire an appraiser to appraise your NYC Apartments. This will only cost a couple of hundred dollars.

Advertise for the sale of your NYC Apartments in Newspapers, online, and in Real Estate sale pamphlets.

Contact a Real Estate Attorney. Now that you found your buyer and have negotiated the purchase price, it’s time to contact your NYC Real Estate Attorney. Your NYC Real Estate Attorney will memorialize your sale agreement in a Contract and will represent you in closing the deal.

Selling your NYC Apartments may end up being one of the most important business transactions of your life. I, therefore, recommend hiring experienced business professionals so that it can be one of your most successful transactions.

New York Home Mortgage Types Offered By The Fha

Buying a home is like fulfilling one of the biggest dreams in life. In New York, home mortgage loans are offered in various forms to the buyers. Having sufficient knowledge of each type can save a lot of the buyer’s hard-earned money. If a person is not eligible for obtaining a conventional loan, he can also opt to take out an FHA mortgage. Recently, the FHA has introduced some new rules that have been applied in the year 2010.

There has been a substantial increase in the upfront insurance premium for FHA loans. The new premium percentage has increased from 1.75% to 2.25%. For every $100,000, the borrower needs to pay an additional fee of $500 towards closing costs or he can pay a total of $2,250. The amount will become double if the loan amount taken is $200,000.

In New York, home mortgage loans are not directly offered by the Federal Housing Authority. The FHA gives a guarantee of repayment to the lenders, in case the buyer fails to repay the loan. Some of the types of FHA loans are as follows:

* General FHA loans: A person can obtain this type if he has a low credit score and cannot afford to pay 20% down payment. The loan term ranges from 10-30 years. The loan can be either a fixed rate or an adjustable-rate one.

* FHA HUD loans: Those who want to buy an FHA foreclosure home can obtain this loan. This program offers a minimum down payment, which can be as low as $100. The buyer also gets a small amount of repair escrow account, if the home needs repair and also closing cost assistance up to $2,500. The loan term ranges from 10-30 years. The mortgage rate is fixed.

* VA loans: This loan is offered to military veterans. No down payment is needed and the interest rate is 1% less than the current market rate. The loan term ranges from 10-30 years. The buyer needs to pay a 1% funding fee during the closing of the loan process. The property and insurance taxes are factored into an escrow account.

* SPARC: It is a low-interest loan provided by the Sponsoring Partnership and Revitalizing Communities, through the local government, housing authorities, non-profit organizations, and so on. These organizations merge different types of loans offered by the local, state, and federal government and offer them to the borrowers.

If you want to avail of FHA loans, log onto This New York home mortgage company specializes in real estate financing related services. After evaluating your financial conditions, the loan consultants will help you choose the best mortgage type, to suit your repayment affordability the best.