I am curious what you're looking for- a co-op apt in a brownstone? how many bedrooms? etc.

The New Year brings the real beginning of our search for an apt - we will begin seriously looking in the next couple of weeks/months for a one + bedroom apt in a brownstone, hopefully we will find something in need of some work and not "renovated" to death. We've been watching the market closely for the past year and it looks like everything is at a standstill right now.

I am also curious - what were the red flags you mentioned. Any advice for newbies?

Posted by: clementine16 at January 1, 2008 4:48 PM in response to How long did it take you to find/buy your first apartment?

I can't believe that someone is calling someone else a "fucktard"
middle school?

I would love to read this blog for the chat about historical home renovation and the real estate watch-dog content without all the negativeity, sarcasm, name-calling and other sillyness.

Posted by: clementine16 at January 5, 2008 5:53 PM in response to negative attitudes

hello!
It's an ongoing debate, not a slimy realtor.

If you have a more accurate estimate I would appreciate it.

Posted by: clementine16 at January 5, 2008 7:33 PM in response to price per square foot in Forte Greene or Clinton Hill?

aside from being made to look silly by all of the brownstoner "experts", i was interested in hearing anecdotes from those who may have had the experience of buying sans broker, positive or negative.

anyone?

in my experience, 3rd time buying a home, having an agent means access to more listings. is there a multiple listing service here in new york which can only be accessed by brokers?

Posted by: clementine16 at January 31, 2008 9:46 PM in response to broker or no broker?

In our experience (in another state. . .) pre-approval meant that we had a commitment from a lender and we were locked into an interest rate. Perhaps NY different, we will find out soon enough.

Thank you so much for the rec. for Universal Mortgage. If anyone else out there has a different rec we would love to hear from you as we are shopping around.

Posted by: clementine16 at April 13, 2008 7:05 PM in response to mortgage broker ?

In our experience (in another state. . .) pre-approval meant that we had a commitment from a lender and we were locked into an interest rate. Perhaps NY is different, we will find out soon enough.

Thank you so much for the rec. for Universal Mortgage. If anyone else out there has a different rec we would love to hear from you as we are shopping around.

Posted by: clementine16 at April 13, 2008 7:06 PM in response to mortgage broker ?

In our experience (in another state. . .) pre-approval meant that we had a commitment from a lender and we were locked into an interest rate. Perhaps NY is different, we will find out soon enough.

Thank you so much for the rec. for Universal Mortgage. If anyone else out there has a different rec we would love to hear from you as we are shopping around.

Posted by: clementine16 at April 13, 2008 7:06 PM in response to mortgage broker ?

I would call Chase...they seem to have the best right now...been shopping around forever...and finally stuck with them.

I used Rick 917 593 7788

Posted by: guest at April 14, 2008 10:35 AM in response to mortgage broker ?

I also used Frank Gooden and he is very nice, but gave me bad advice about locking in my heloc - although you can't really blame him for not knowing that all the interest rate slashing would have no effect on lock-in rates - that in fact they have continued to go up since I first inquired in early September.

Posted by: guest at April 14, 2008 11:25 AM in response to mortgage broker ?

There are closing grants available for first time home buyers in certain neighborhoods. You'll have to go through a program such as Neighors Helping Neighbors. (you'll find them if you google them) It was a great experience for me. And they will help you through the process.

Posted by: zapzap at April 14, 2008 11:33 AM in response to mortgage broker ?

First responder again (gee, that sounds medical...)

Universal mortgage gave me my preapproval letter. They didn't check my income, and I know, because I worked at a place that wouldn't verify it for anyone unless I authorized that in writing. And I doubt they checked my credit. They were nice in supplying the letter. Sure, go get one from them.

But don't make the mistake of thinking that this in any way obligates you to them. I wanted a 30-year fixed rate mortgage (I'm no dummy - I wasn't taking any risks with interest rates.) Universal was then pushing 7-year ARMs (fixed for 7 years, then adjustable.) I didn't want that - they pushed - told me rates wouldn't go very high. When I said I was old enough to remember when the prime rate was well over 15%, they testily tried telling me that most people move in seven years. (I didn't intend to move that soon, and I didn't.)

I went to New York Mortgage and got a better rate on a 30-year fixed. Sure, skip the brokers if you can (my available lenders were a limited bunch in a brownstone coop with only 10% down, so it was easier to use one.) But if you use one, go to a big one, not the tiny ones - you will find they have more banks they work with and better options for you. But you don't need to make that decision now.

Posted by: guest at April 14, 2008 12:33 PM in response to mortgage broker ?

Forgot to say above that Universal didn't even HAVE a 30-year fixed loan to offer me, which seemed just dumb, and possibly shady, to me. (And this wasn't based on me - I had stellar credit and was borrowing a lot less than I could qualify for) - they push the loans they do (all brokers) because they make more money off certain types of loans. Buyer should always beware with mortgage brokers.

Posted by: guest at April 14, 2008 12:50 PM in response to mortgage broker ?

generally mortgage brokers are useful for unusual circumstances. If you have decent credit and income you should go directly to a few banks (start where you have your checking account or other investments) and speak with them.When you work through a broker you are paying their fee; whether that is an up front fee or via an increased interest rate where the bank then pays the broker what is called a "YSP" or Yield Spread Premium. This is a fee that the bank pays to the broker because you accepted an interest rate that the bank wants. Go directly to the lender if you are a good credit risk. If you have credit issues (low credit score / prior bankruptcy / self-employed) then a broker can assist by knowing lenders that have programs which you will fit into. If you are not unusual in that way then most banks should have programs which you will fit into. Shop around and save the middleman.

Posted by: guest at April 14, 2008 3:26 PM in response to mortgage broker ?

And always remember to consider where a person's financial interest lies when considering their advice. EG: A mortgage broker gets paid when you agree to accept the loan. It doesn't matter if you get foreclosed upon in a year, once you sign on the dotted line, the broker has earned their fee.

Posted by: guest at April 14, 2008 3:32 PM in response to mortgage broker ?

You may have better luck with a Mortgage BANKER. We have the flexability to either bank the loan in house or broker it to another bank if it's a complicated or "hairy" loan. I'm not going to pretend that I'm a happy cleint and refer myself so if you feel like it send me an email or give me a call. I sell loans to all the big banks so it's like dealing with Chase, Wells Fargo, Citi, and HSBC etc... all in one.

Adam M. Dahill
Branch Manager
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
1-800-475-0123 x242 office
1-201-298-6599 fax
www.approvedfunding.com
adahill@approvedfunding.com

Look us up on the better business bureau
Been in business since 1987

Posted by: guest at April 14, 2008 4:54 PM in response to mortgage broker ?

You may have better luck with a Mortgage BANKER. We have the flexability to either bank the loan in house or broker it to another bank if it's a complicated or "hairy" loan. I'm not going to pretend that I'm a happy cleint and refer myself so if you feel like it send me an email or give me a call. I sell loans to all the big banks so it's like dealing with Chase, Wells Fargo, Citi, and HSBC etc... all in one.

Adam M. Dahill
Branch Manager
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
1-800-475-0123 x242 office
1-201-298-6599 fax
www.approvedfunding.com
adahill@approvedfunding.com

Look us up on the better business bureau
Been in business since 1987

Posted by: guest at April 14, 2008 4:54 PM in response to mortgage broker ?

I've dealt with Universal and I've dealt with banks. One thing, when there's a snag, Universal has been able to fix it, when I used the bank I had to talk my way through a whole department of people, each only trained to do one step of the process. Plus at the time they were writing mortgages out of St. Louis and had no idea what a 4 unit co-op was (they found out on like day 30 of the process when the underwriter wouldn't wite a mortgage on one). Go to your bank and get a rate and then ask universal if they can do better. Can't lose.

Posted by: guest at April 14, 2008 4:56 PM in response to mortgage broker ?