So all that great vibe that came out of the G8 Summit from last weekend regarding the backing of Greece staying in the EU, well let’s just forget that it even happened. Let’s just chalk it up as a…
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We are starting off the week pretty much unchanged in the bond markets as the 10yr is sitting comfortably at 1.73%. With a light economic calendar today, I do not expect much volatility and expect the…
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A happy Friday to everyone and all-in-all it has been a good week in our world. The bond markets have had a steady grind towards lower rates even though we are starting the morning down from yesterday’s…
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Ella Chavers answered:
I live in an HDFC about to end its 25 year coop agreement with the city/HPD - any advice on commercial banks/lenders willing to lend $1.3M?
Contact:
Lenny Holler
VP
De Capital Mortgage (Wells Fargo)
212-692-8468
(Image courtesy of Dave Granlund)We are starting off this Wednesday with a little bit of a relief trade reversal…relief if you are a stock trader. The Dow has fallen almost 700 points from its most recent…
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TC answered:
RIFI question in a COOP
thanks for answering! My broker was excellent and I knew that it was not his fault because I have the letter stating too many apts owned as investment properties according to Fannie Mae
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So we take a week off from this little wealth of information that we provide due to the Secondary Conference as well as me just getting back into the groove and now we see that the world is coming to an…
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Mitchell Hall answered:
If i refi my coop in clinton No cash out i sit subject to NY transfer tax..we own the ccop now
Edwin,
Coops are subject to city and state transfer taxes but not NY state mortgage recording tax. Transfer tax and mortgage recording tax are totally different taxes. When you finan
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Trevor Curran answered:
If i refi my coop in clinton No cash out i sit subject to NY transfer tax..we own the ccop now
Good afternoon Edwin,
There is no mortgage tax on Cooperative loans in New York City.
Trevor Curran
NMLS #40140
Marco Gomez answered:
What is "origination cost"? How does it work? Is it a on-time cost or does it get added to my mortgage rate on an ongoing basis?
Origination fees are a one time fee.
(Image courtesy of Mike Keefe)So here we are on the much anticipated NFP report day, which the markets were waiting on since the non-eventful FOMC statement. Well this is kind of like the movie Groundhog’s…
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The bond markets are up a little bit to start the day but we are really just getting back to where we were yesterday morning after we did get a little sell-off that started late in the morning. The ADP…
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Travis Old answered:
Will anyone refinance an investment coop apartment in Manhattan?
Nets2009,
You may want to look at some regional banks who are looking for options to lend/increase their debt cap. Larger banks are really mitigating risk now, and as the other broke
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Annette Levinson answered:
can you get a reverse mortgage at 70 east 10 th st?
If the property is a coop-no. If it is a condo, it will depend if it is FHA approved -yes.
The amount of all cash buyers coming from overseas is amazing. Not so much for our friends in the mortgage business, but in terms of closing deals quick and easy, im all for it!Elan
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There was a lot expected of this week and it turns out that the build-up was far more exciting than the results. As mentioned on Wednesday afternoon, the Fed announcement and subsequent press conference…
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Much like the high-powered executives who race to get to the Hamptons in two hours on a summer Friday, commercial lenders disregarded regulators’ meek enforcement of lending speed limits during the boom.Today,…
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The bond markets are opening slightly up to unchanged from yesterday’s close. We see the 10yr hanging firm below 2.00% at 1.98%. There is no meaningful economic indicators that have or will come out…
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We are starting off the week on a good note (unless of course you locked your pipeline on Friday) as the bond market is up a little bit with the 10yr trading outside the recent tight range at 1.92%. I…
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Well the day is finally here for what I know the markets have been looking to ever since the weak NFP back on 4/6. That is the Federal Reserve Open Market Committee (FOMC) statement on Fed monetary policy.…
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