From the category archives:

Mortgage Pits

“The best time in our generation to buy” … ???

by Red Delicious May 25, 2010

So notes Moody’s chief economist, Mark Zandi.  More accurately put, the coming weeks or months may well offer lowest cost of financing the purchase of a home in close to 50 years. For some time now, we have been noting that interest rates have a high probability of increasing due to many factors including the [...]

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How tight credit standards are restricting many sellers to all-cash buyer pool

by Red Delicious May 20, 2010

Today’s rigid loan environment never ceases to create interesting and challenging scenarios for sellers and buyers, alike.  Buyers beware:  before falling in love with a property, ask the owner or the representing broker about the percentage of sponsor and rental units in the building.  One of them should have the answers.  The reason to ask [...]

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Mortgage contingency expirations and extensions … what you need to know

by Honeycrisp May 4, 2010

Today’s finicky credit markets are rendering mortgage contingencies a most common inclusion in purchase contracts.  A mortgage contingency makes the buyer’s commitment to purchase the property conditional upon the ability to obtain financing (technically getting the bank commitment vs. the mortgage itself). This is particularly the case in Manhattan, where a great proportion of loans [...]

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Brooklyn’s FHA-approved Condos and their FHA concentration

by Red Delicious April 27, 2010

Since our post from yesterday about new FHA limitations and the list of Manhattan FHA-approved condos, we have received many email requests for a similar list in Brooklyn.  Generally we don’t like to just post a list of things, but thought this one was worthwhile. Therefore, as of today, below you will find the latest [...]

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Why FHA-driven first time home buyers may be running out of time

by Honeycrisp April 26, 2010

Plus the latest list of FHA-Approved Manhattan Condominiums We’re not in Kansas, anymore.  Translated to the NY real estate market, we’re not where we were 6 months ago.  The market has most definitely shifted and buyers looking to take advantage of FHA loans need to move quickly.  FHA approved buildings now limit the number of [...]

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An interview with Jeff Appel: The mortgage pitfalls to avoid as a buyer today

by Honeycrisp April 13, 2010

We recently had the opportunity to interview Jeff Appel, mortgage professional extraordinaire, regarding the credit markets today and what buyers can do to empower themselves.  Here are the gems of wisdom he shared with us, in terms of navigating the often turbulent waters of the mortgage market: Confirm that the projects you’re looking to bid [...]

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Is getting your building approved now tougher than getting you approved for a mortgage?

by Mitchel Askinas April 2, 2010

Buyers today are no strangers to the many time delays they face in getting to the closing table, particularly due to the difficulties in obtaining a mortgage.  Whether with respect to a co-op, condo or new developments, it seems there is a new hoop through which to jump each and every day.  I thought I [...]

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The difference between a mortgage broker and a mortgage banker … and how to choose

by Honeycrisp March 13, 2010

In these days of tough markets and even tougher credit standards, it’s easy to get lost in the maze of mortgage financing.  Particularly when it comes to shopping around for rates, how can you decide between choosing a mortgage banker or a broker?  (And what’s the difference?) For starters, bankers are employees who work to [...]

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Now may be the right time to lock in your interest rate

by Honeycrisp November 5, 2009

With interest rates close to historical lows, it’s not surprising to read that “The Federal Reserve is taking steps towards weaning the housing market off its trillion-dollar support program” from the New York Times.  Take a look at the chart on the left from MIP, who notes that “beginning mildly in October and strongly in November, [...]

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The difference between pre-approval and pre-commitment letters, and why it matters: commitment phobia

by Honeycrisp July 19, 2009

You don’t need us to tell you that the days of easy financing are long gone.  It’s this precise point that leads us to write on how to have your offer taken most seriously in this market.  Anyone can make an offer, but not everyone can get the loans to back it up nowadays, and [...]

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