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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 39413
Experience:  Texas Attorney for 30 years dealing in real estate
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What is a good website that can show me a mortgage lender

Customer Question

What is a good website that can show me a mortgage lender with the lowest points and interest?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. Ray here to help you .

Here are estimated closing costs and interest in one site.Know that all closing costs are estimated and may vary slightly.

http://www.bankrate.com/finance/mortgages/closing-costs/new-york.aspx

Customer: replied 1 year ago.

hi

thank you for your response but what I meant was that is there anything I can compare lenders.

Expert:  Ray replied 1 year ago.

All the lenders are going to be close to the same amount.

Here is a more detailed memo about closing costs in NYC, the variable here is the amount of the purchase , it will change this, the higher the dale the higher closing costs.

http://agmblaw.com/wp-content/uploads/2015/03/AGMB-LLP-Closing-Costs-Guide-2015.pdf

Expert:  Ray replied 1 year ago.

A good rule of thumb is to set aside roughly 2 to 3 percent of the purchase price or 3 to 4 percent if the apartment is over $1 million (to cover the so-called mansion tax, a state property tax).

Closing costs will be higher if you’re buying a condo. First off, you’ll have to cover title insurance. The state determines rates for the insurance itself, and there are also various administrative charges, so expect to spend about $3,000 to $4,000. Co-ops don’t require title insurance, since technically there’s no transfer of title for real property, since you’re buying shares in a corporation.

Secondly, if you need a mortgage to buy a condo , expect to pay $2,000 to $3,000 for bank fees, including your bank attorney’s fees and an appraisal, which may start at $500 and climb quite a bit higher, depending on the purchase price. You’ll also have to cover a mortgage tax of 1.925 percent for loans over $500,000 or 1.8 percent for loans under $500,000. Again, this only applies to condos.

The last big charge is for attorney’s fees, which vary quite a bit, but tend to range from $2,000 to $5,000 for lawyers who specialize in real estate deals.

Expert:  Ray replied 1 year ago.

so if under a million here plan on 3%, 4% if over a million, this would be a no more than amount here, it may be less.

Thats the best guestimate I can give you here.It's pretty close to give you a feel for what you are looking at.This will not vary a lot between lenders.

Expert:  Ray replied 1 year ago.

Calculator plug in the sales price this is pretty accurate.

https://smartasset.com/mortgage/closing-costs#Ger5cOvU0u

Thanks again for the chance to help and good luck here with all of this.

Expert:  Ray replied 1 year ago.

Lenders here are not going to quote closing costs but you can calculate and know pretty close what all of them would charge.It doesn't vary that much.

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