Questions Regarding Buying Such as Closing Costs and Who To Apply Through for Mortgage

Original post by violet

Apr 03, 2005 06:46 PM

Okay, so me, my husband, my sister and brother-in-law are looking into getting a 2-family together because neither of us can afford a one-family house since most are over 450k in Queens. And we don't want to rent anymore since that's just throwing money away.

Anyway, we talked to someone from Prudential today. They estimated that our closing costs would come out around 23k. This was if we were getting a house for 750k with 10% down. I thought closing costs were a little less than that, or is it really that expensive? Also, what is this NYS tax business which is about 1% of the closing cost?

I'm also curious if we should be going through a mortgage broker or if we should just apply through a bank because I honestly thought as first-time buyers, you get maybe a better interest rate or something? The mortgage broker said we could get a 6 or 6.15% interest rate. I was hoping I could still get 5.75% interest. Should we just apply through a bank, and does anyone have any recommendations?

Also, any way to get out of this pmi business?

skew Posted: Apr 03, 2005 10:27 PM

Re: Questions Regarding Buying Such as Closing Costs and Who To Apply Through for Mortgage

those scores are GREAT. 800 is OUTSTANDING. just remember it is the median score from all 3 agencies (Equifax,
Experian and Trans Union), not the highest.

violet Posted: Apr 03, 2005 10:27 PM

Re: Questions Regarding Buying Such as Closing Costs and Who To Apply Through for Mortgage

I think I'm going to ask one of the paralegals at my job tomorrow to e-mail me what different costs go into the closing and ask about that tax thing. I'm actually a secretary for real estate attorneys, but they deal with corporations, not houses, so I still have no clue because corps are completely different and way more complicated.

violet Posted: Apr 03, 2005 10:28 PM

Re: Questions Regarding Buying Such as Closing Costs and Who To Apply Through for Mortgage

Posted by skew

those scores are GREAT. 800 is OUTSTANDING. just remember it is the median score from all 3 sources, not the highest.

Yeah I think I have like 730. Not awful, so I take it down a bit, but still good, right?

skew Posted: Apr 03, 2005 10:30 PM

Re: Questions Regarding Buying Such as Closing Costs and Who To Apply Through for Mortgage

anything over 700 (median) is great.

skew Posted: Apr 03, 2005 10:30 PM

Re: Questions Regarding Buying Such as Closing Costs and Who To Apply Through for Mortgage

i'll get back to you in a few days via FM in re: our closing costs. DH has the paperwork at work.

violet Posted: Apr 03, 2005 10:36 PM

Re: Questions Regarding Buying Such as Closing Costs and Who To Apply Through for Mortgage

Yeah that would be helpful if you shared what your closing costs came out to and on what mortgage. I just don't know if some things are the norm or if some places try to jip you unnecessarily out of money.

ThongLori Posted: Apr 03, 2005 11:25 PM

Re: Questions Regarding Buying Such as Closing Costs and Who To Apply Through for Mortgage

Yep, sad but true -- our closing costs are in the 20's. OUCH

ETA -- We went straight thru the bank... no B.S., its just expensive as heII to buy in NYC.

TracyInQueens Posted: Apr 04, 2005 08:17 AM

Re: Questions Regarding Buying Such as Closing Costs and Who To Apply Through for Mortgage

Posted by violet

Yeah that would be helpful if you shared what your closing costs came out to and on what mortgage. I just don't know if some things are the norm or if some places try to jip you unnecessarily out of money.

I mentioned before that I would not recommend MCU BUT their website (www.nymcu.org) has a feature where you can determine monthly payments based on how much you borrow. And it gives an estimation of closing costs and gives a breakdown. It's still only an esitmate, but it at least gives you a better idea of where ALL that money goes at closing time! I think it's the 'loan consultant' part of the page.

violet Posted: Apr 04, 2005 12:48 PM

Re: Questions Regarding Buying Such as Closing Costs and Who To Apply Through for Mortgage

AHH, I read this on a site! Then it is right if it comes out to 7k for nys tax for mortgage for a 675k mortgage. And I don't know if Queens is considered NYC, but now I hope not?

NY STATE MORTGAGE TAX:

NYC – 1.75% of loan amount less $25 (1.875% on loans above $500,000)

YONKERS – 1.25% of loan amount less $25

ALL OTHER NY - .75% of loan amount less $25