The Blog

February 27, 2020

No matter where a buyer is in the process, if they are financing, chances are they have questions about mortgages. This week, we are going straight to the source to have our favorite mortgage professional Zack Tolmie answer the most common questions we encounter.

1) I have a lot of student debt. That means I can't qualify for a mortgage, right?

Interestingly, banks aren’t concerned about the amount of debt you have. We care inst...

November 8, 2019

Many buyers are intimidated at the prospect of competing against an all-cash buyer for a hot property -- but does cash always win?  

First, to address a common misconception: most buyers, and especially those vying for co-ops below $3M, are relying on financing to some extent, which means a majority of active buyers are submitting offers contingent on obtaining that financing.  So as long as you have enough funds to cover the...

August 30, 2018

As a first time buyer in NYC, it is important to know the real price tag on your purchase and create a realistic budget that will help narrow your search to properties you can afford and ensure you are able to make a competitive offer when you find "the one."

1. Downpayment

Most coops will require that buyers put down at least 20% of the purchase price as a downpayment (some may have higher requirements of 25%, 40%, or 50%)...

July 23, 2018

One of the questions we are asked about most often is about the size of the downpayment. In most of the country, this answer is determined by credit and income factors. Lenders offer pre-loans that require anywhere from 5-20% downpayment - so in theory many first time home buyers would be financially qualified to buy a home with as little as 5% down.

However, the New York housing market it unique, and a number of factors d...

July 21, 2018

No, the Central Intelligence Agency is not involved, but banks will review your Credit, Income, and Assets. No one factor is determinative, rather the entire financial profile, as well as the condition of the building, is taken into account in determining whether a buyer qualifies for a mortgage and/or what type of loan program is available to him or her. 

Credit: It goes without saying that bankruptcy or foreclosures...

July 19, 2018

In the last few years, we've all heard the news: All-cash buyers are flooding the market; unless you can buy outright, stay out of the market. Well, there was some truth to this until recently, but only really if you were looking at properties valued over $2 million. Even at the peak of the all-cash-buyer phase, most purchases still involved financing. So what if you are one of the majority that needs financing... well the fir...

July 17, 2018

This month, Zack Tolmie, Home Lending Officer at Citi Bank, is guest-penning this column since he is the better expert on credit. Click here to reach Zack with any questions.

The difference between a 699 and a 700 credit score could mean the difference between getting approved or denied for a mortgage, or the difference of .25% on your mortgage rate. On a $500,000 loan, that’s a difference of over $25,000 in thirty years. Credi...

July 15, 2018

No man is an island, and no real estate agent can single-handedly get you to the closing table.  What we can do, however, is  assemble and coordinate the "dream team" of professionals you will need.  One of the most daunting challenges for any home buyer is making sure they have top-notch professionals to make sure the transaction goes smoothly.  A critical function for real estate agents is to develop relationships with stell...

July 14, 2018

As an agent, I’m often asked, how low can I go? Especially where buyers smell negotiability, it may be tempting to make a lowball offer and just see what happens. The truth is lowball offers have a tendency to alienate sellers and can preclude negotiations, rather than encourage a dialogue. A low (but not lowball) offer may be appropriate in some cases, depending on current market conditions, the type of property, and your rel...

July 13, 2018

You've seen the perfect apartment, made an offer, and, eek, it's accepted! Break out the balloons and start plotting where to put your couch... or rather, not yet. Almost everywhere outside of NYC, an offer to purchase is accompanied by a "binder" -- good faith money which practically speaking binds the parties to each other if the seller accepts the offer. But NYC has no binder system, which means an accepted offer is not bin...

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Isil Yildiz Team



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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdraw without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. This is not intended to solicit property already listed.