Getting a Mortgage in New York? What You Need to Know

01/12/21 • 24 min

Real Estate Investing in New York by Christina Kremidas

Welcome to Episode 19 in my Series REAL ESTATE INVESTING IN NEW YORK!!
Please remember to Subscribe and leave this podcast a positive review, it is SO appreciated!
THIS SERIES IS ALSO ON YOUTUBE: https://www.youtube.com/watch?v=pIuOMLKhnJ4&feature=youtu.be
Contact me:
Email: [email protected]
Join me on Instagram: https://www.instagram.com/downtownnat...
In this Episode, we are discussing everything you need to know about the Mortgage process tor NYC Real Estate. By the end of this episode you will have an understanding of what is required to be approved for a mortgage, the stages of the mortgage process, how the bank analyzes whether your property of interest is a sound investment, and how Covid has affected the process of getting a mortgage.
Our guest for this Episode is Michael Goldberg, Senior Loan Officer at Freedom Mortgage.
Here is Michael Goldberg’s contact information:
Cell: 917-642-1462
Office: 718-621-5626
Website: freedommortgage.com/michael.golberg
Email address: [email protected]
Office Locations:
9120 4th Ave Brooklyn NY 11209
1928 Williamsbridge Road Bronx, NY 10461
1150 South Avenue Suite 304-B, Staten Island, NY 10314
Questions that Michael answers in this Episode:
✩ Why it is important to get pre-approved for a mortgage before shopping for apartments
✩ What is required from the Purchaser, and how long it typically takes to obtain a pre-approval letter
✩ The differences between a Pre-Qualification letter, a Pre-Approval Letter, and a Commitment Letter
✩ The main differences between a fixed rate and Adjustable rate mortgage, and when you would choose them
✩ What the process of getting building approval entails
✩ The main differences between a mortgage for a Primary Residence and a mortgage for an Investment apartment that will be rented out
✩ How the mortgage approval process differs for someone who is self-employed vs a W2 employee
✩ Everything you need to know about the the Bank Appraisal, how it effects the mortgage loan approval, and what you can do if your bank appraisal comes in low.
Don’t miss Episode 20, where I’ll be talking about the ‘Lowball’ offer and why you should never do it.
Discover the value of your home: https://bit.ly/2Z91OLE
Thank you guys for being here! Please subscribe so you can keep up with new episodes!

Previous Episode

What to Know Before You Sign: NYC Real Estate Contracts & Due Diligence

Welcome to Episode 18 in my Series REAL ESTATE INVESTING IN NEW YORK!!
THIS EPISODE IS ALSO ON YOUTUBE: https://youtu.be/iiM2vv8A62A
Contact me:
Email: [email protected]
Instagram: https://www.instagram.com/downtownnat...
In this Episode, we are discussing the due diligence process tor NYC Real Estate. Key topics include:
- The most important things to look for in your contract
- The most important building documents to review
- How to find out if unexpected building fees lie ahead
- Can you really trust an attorney that is recommended to you by your real estate agent?
- The new clause that you should have in your contract for added protection in a Covid environment

Our guest for the Episode is Real Estate Attorney Milan Reyngach from Reyngach Law.
Here is his contact information:
Reyngach Law, P.C.
Email: [email protected]
Phone: 646-762-8888
Address: 85 Broad Street, 17th Floor, Suite 17-052
New York, NY 10004
Questions that Milan answers in this Episode:
☆ What are the main components of the Due Diligence process?
☆ What are Board Meeting Minutes, and why are they so important to review?
☆ What is a condo/co-op offering plan, and why is it important to review?
☆ What are the most important elements to review in the Offering Plan?
☆ What is a Proprietary Lease, and why is it important to review?
☆ What are House Rules, and why are they important to review?
☆ What are the main things you are looking for when reviewing building financials, and do you have guidelines for what you consider 'good financials' vs. 'bad financials'?
☆What is the Purpose of the Building Questionnaire, and what are the most important questions included in it?
☆ What are the most important elements in a Real Estate Contract of Sale?
☆ The Due Diligence process typically takes 1-2 weeks to complete. What are the main reasons why we might experience a delay in the Due Diligence Process?
☆ How does your Due Diligence process differ for each property type: Condo, Co-op, Private House?
☆ What kinds of issues could result from Due Diligence that was not conducted thoroughly enough?
☆ What is a Title Search, and why is it important?
☆ What types of properties require a title search?
☆ Does a title search cost money?
☆ What do Real Estate attorney fees typically cost?
☆ What are the most important characteristics of a good attorney that should be considered when a Buyer or Seller is deciding who is best to represent them in a transaction?
☆ What is the craziest thing you ever saw in a Real Estate Sales contract?
☆ How has Covid changed the Real Estate Due Diligence process?
Don’t miss Episode 19, where I’ll be talking about the Mortgage Process!!
Discover the value of your home: https://bit.ly/2Z91OLE
Please subscribe to this podcast leave it a positive review - it is SO appreciated! Thank you!

Next Episode

THE LOWBALL OFFER: Should You Do It? How to Shave the Most Money off the Asking Price

Welcome to Episode 20 in my Series REAL ESTATE INVESTING IN NEW YORK!!
Please remember to Subscribe, Like and Share this video, it is SO appreciated!
THIS EPISODE IS ALSO ON YOUTUBE
Contact me:
Email: [email protected]
Join me on Instagram
In this Episode, we are discussing the Lowball Offer and how it can actually sabotage your entire real estate negotiation! I provide you with both the Purchaser’s and Seller’s point of views when it comes to a negotiation that begins with a lowball offer, and alternative negotiation strategies that will allow you to shave MORE money off the asking price and salvage your transaction. Some of this information I learned during my training to become a Certified Negotiation Expert, and most of the info covered here is from my first-hand negotiation experience.
Here’s the summary:
An offer far below the asking price actually insults the seller.
It’s always best to place an initial offer that is not too far below the price that you actually wish to pay for the property.
If you are looking to have $20,000 off the asking price, the best idea is not to begin the negotiation $40,000 under - your initial offer should not be ‘double below’ the amount you’re trying to save.
In a real estate transaction, there is a very long road between an agreement on price and the closing date. The purchase process take months, and the beginning stages of the deal, the negotiation, is very much like dating the person on the opposing side. You want to start out on the right foot and show mutual respect. The Seller is going to choose to engage with a buyer that they are most comfortable working with for an extended period of time.
Negotiation requires both sides feeling good.
Starting out respectfully in a negotiation and acting in a transparent, honest, genuine and ethical fashion will ensure that you can tackle all of the issues that inevitable arise throughout the purchase process. When a seller and a buyer has a difficult relationship, small issues can sabotage an entire deal.
Don’t miss Episode 21, where I’ll be sharing how to leverage the Appraisal to strengthen your offer without increasing your bid.
Discover the value of your home
Please subscribe to this channel and leave a positive review, it is so appreciated!
Check out my other series, NEW YORK & BEYOND
Check out my website