Mortgage Recording Tax Archives

The NYC Mortgage Recording Tax is 1.8% for loans below $500k and 1.925% for loans above $500k. It does not apply to co-ops.

The Mortgage Recording Tax in NYC

By Sonja Gosine, Spokesperson at Hauseit® / April 17, 2020

The NYC Mortgage Recording Tax (MRT) is 1.8% for loans below $500k and 1.925% for loans of $500k or more. The MRT is the largest buyer closing cost in NYC. How much Mortgage Recording Tax you pay is based on [...]

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Recast Mortgage – Recasting a Mortgage Beginner’s Guide

By Sonja Gosine, Spokesperson at Hauseit® / August 9, 2019

Recasting a mortgage simply means calling up your bank and asking them to re-calculate your mortgage payments after you've significantly pre-paid your loan balance more than required. It doesn't cost anything to recast a mortgage, but you do need to

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Buying a house without a Realtor is easy. There’s no requirement for the buyer to have a Realtor; however, most sellers will have a listing agent representing them.

How to Buy a House Without a Realtor

By Sonja Gosine, Spokesperson at Hauseit® / October 26, 2018

Buying a house without a Realtor is easy. There’s no requirement for the buyer to have a Realtor; however, most sellers will have a listing agent representing them. Many MLS broker databases allow members of the public to search for

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It’s easy to fail a co-op board interview in NYC if you haven’t taken the time to prepare. Learn the top reasons for failing a coop board interview in New York City.

How to Fail a Co-op Board Interview in NYC

By Sonja Gosine, Spokesperson at Hauseit® / October 25, 2018

It’s easy to fail a co-op board interview in NYC if you haven’t taken the time to prepare. Truth be told, the co-op board interview itself isn’t very difficult. Receiving an interview invitation actually means that the board has already

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The fees and buyer closing costs associated with buying a co-op in NYC are approximately 1% to 2% of the purchase price. Co-ops have lower closing costs than condos in NYC.

What Are the Fees When Buying a Co-op in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / October 12, 2018

The fees associated with buying a co-op in NYC are approximately 1% to 2% of the purchase price. These fees include a board application fee, real estate attorney fees, move-in deposits and/or fees, the Mansion Tax as well as financing

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Many co-ops in NYC prohibit adjustable rate mortgages. Other co-ops require a higher down payment if you are using an adjustable rate mortgage (ARM).

Can I Use an Adjustable Rate Mortgage When Buying a Co-op in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / October 11, 2018

Co-op buyers in NYC are often surprised to find out that many buildings have restrictions on using an adjustable rate mortgage. Some New York City coops prohibit adjustable rate mortgages altogether, while others allow them subject to certain guidelines. Co-ops

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What is a Purchase CEMA mortgage in NYC? Are purchase CEMA loans worthwhile?

Purchase CEMA Mortgage – Negotiating a Purchase CEMA Loan in NYC

By Sonja Gosine, Spokesperson at Hauseit® / November 20, 2017

A Purchase CEMA is a strategy for reducing your closing costs when buying or selling a condo or house in New York City. A Purchase CEMA is also known as a Purchase Consolidation Extension Modification Agreement. The Purchase CEMA itself

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