Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Buyer Tips--What You Need to Know Before Signing on the Dotted Line

You’ve found the perfect Manhattan apartment and you’re ready to make an offer.  Below are a few things you’ll need to do in order to make the buying process less stressful and more successful!
Determine a budget and get pre-qualified.  Your agent can provide you with a list of lenders to choose from; however, it may also a good idea to shop around yourself for the best rates and terms.  Your lender will determine what type of loan is best for you and what rate you’ll qualify for.  He/she will advise you of what you’ll need to provide for pre-approval (documents supporting your credit-worthiness).  Rates are still low--30 year fixed are around 4-5%; 15-year are about 4.3% and ARMs (adjusted rate mortgages) are popular again.  A 5/1 and 7/1 ARM offer low, attractive rates which are fixed for the first five and seven years and adjust yearly after that, at a capped rate, toward the maximum.  According to a recent New York Times article, “. . .ARMS now account for 10 percent of home loans.” Typically, Manhattan condo apartments require 10% down and co-ops, 25%.  However, 20% down is more common these days for condos due to tougher financing conditions.  ... more

__________________________________________________
Are you on The Rain? Grow Your Network!