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amother




Seafoam


Post  Fri, Aug 11 2017, 4:54 pm
We are thinking of beginning to look for houses in Brooklyn. We think Flatbush or Marine Park. We have money for a down payment, but we were wondering how much a mortgage would cost monthly. We are not sure if we will have that.

Thank you in advance.
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Kumphort









  


Post  Fri, Aug 11 2017, 4:56 pm
Why not look on a website example realtor.com or zillow. They have a mortgage calculator
You can see the houses price. Put in your down payment. You can usually see the real estate taxes etc and get a much better picture than someone here can offer
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amother




Seafoam


Post  Fri, Aug 11 2017, 4:58 pm
Kumphort wrote:
Why not look on a website example realtor.com or zillow. They have a mortgage calculator
You can see the houses price. Put in your down payment. You can usually see the real estate taxes etc and get a much better picture than someone here can offer


Zillow makes you sign up for things. The other websites don't seem accurate. I wonder if someone who has gotten a mortgage in Brooklyn recently might have a better idea.... they can say how much of a loan they took out...
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chocolatecake









  


Post  Fri, Aug 11 2017, 4:58 pm
Depends how much the house cost and how much u put down. Google mortgage calculator and plug in ur numbers and youll have an idea.
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amother




Silver


Post  Fri, Aug 11 2017, 5:01 pm
amother wrote:
Zillow makes you sign up for things. The other websites don't seem accurate. I wonder if someone who has gotten a mortgage in Brooklyn recently might have a better idea.... they can say how much of a loan they took out...


My friend just bought a coop in bp. She paid 725k and her mortgage is around 3k a month. She has minimal if any property tax but she has monthly maintenance fees...dont know how much. I know she put 20 percent down.
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amother




Seafoam


Post  Fri, Aug 11 2017, 5:03 pm
amother wrote:
My friend just bought a coop in bp. She paid 725k and her mortgage is around 3k a month. She has minimal if any property tax but she has monthly maintenance fees...dont know how much. I know she put 20 percent down.


Thank you. This is helpful. I assume a house has different rates because of the tax. We don't have 20% . We will likely have more like 15%.
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amother




Chartreuse


Post  Fri, Aug 11 2017, 5:20 pm
Call a mortgage broker that will help you figure this out!
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amother




White


Post  Fri, Aug 11 2017, 7:08 pm
Obviously it depends on your exact interest rate, but an average rate will have you paying around $500 per month for every 100k you borrow. This doesn't include property tax and insurance.
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amother




Mustard


Post  Sat, Aug 12 2017, 10:04 pm
amother wrote:
My friend just bought a coop in bp. She paid 725k and her mortgage is around 3k a month. She has minimal if any property tax but she has monthly maintenance fees...dont know how much. I know she put 20 percent down.

Taxes and property insurance which are part of the monthly mortgage payment can be quite hefty. Your friend is paying taxes and insurance through her maintenance fees. Total monthly payment for a $580k mortgage (what's left of $725k after 20% down) is much higher than $3,000.
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amother




Coral


Post  Sat, Aug 12 2017, 10:54 pm
amother wrote:
Taxes and property insurance which are part of the monthly mortgage payment can be quite hefty. Your friend is paying taxes and insurance through her maintenance fees. Total monthly payment for a $580k mortgage (what's left of $725k after 20% down) is much higher than $3,000.


Why? It makes sense. It's roughly $500 /mth for every $100k
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amother




Powderblue


Post  Sat, Aug 12 2017, 10:59 pm
amother wrote:
My friend just bought a coop in bp. She paid 725k and her mortgage is around 3k a month. She has minimal if any property tax but she has monthly maintenance fees...dont know how much. I know she put 20 percent down.


Sorry this is off topic, but do you know how big a coop, and new or old?
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amother




Mustard


Post  Sat, Aug 12 2017, 11:01 pm
amother wrote:
Why? It makes sense. It's roughly $500 /mth for every $100k

It's usually closer to $700/month for every $100k.
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cnc









  


Post  Sat, Aug 12 2017, 11:09 pm
amother wrote:
Taxes and property insurance which are part of the monthly mortgage payment can be quite hefty. Your friend is paying taxes and insurance through her maintenance fees. Total monthly payment for a $580k mortgage (what's left of $725k after 20% down) is much higher than $3,000.


She may have a tax abatement which is common with newly built condos or coops, making her taxes almost negligible.
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amother




Black


Post  Sat, Aug 12 2017, 11:37 pm
Call Ann zeilingold. She does loans in tri-state area and beyond. She will go over numbers with u.
845 354 9700
Or 914. 270. 9000
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amother




Silver


Post  Sat, Aug 12 2017, 11:40 pm
amother wrote:
Sorry this is off topic, but do you know how big a coop, and new or old?

Not new. I dont know if building is 40 or 100 yr old.... Its 3 bdrm 2 bath around 1300 sqft
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amother




Seafoam


Post  Sat, Aug 12 2017, 11:46 pm
OP here.
Doesn't sound like we can afford it. I don't wnst to call a broker if we won't end up using them.
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amother




Blonde


Post  Sun, Aug 13 2017, 12:09 am
amother wrote:
Taxes and property insurance which are part of the monthly mortgage payment can be quite hefty. Your friend is paying taxes and insurance through her maintenance fees. Total monthly payment for a $580k mortgage (what's left of $725k after 20% down) is much higher than $3,000.

Not everyone makes it as part of the monthly payment. One can pay taxes directly in one or two lump sums each year. Same with insurance

So her friend can have 3k of mortgage a month and then separately pay the other fees.
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amother




Blonde


Post  Sun, Aug 13 2017, 12:14 am
amother wrote:
OP here.
Doesn't sound like we can afford it. I don't wnst to call a broker if we won't end up using them.


That's part of the broker's job - to help you figure out if you will need them and if not now, then when will be better for you. We met with three brokers within the 3 years before we actually bought our house. Every time we thought we might want to buy now, we spoke to a broker first. We ended up using the third broker for our mortgage but all were helpful and gracious.

Go ahead, set up a meeting, you never know what kind of options the broker can present you with that will make it affordable for you.
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amother




Emerald


Post  Sun, Aug 13 2017, 12:28 am
amother wrote:
OP here.
Doesn't sound like we can afford it. I don't wnst to call a broker if we won't end up using them.


If you call someone you think you might want to work with and explicitly say on the phone what stage you are in (which is the beginning, and uncertain about if the whole thing is even financially viable) you aren't being dishonest - and the broker can decide if he or she wants to meet with you.

That said - there are many mortgage calculators online that you can use to figure out payments, at least on the loan itself. The other monthly costs (insurance, taxes) will be specific to the property you purchase, but a local real estate agent (and probably a mortgage broker, but I don't know) you be able to give you a reasonable estimate of that information.
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amother




Brunette


Post  Sun, Aug 13 2017, 5:11 am
We bought a house about 2 years ago, in brooklyn, near marine park. As I recall, we borrowed from my parents to pay extra for the down payment, so that the mortgage would make the cutoff of borrowing less than $415,000 from the bank. Apparently, if you're borrowing more than that, your interest rate goes up significantly. I know my sil had the same cheshbon when they bought 3 years ago. We both pay around $2,600 monthly mortgage.
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