All Forum Posts by: Raj G.

Hi @Upen Patel, Thanks for your reply.

 I am first time buyer, I didn't know all the formalities, I didn't sign anything with lender, but he gave me a pdf that has mortgage rate, loan amount other closing expense estimates, by getting this document , I thought my rate got locked.

As a lender, he should educate me that my rates are not locked yet and what I am supposed to do to lock the rate, but anyway learning experience, so now since appraisal is done, if he charge me more and I decide to go to other lender in that case, appraisal has to be done again..right?

Hi, I was in the process of buying a home in jersey city, NJ , I talked to many lenders and then finalized the lender who offered me best rate, lender told me that it's 1 float down mean if rates go higher I won't be affected but if rates go down then rate will go down once, I filled online application, submitted all documents. lender also gave me pdf document with mortgage rate and all other cost estimate.

Today when my attorney asked me for commitment letter, I contacted lender, then he told me that my rates are not locked and he needs to run again to see today's rate.

it was a shocking news for me, because today's rate are much higher then rate3-4 weeks back.

Just wondering if anybody else faced the same situation, what should be done, other then being a puppet in lender's hand.

Hi @Hany Berhan...would you like to share...what is deal..like how many family if multi unit, tax , income expected and purchase price, built year etc?

in Bayonne as a standard practice most of attorneyes charge $1200 on closing, if due to any reason contract cancelled, then they don't charge.

Hi @Jason Gass, would you like to elaborate your reply, like within Bayonne, how location matters...Thanks.

Thanks @Jason Gass for your reply.

Hi Friends,

Below are property details in Bayonne , Need your opinion.

Year Built : 1920

Lot 3000 sq ft

Multifamily(3 Family): 2 bed 1bath, 2 bed 1 bath, 3 bed 2 bath.

Home insurance :don't know, take medium price.

One parking space right now.

Tax 14k

Negotiated/Final sale price $420K.

Total Rent expected $4000/Month.

Just wondering, is it a "buy" for rental investment, if not what should be price.

Hi @Brandall Cury, Welcome to BP!

BP has been very helpful for me, members are very helping and put efforts in relying "best" to questions posted, joining BP is a definitely good step towards your goal.

Hi @Wayne Brooks..Thanks, you have very practical/experienced reply, I was thinking the same...

thanks all for your reply, I asked lender if I can postpone appraisal,he told me talk to listing agent since he has ordered it.