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  • Avatar orthodoc2018 
    Participant
    Status: Physician
    Posts: 80
    Joined: 07/18/2018

    What about my situation in particular makes you say that? I’ve been a long time reader here and can usually quickly pick out the posts where someone shouldn’t buy a house and I just don’t see it here. Maybe I’m blinded by it being me though…

    -Job is one I’m very familiar with and I know I get along with all doctors and staff
    -moving back to hometown to be near my and wife’s families
    -don’t see any way we’re here less than 10 years, more likely forever
    -house is 1.25-1.5x base salary, likely 1x total income and is in a neighborhood we love

    in reply to: 30-Year Fixed vs. ARM #223192 Reply
    Liked by jhwkr542
    Avatar orthodoc2018 
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    Status: Physician
    Posts: 80
    Joined: 07/18/2018

    Yeah that was my initial thought…those could be a valuable 3 years where I’d be at a much higher income and therefore if rates spike and I know I’ll be facing a big increase, I’d be able to aggressively pay the mortgage during that time.

    in reply to: 30-Year Fixed vs. ARM #223161 Reply
    Avatar orthodoc2018 
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    Status: Physician
    Posts: 80
    Joined: 07/18/2018

     

    Click to expand…

    We closed on a similar priced house in upstate NY end of last year.  Your property and school taxes seem about right. but Obvioulsy this depends on county. Not sure what that Tax stamp is.

    My appraisal was not so much but that is not going to make a huge  impact.

    The title fees and insurance seem high.  Might want to shop around for that.

     

    The inspection will be another cost and that will run about $500 or so depending on how much you need.

    Also lawyer fees are not listed.  That can run 1-2K but you can shop around for that.

    Welcome to NY!

    Click to expand…

    I think the tax stamp is the mortgage recording tax.  In many counties in NY it’s 1% which is exactly as it’s quoted here.  I think in NYC it may be closer to 2% even.

    Title fees and insurance I think are relatively fixed by the state but I’ll shop around for sure just in case.  I think for inspection we’ll need overall inspection, radon testing, and termite testing.  Still waiting on the quote for that.  Seems like the prices for these things don’t vary too much and most are just the nature of the beast.

    in reply to: Closing Costs #221827 Reply
    Avatar orthodoc2018 
    Participant
    Status: Physician
    Posts: 80
    Joined: 07/18/2018

    I really wanted to do Ophthalmology but they told me I was too strong and would crush an eye.

    Oh well….decided to do ortho instead

    Avatar orthodoc2018 
    Participant
    Status: Physician
    Posts: 80
    Joined: 07/18/2018

    I just closed a house in NY with KeyBank, previously Laurel Road. My numbers are very similar to yours.

    I also dont know where you are in the process but I was quoted around 5 to 6K more fees and then it dropped near closing when a lot of them were assigned to the seller. it seems like the systen assigns thr buyer all the costs and then your lawyer will seperate then.

    In general, most of the charges are standard. Most of the cost is actually in the escrow. They require a lot more cushion compared to other lenders.

    If you go with Keybank, make sure you are a AMA member. You get additional 1000 dollars off for a 60 dollar membership.

    Click to expand…

    Thanks for the info – AMA is showing up as $105 for me, still well worth it if it gets me $1k off!

    I’ll take whatever I can get as far as anything being assigned to the seller.  When I looked it up it seems that title insurance in NY falls on the buyer.  Seems like not too many of these fees are lender specific so I don’t see any reason based on what I’ve heard to not go with them if they are offering the best rate at the down payment I’m looking for.

    Separate issue is whether or not to just go ahead and do a 7/1 ARM with them at 3.125%.  Mortgage will be just under 1.5x my base salary but with bonus in just my first year it’s more like 1.2x income and that ratio should just get even better.  Haven’t really thought much yet about whether that would be a better route to go.

    in reply to: Closing Costs #221651 Reply
    Avatar orthodoc2018 
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    Status: Physician
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    Joined: 07/18/2018

    we used Costco for mortgage and application fee was waived from the lender and rates were competitive as well. I think we saved around $1300 from the fees etc. You may want to check it out.

    https://costcofinance.com/

     

    Click to expand…

    Costco does everything….

    Does Costco offer doctor loans or only conventional?  Couldn’t find anything when I put in that I want to put 0 or 5% down.

    in reply to: Closing Costs #221649 Reply
    Avatar orthodoc2018 
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    Absurd is why I would use to describe it when I saw it!

    So the title is something I obtain independent of the mortgage lender?

    Just looked briefly and many places seem to suggest that title insurance rates are regulated and fixed in NY. Anyone know anything about that? Same thing applies to the mortgage tax apparently. In any event, it makes me happy I’m not buying more house!

    in reply to: Closing Costs #221384 Reply
    Avatar orthodoc2018 
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    Mind if I ask which lender is offering the 30yr, 3.75% with $0 down?  Starting to gather information for next year.

    Click to expand…

    Sure – KeyBank.

    That’s with “relationship pricing” so you’ll need a checking and savings account with them.  I was able to find a checking with no monthly fee and a savings account that just requires a $300 balance to waive the fee.

    in reply to: Closing Costs #221322 Reply
    Liked by DerekLava
    Avatar orthodoc2018 
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    Interesting – we’ve had a wave of clients wanting us to analyze closing costs to refi in the last couple of weeks. As a result, I’ve seen several of these lately. This list seems to have more annoying extra costs than usual, but I don’t think many of them have anything to do with the specific bank other than application fee, appraisal fee, and tax service fee (any bankers out there, please correct me if I’m wrong). What it looks like is that there are a lot of local/state regulations piling on at a cost to borrowers, such as Tax Stamp for County Mortgage of $4,400 – that sounds outrageous to me. I suppose the Aggregate Adjustment of ($2,561.81) is supposed to mitigate part of these costs. You’re still paying ~$7,500 to get this done, right?

    Nothing you can do about the prepaid tax and insurance, you’re just banking that. And they’ve got to prorate interest, too, of course.

    What are you going from to get 3.75%? That still sounds high to me. Have you shopped around?

    Click to expand…

    Yeah lots of local/state fees – welcome to NY!

    Everyone else I have inquired with is offering rates of ~4% and most want 5% down.  I could definitely get it lower with an ARM or 15-year mortgage.  Hadn’t really considered it that strongly but maybe I should…

    in reply to: Closing Costs #221317 Reply
    Liked by Tangler
    Avatar orthodoc2018 
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    Status: Physician
    Posts: 80
    Joined: 07/18/2018

    Thanks – home to me doesn’t seem very expensive at all – $440k but it’s in the northeast where property taxes are killer.

    I’ll look around a little and see what others are offering.  Not sure anyone will really be able to match it so closely at 0% down though.  I’ll have to do some good old arithmetic and see if a slightly higher rate is worth some lower fees.

    in reply to: Closing Costs #221312 Reply
    Avatar orthodoc2018 
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    If someone is saving adequately for retirement and paying for indulgences in cash, I don’t see any reason to question what they spend their money on.

    Avatar orthodoc2018 
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    I was a fellow still at the time 😱

    in reply to: Screw it — time to spend #220116 Reply
    Avatar orthodoc2018 
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    To each their own.

    I left out that I had bought a bunch of tickets, sold them for a 4K profit and used 2k of that to buy ours.

    But we are huge theater fans and wife is an actress so it was a great time. Also we don’t fly much so don’t spend on fancy vacations.

    in reply to: Screw it — time to spend #220107 Reply
    Avatar orthodoc2018 
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    Spent 2k on second row orchestra Hamilton tickets on broadway on a Saturday night for me and the wife.

    Don’t regret it one bit – was a night we won’t forget.

    Avatar orthodoc2018 
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    Status: Physician
    Posts: 80
    Joined: 07/18/2018

    Thank you everyone for the input. Turned into a much more interesting discussion than I intended!

    I think we going to go it alone. I spoke to our realtor and she was clear that we never signed anything and don’t owe her anything. She was content to know that we’ll likely refer to her in the future since she treated us well.

    That said, it is a small community and everyone knows everyone so although I don’t really feel like she did a lot of work on our behalf, we’re likely going to send her a small gift (basket or gift card).

    in reply to: Buyer’s Broker #220052 Reply
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