Q & A with Dottie Herman
Dottie Herman Q1 - My son is currently renting in NYC. Assuming he has money for a co-op purchase or a condo purchase, which is advisable? He is looking at co-ops in the neighborhood he wants to live in. We... Read More
Dottie Herman Q1 - My son is currently renting in NYC. Assuming he has money for a co-op purchase or a condo purchase, which is advisable? He is looking at co-ops in the neighborhood he wants to live in. We... Read More
Q1 - I was thinking of closing credit cards and someone told me that can negatively impact my credit. Is that true? Read More
Q1 - The bank sold my mortgage loan to another financial institution without my permission. Can it do this? A - Yes. Federal banking laws and regulations permit financial institutions to sell mortgages, and/or transfer the servicing rights, to other institutions. Consumer consent is not required Read More
Q1 - Which is better - A piggyback, or a traditional loan with MI? A - Either method has both advantages and drawbacks. For example, MI may be cancelable after a fairly short period of time through no effort on your part, ... Read More
Q1 - What Is APR for Mortgage Loans? A - "APR" stands for annual percentage rate. The APR is a much better indicator (than just the interest rate) of the actual cost of a mortgage loan, as it estimates what you'll pay over the course of an entire year. Read More
Q1 - What is a reverse mortgage? A - A reverse mortgage is a special home loan product that allows a homeowner aged 62 or older the ability to access the equity that has accumulated in their home. Read More
Dottie Herman Q1 - What do I need to take with me when I apply for a mortgage? A - If you have everything with you when you visit your lender, you'll save a good deal of time. You should... Read More
Q1 - I have heard some stories where people lost their rate because their loan approval took a very long time. What might delay approval of my loan? Read More
Q1 - I currently have a mortgage rate of 5% percent and I was wondering - is it feasible for me to refinance it? Or is that rate pretty good? I'm hearing mixed things. Read More
Dottie Herman Q1 - I have been renting for the last 5 years, is now a good time to purchase in NYC?A - With interest rates at the lowest they have been in forty years, now is a good time... Read More
Q1 - I am a self-employed business owner. What income documents do I need to show an Underwriter? Read More
Dottie Herman Q1 - I have heard that you can refinance at no cost, is that true?A - There are always costs associated with any mortgage, including mortgage refinancing. The lender may waive their costs (ie: application, processing and underwriting... Read More
Q1 - My home is currently on the market; however, I haven't had many offers. Can I try to refinance while my house is listed for sale? Read More
Dottie Herman Q1 - My taxes increased and I am now having trouble paying my mortgage as the payments were difficult to begin with. What can I do? I don't want to default on my mortgage, and I can pay... Read More
Q1 - Do you need to have an inspection of a NYC apartment before purchase the same way you do to a house? Read More
Dottie Herman Q1 - I want to put my home for sale; however, people have said that now is not a good time since people purchase before the school year. Is that always true? I assume there are buyers all... Read More