Q & A with Dottie Herman

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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 to purchase. Depending on your particular marketplace, this can be a time of opportunity for Buyers. Be sure to get yourself up-to-speed with market data, so you can react quickly when real estate opportunities present themselves.

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Q2 - Why is my APR higher than the rate you quoted?

A - The APR is computed using the mortgage rate and adding a factor that expresses the closing costs over the life of the loan.

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Q3 - I live in Westchester and I'm about to retire, and I would like to try living in Manhattan for the very first time in my life. I really don't know how to go about it because I just don't know if it is going to be for me, although I do believe it is. So I was wondering if you could tell me your advice in how to go about my trial.

A - That's a good question  when you are thinking of moving to a place that you have never lived before, but have visited it.  Visiting and living in it are two different things. There are a lot of people now that are retiring to New York City, and it's a great place to retire.

The first thing you want to do is to commit to living in the city. We aren't suggesting selling your home in Westchester, until you know Manhattan is right for you. You can sublet a short term, furnished rental. Get to know the city, go to dinner, shop, go to cultural events, etc. By living here you will know very quickly if it is for you or not. Whether it is three months, four or five months, really take in the city and make sure that this move is the right fit for you.

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Q4 - I am in the process of buying a home and trying to secure a loan- when can I lock in the interest rate and what will it cost me to do so?

A - Your interest rate may fluctuate between the time you apply and closing. To prevent it from going up, you may want to lock in the rate, and points, for a specified period. Ask your lender if lock-in fees apply.

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If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com

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