I’m purchasing my first NYC Co-op apartment for about $650k. With a 30-year fixed loan, 20% down, and no extra fees, my rate is quoted at 6.8%. Thoughts?
hey spinningear, 6.8 isn’t killer if the deal and fees line up. might be worth checking a couple more offers though. my buddy got a bit lower rate so it nets out- depends on your total package. good luck!
SpinningGear, that’s exciting! A 6.8 rate seems reasonable for NYC, though I wonder how the fees add up. Have you explored any tweaks for a better overall deal? I’m curious about your long-term game plan.
After working on a few co-op purchases in NYC, I have found that a 6.8% rate can be acceptable depending on your complete financial package. I personally encountered a situation where the rate was slightly higher, but the overall terms were better, especially when including lower closing costs. The key is to thoroughly compare not just the numeric rate but also ancillary fees and loan conditions. In my experience, weighing the total package often reveals that a slightly higher rate isn’t necessarily a bad deal.
hey spininggear, im thinkin 6.8% works if fees ain’t sky high. it’s smart to brave a few more quotes tho. best of luck!