Frequently asked questions
What is a Flip Tax
A flip tax is a fee paid by a seller or buyer on a housing co-op transaction, typically in New York City. It is not a tax and is not deductible as a property tax. It is a transfer fee, payable upon the sale of an apartment to the co-op.
General Real Estate
What is the difference between being pre-qualified
Getting pre-qualified is the initial step in the mortgage process, and it's generally fairly simple. You supply a bank or lender with your overall financial picture, including your debt, income and assets.
After evaluating this information, a lender can give you an idea of the size of the mortgage for which you qualify. There is usually no cost involved. Loan pre-qualification does not include an analysis of your credit report or an in-depth look at your ability to purchase a home.
The initial pre-qualification step allows you to discuss any goals or needs you may have regarding your mortgage with your lender.