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THE MICHAEL GRAVES TEAM AT COMPASS |
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From the Desk of Justin Rubinstein |
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If You’re Not Familiar with Interest-Only Loans, Y ou’re Not Alone. |
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Interest-only mortgage loans have been around for almost forever. And yet, the majority of home-buyers have little understanding of the exceptional financial benefits that are the heart of this payment strategy. A quick overview. With an interest-only loan, the borrower pays only the interest for a period that usually ranges from 5 to 10 years – as opposed to traditional mortgages where payments include both principal and interest. Homebuyers enjoy the advantage of substantially reduced monthly payments, creating increased cash liquidity that can be directed toward financial market investments, education, travel -- whatever one’s personal goals may be.
At the conclusion of the interest-only timeline, the principal balance is amortized for the remaining term. Some borrowers may opt to make a one-time lump sum payment when the loan is due—having saved up by not paying the principal all those years or being fortunate enough to stash away yearly bonuses. Others may choose to refinance their loan after the interest-only term has expired, an opportunity to negotiate potentially lower interest payments to cover principal. Other borrowers may choose to sell their home to pay off the loan. A smart move for city dwellers. New Yorkers don’t sit still for very long. So you shouldn’t be surprised by this fact: most City home-buyers sell their homes within a period of 10 years. (As opposed to suburbanites who often keep their homes for multiple decades.) This briefer span of ownership only adds to the logic of signing up for an interest-only loan. After 10 years, real estate odds are excellent that you’ll make a nice profit on your listing. And during this period, you’ll benefit from interest-only monthly payments that are substantially lower than traditional interest and principal mortgages. A new home - on your terms. I’m always happy to introduce my clients to the unique advantages of interest-only loans – a prelude to the detailed facts and financial scenarios that will be provided by a skilled mortgage broker. Happy to report: our City is back. Big time! It’s the perfect time to find your beautiful new home…and the financially savvy ways we can make it happen. |
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My Newest Listings |
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Coming Soon 151 West 21st Street |
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2 Bed | 2 Bath | 1,534 SF |
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New Development of the Month |
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555 West 22nd Street |
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Take It or Leave It: Negotiations in Luxury Market Fall to 0% |
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Negotiability in Manhattan for units priced $4 million and up fell to 0 percent, a stat not seen since 2014... |
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Focus on Design |
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Foster + Partners’ New Manhattan Skyscraper Is Powered Entirely by Renewable Energy |
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Some of the world’s biggest businesses aren’t necessarily famous for their architecturally innovative headquarters, but JPMorgan Chase & Co.’s new headquarters may change that. |
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My Recently Closed Deals |
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40 West 72nd Street, Unit 121 Upper West Side Co-OpStatus - Contract Out 425 Park Avenue South, Unit 8D NoMad Co-op Status - Closed 60 East 9th Street, Unit 434 Greenwich Village Co-op Status - Contract Signed 115 East 9th Street, Unit 14D East Village Co-op Status - Closed 140 East 81st Street, Unit 1E Upper East Side Co-op Status - Closed
23 East 22nd Street, Unit 21 Flatiron Condo Status - Closed |
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First Quarter and March 2022 Market Reports |
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Justin Rubinstein is a 18-year veteran of the New York City real estate marketplace, who quickly gained attention from industry veterans and clients alike as a motivated and knowledgeable professional whose focus is on providing the best customer service possible while negotiating for and protecting his clients with dogged tenacity. This tenacity and hard work ethic has proven fruitful as he has successfully negotiated over $600M in real estate transactions to date. As a member of the record-breaking Michael Graves Team, Justin has enjoyed representing buyers and sellers of trophy properties such as the Time Warner Center, landmarked West Village townhouses, and new development penthouses. In each instance, his clients come away from the experience with a strong appreciation for his dedication and expertise... read more |
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