What Every NYC Buyer Should Ask Their Lender

Welcome back to Real Estate Investing in New York, where I'm your host Christina Crus, helping you achieve future financial success through intelligent real estate investment decisions. On this episode, I'm thrilled to have phenomenal mortgage lender Carrie Morrison from Citizens Bank joining us, alongside my teammate Joseph Tesoriero, as we dive into everything you need to know about the current market, interest rates, and strategic mortgage decisions in 2025. About the Host: Christina Kremidas is a lifelong New Yorker who brings her extensive background in advertising to her successful real estate career in Manhattan. Her personal experience as a property investor and landlord in New York City gives her unique insight into her client's needs, while her negotiation expertise and market knowledge have quickly established her as a top-performing agent, ranking in the top 5% at her first firm in 2018. Beyond her professional achievements, Christina is deeply involved in her community as a founding Steward at the St. Nicholas Greek Orthodox Church and National Shrine at the World Trade Center, where she serves on the Parish Council and leads social media, marketing, and young adult initiatives. Get in touch with me: Instagram: https://www.instagram.com/christina.kremidas TikTok: https://www.tiktok.com/@christina.kremidas Check out my website: https://christinakremidas.com/ Email me: [email protected] What Is Your Property Worth?: https://christinakremidas.com/home-valuation The Virtual Agent Experience: https://christinakremidas.com/virtual-agent Timestamps 0:00 Episode Introduction 1:34 Increased buyer activity and market momentum in 2025 3:41 Citizens Bank's competitive position 5:20 The importance of monitoring rates between locking and closing 7:20 Interest-only loan features and benefits 8:18 Explanation of adjustable-rate mortgages (ARMs) 12:10 How to determine if refinancing makes sense (cost vs. savings) 15:35 How rate fluctuations affect monthly payments 17:04 Important questions to ask lenders when comparing options 18:43 Why your personal bank might not be the best mortgage option 20:18 Building exceptions and what they mean for buyers 22:35 Insurance requirements and building approval challenges 24:41 How exceptions work and the importance of having options 26:16 Christina's personal condo purchase story and lessons learned 28:50 Emotional aspects of home buying in NYC 31:26 Work personality vs. home personality in real estate 35:35 NYC real estate prices now vs. 5 years ago (post-COVID comparison) 38:32 Hottest property types in the current market (condos, brownstones, one-bedrooms) 41:17 Importance of pricing properties correctly in today's market 45:18 "Coming soon" marketing strategy for listings 49:58 Episode wrap-up and teaser for next episode