Mortgage Rebate Program for Manhattan

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Feb 24, 2011, 03:14 ET

NEW YORK, Feb. 24, 2011 /PRNewswire/ -- ROOM Real Estate, a Manhattan based real estate brokerage, today announced that it has launched a rebate program for lenders.

Following the new Fed rule for Mortgage Brokers going into effect in April 1st of 2011, Loan Originator Compensation amendment to Regulation, there will be a more transparent home loan pricing. In this new environment it becomes obvious what the par rate is and how much one can save by buying down the rate upfront.

ROOM Real Estate gives 33% of its selling agents' real estate commissions to its home buyers and this commission can be passed on to lenders to offer more competitive rates.

"This is an excellent opportunity for people in New York City to take advantage of the new fed rule and to make the most of the competition in the market," said Olof Tenghoff, founder of ROOM Real Estate

About ROOM Real Estate

ROOM Real Estate is a Manhattan-based high end real estate brokerage that offers low commissions for home sellers and buyers.

Following a tremendous effort by the Federal Trade Commission's Bureau of Competition to lower real estate commissions nationwide, Department of Justice has passed a law allowing Real Estate agents to pass on seller commissions to buyers. About the new commission refund law, now also passed in New York State, see Department of Justice.

ROOM Real Estate is the first company in New York City to offer a 33% commission rebate for buyers since it became legal. It is part of the listing agent's contractually pre set fee that you as a buyer will get back, when we represent you as a buyer.

ROOM Real Estate is also a member of the Real Estate Board of New York and participates in the universal co-broker agreement.

For further information contact Olof Tenghoff, [email protected] or 212-202-5550

SOURCE ROOM Real Estate