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CoyWolf, sounds to me like Wells is pricing you as a Jumbo borrower and not a conforming loan, as Jumbo pricing is better than conforming today. Actually, $1.266mm @ 60% is Jumbo territory so they almost definitely are. I'm on round 3 of financing in 4 years with same banker at Wells, each time he's been best price along with great process. (2011 purchase, 2012 refi, 2014 sale/new purchase). I'm going 30 year fixed Jumbo now as well, 47% LTV, closing next week and was locked at 3.875% in mid July. However, 1/8 point brought me down to 3.75% and additional Wells banking relationship reduced another .125% so I'm fixed at 3.625% for 30 years with just 1/8 point. My banker said this is the lowest he's ever closed on a 30 year fixed, my timing on the lock was pure luck. Considering my 2012 refi rate was at the market bottom then, with 3.375% on a 10/1 ARM, I'm pretty happy with only 250 basis points higher on a 30 year fixed.
CoyWolf, I apologize if we are late to the game. First Republic is a Private Bank built on Jumbo Home Loans at low leverage. Depending on some basic relationship requiremetns most of my 7/1 IO's are being locked at 2.60% which is our floor today. The 5/1 Floor is 2.25% Always open to a conversation if you would like more detail. Both No Points.
That's a really nice deal on the points - 3.25 year breakeven or so
Thanks for the update Coy!!! I look forward to the closing update...
Hi, This is for Ali (Front Porch): I ended up getting the best rates from Wells Fargo. I locked on Wed 8/6. Wells actually ended up blowing all the other banks out of the water. I was offered a 3.875% for 30-year fixed (0 points). But I decided to go with the 7-year ARM instead. The rate was 2.875 % (0 points), but I bought 2.75 points to get the rate down to 2.0%.
Although it looks like rates might go down even more, I'm totally happy and relieved to have gotten a good rate. Now I just have to wait to make sure that I get approved for the mortgage LOL.
Sohoman - Just confirming Adam statement above.
One of my colleagues notified me to the recent activity on this thread. To confirm I am not Brookman. I do post semi-regularly on brownstoner.com if anyone cares to check on the validity of my statement. I have been quoted in the NY Times and I can be found on the internet via google search. I don't post that often on SE but have in the past on a few occasions.
Mortgage Master acted as a direct lender on his transaction. We sold the loan to one of our investors (institutional banks) post closing. I was not a broker on the loan.
The program guidelines allowed for 60% LTV, I had gotten an exception on his loan for 61.31 LTV due to an appraisal coming in slightly lower than expected. The property was a condo owned free and clear in Dumbo. This was an all cash out without a required relationship. 420k loan amount. No credit score reported on the US credit report. 5/1 ARM and the rate at the time of closing was 5.25%
Mortgage Master Inc
adahill AT mortgagemaster.com
>Are there any programs available for illegal aliens?
Probably, just need to show their Municipal ID card.
A Green Card holder is referred to as a resident alien. A foreign national may also reside and work here legally without residency status (on a visa).
lease contact me email@example.com. Nestseekers is one of the top brokerage firms in Manhattan having done billions of dollars worth of sales in last few years. Dedicated to our clients and working around the clock to satisfy any buyer or seller. With a trusted list of high net worth clients from around the world we are able to surpass any obstacle we face as brokers, finding any individual the perfect home they wish.
As a mortgage broker I had a relationship with Wells Fargo until they terminated their relationship with all mortgage brokers.
That said that just because a building is not on. Wells' s approved list does not mean it's not a Fannie Mae approved building. They may not have researched the building due to the fact that they did not do any loans in the building therefor didn't research it. In this case they do a spot approval, and if this works, they will consider the loan. That said under no circumstances would Wells consider financing in a building. Not Fannie Mae approved with no waiver.
E.S. Funding Co.
Licensed Mortgage Broker since 1990
Licensed Real Estate Broker since 1987
Seems like 1) you should be excited that they are willing to lend to non-approved building and 2) you should make sure you know why it's non-approved and that you're comfortable taking that risk. (A lot of people rely to some degree on the bank's stamp of approval to confirm that diligence isn't too bad - and here you don't have that). I wouldn't stress over "marginal difference" in pricing within WF. To make sure it's competitive thought, can't hurt to get a second opinion on pricing from another bank.
Certain buildings are on a bank's "approved list"; the banks consider this building financially safe. The building has enough reserves; a large percentage of the units are NOT owner occupied; the sponsor does NOT own too high a percentage of the units, etc.
But a building that's NOT on the bank's "approved list": banks are reluctant to offer mortgages to an applicant who's buying into a "non-approved" building, generally speaking.
Nonetheless, a bank will loan to an applicant with very good financials, even though he/she is buying into a "non-approved" building.
My question: If one buys into a "non-approved" building, will the mortgage rate be HIGHER than the rate if one buys into an "approved" building? If so, what's the difference in the rate, generally speaking?
My banker from WF just told me that there is no difference, and I'm happy. But I've heard that there could be a marginal difference. So I'm confused.
Should start over with a new lender?
I was in contract for a studio, and decided to back out when a studio in the building I REALLY wanted came up a week later (cost me a lot of money to back out, but the 100k saving was worth it). The bank had given me a conditional approval based on the other place, and said it would be no problem switching as the new place was cheaper, and most of the work was done. Now, I get a stack of papers in the mail asking me to apply over, none of all the previously gathered info filled in, and the rate shown is .25% higher than anyone else right now. The thing is, I can never get the loan officer or his assistant to respond to the most basic question and tell me what rates are - and tell me if, in signing this, I'm stuck at that rate, and if appraisal has been done, if we are in fact starting over etc. Basically, what the state of play is.
If it really is a case of starting over, I'm thinking of switching to a mortgage broker who's been chasing me because they would appear to have a vested interest in following through.
I also have BoA contacting me but I'm reading how problematic they are (or is that par for the course with any big bank?)
By the way, I chose the bank because of free recasting. The broker said with her company - which functions as a mortgage bank, by which they would eventually sell my loan to Fannie Mae - recasting is not guaranteed.
Appreciate advice here! Closing is mid July.
Also can you get anyone to lock you on a weekend?
use my broker the best got him from Angies list. I started out with Citi. they were the worst. in 1 week got a commitment closed in 35 days Discount Home Mortgage is the best 718-528-0645 ask for steve michaels honest broker
I am a Mortgage Banker with The Federal Savings Bank. We are a federally chartered bank that has relationships with investors (all the banks you are applying to & some that you're not) The benefit of working with me is if we cant fund your loan, chances are no one will. Additionally, I can provide a commitment letter during the pre-approval stage that an underwriter has review income & assets. Please let me know what I can do to help.
James Giacalone, Mortgage Banker
The Federal Savings Bank | 120 Broadway, 29th Floor, Suite #2950 | New York, NY 10271 | USA
direct: (646) 568-3644
A mortgage broker can submit your application to several banks at no charge.
E.S. Funding Co.
well good luck- I'm a nyc arch- also do work -design in westchester/ct custom homes- if you are in need of an architect/designer/project manager- let me know i love to design and can work with all all budgets - i see projects from concept to move in/..i have a lot of very good general contractors connections as well.
best email me at firstname.lastname@example.org anytime
> I bought a 1.7 mill condo with a 500k downpayment. I am now leaving the country, and recently sold my apartment for 2.4 mill.
Did you have to pay any capital gains tax?
Congrats Andy! From what I have learned (luckily not personally, at least not yet) there is no job security anywhere. It may actually be better to be a freelancer skillful/valuable enough where a number of companies are willing to pay you $1M to consult for them (and still be able to get jobs in 2008/2009 to make $200-500K) vs. having a "stable" job with one firm paying a $500K salary, and being let go at the exact same time hundreds of other similar formerly "stable" positions get cut. Frankly, all of us take a gamble when we buy without having a very sizeable cash cushion, because no one’s income is safe and can be gone in a heartbeat. Even with some savings, counting on one’s job to pay mortgage is still a gamble..
Or lose your job.
Big deal. So you gambled and won. I guess this means we should all go to Atlantic City!
contact Discount home Mortgage they are great did my loan no upfront fees at all got them from Angies list. 718-528-0645 honest guy Steve michaels work with owner he is in busines 30 years
Do you have to work with one exclusively? who pays the broker? Can you recommend someone who can help those unusable cases that don't necessarily pass the traditional test of the big banks?
At our closing, each bank asked for verification of the latest financials before they approved the closing date. My bank took 5 business days and buyer's took 8.
NYCee, can you share how long you had to wait for the HDC approval? We are just starting the board application now, and it is also in an HDC building @145th street. Thank you for your input.
Depends on the bank- SHould be within a week of receipt of the last condition- aka title.
Senior Loan Officer
Atlantic Home Capital
4175 Veterans Memorial Hwy
Ronkonkoma, NY 11779
Office: 631-687-3510 x106
Direct Fax: 631-918-5222
You can catch me in the directory at www.Brownstoner.com & www.montauk-online.com
I have had my loan commitment for a couple of months, including an extension that expires later this month.
I've just (finally) gotten approval to go ahead with the sale by the city (HDC property) and the underwriter has just about everything, except the title search which wasn't ordered until the approval Friday.
I'm trying to get an idea of how long it would take to schedule the closing now. I did try and contact my mortgage processor, who was out yesterday and will probably not get back to me before Monday. But I'm kind of antsy to get some idea right now.
Research says closings can happen in as soon as 30 days, but those also consider the entire process, not this end bit.
TIA for any info.
Agreed that USAA and Amica are good companies -- for the middle market. Their are many "good" companies out there, which is not usually the issue. Furthermore, for NYC condo/coop owners, you may find the middle market not sufficient for the unusually high valuation of NYC condo/coop valuations.
Unfortunately, many people make an insurance purchase based on incomplete information and do not completely understand the product they have purchased. This is inherent in the complexity of the industry & products -- and the fact that you only "really" know if you bought the "right" product after you have a large claim.
Some good advice is to work with a trustworthy & experienced broker who can explain the differences in coverages and who can shop around for you. Your condo/coop/home is perhaps your largest asset and your insurance placement should be commensurate with your risk appetite. Also, a good broker has a fiduciary duty to represent you, unlike the agent who takes the call when you buy insurance yourself.
Kindly get in touch for a no obligation consultation.
I bought Amica home insurance, after it was recommended several times by Consumer Reports over the years. It's top rated in the May 2014 issue. (based on reader survey/satisfaction). I've never had to use it, though.
CR also top rates USAA (but i think you have to have a military connection) and in 2009 Chubb was right up there, too, but isn't mentioned in the 2014 survey.
Folks -- I can help. I fully endorse what Tallisman says above. Condo/Coop Insurance is inherently complicated for many reasons. Condos/Coops in New York City are even trickier. Many good carriers have left the market after Sandy and won't write business anymore.
By way of introduction, I am an independent broker and president of my firm Prana Risk. I can help explain to you the differences between the standard/middle market and the more higher end products. I also work with AIG, Fireman's Fund, Chartis, and Chubb and they are all great higher end products.
I also have access to many middle market products. That being said, there are some large gaps with middle market products that are especially relevant in higher valuation apartments in locations like NYC.
Here is an example of one gap:
Most condo/coop policies are written on a named perils basis for dwelling (i.e. studs in coverage). What that means is that the peril has to be one of 17 or so covered perils in order for the claim to be paid. In the even of a claim, the burden of proof is on you, the insured, to show it is one of the covered perils. Now, to contrast, in a standard Homeowners policy, the dwelling is covered under what is called a "special form" -- which means everything is covered unless it is specifically excluded. This difference is HUGE and shifts the burden of proof on the insurance company.
The only way to get this "special form" coverage on the dwelling portion of your condo is to go with one of the higher end products. The products that are advertised on TV will not cut it. Nor will most brokers (sad to say, but true).
Now, most condo owners would view their asset equivalent to a Home in terms of worth, value, etc. Like a home, your condo/coop is likely your most valued possession. Why then insure it any less than if it were your home?
At the end of the day, I can walk you through a myriad of choices and explain the pros/cons of the product you are purchasing. More often than not, an insurance purchase is often rushed and poorly understood which can lead to unsatisfactory outcomes. My primary goal is to get you to fully understand the product you are purchasing, and to ensure you are comfortable with that product. I also try and assess your own personal risk tolerance. Sometimes I find that people are ok with the standard product -- and I am very pleased to offer it when they understand what they are purchasing. And the same goes true for a higher end product. It's just a matter of choice. But unlike a car purchase -- there is no test driving allowed here (and we hope there will never be one!).
Kindly get in touch for a no obligation consultation.
Tallisman: You still around? Would love to get your email add since I'm looking for a new broker
Mortgage Broker here that does commercial loans.
E. S. Funding Co.
Try a mortgage broker.
I'm interested in finding more info on commercial loan rates (to acquire a small multi-family building) at varying LTV, along with a realistic estimate of closing costs. Any advice? Thanks.
Any borrowing, including margin balances will show up in the liabilities section of the financials you submit as part of your board package. Given the usual margin rules (i.e., the value of securities you have to have free & clear in order to borrow cash) , the liability may not be considered significant, given the security assets. This is a form of what the OP is proposing. OP claims he can take the additional 10-15% hit to his income to cover the loan, at which point I would ask why he just doesn't invest an additional 10-15% of his income.
Find a bank that will give you an unrecognized loan.
What I meant was to borrow without using the co-op shares as collateral- use a margin account at a brokerage, where of course you would need other collateral like other stocks.
Crescent: NWT is correct. Nix won't actually own any property after the purchase of the co-op--just shares in a corporation that owns the building and a lease to his apartment. If he wants to use the shares in the co-op as collateral for a loan for the additional 10%, the bank will have to inform the co-op and the jig is up. No need for a sleuth to figure that one out.
We have an accepted offer on a condo. As part of the counter offer it was on the issue of a closing date,as we had already sold our home (our closing date is April 4 and we will now be getting temporary housing in an apt) and the sellers of the condo have asked at this time for an end of June closing date. They didn't have it yet on the market and weren't thinking it would sell so fast. Anyhow, we're in a dilemma as to do a 120 day lock, as 60 day lock in case the sellers find something sooner. There's the float option too. Then if they don't, an additional 30 day or 60 day lock? Or...just don't do anything at this point and wait until it gets closer to the time. There is always the chance that they might find something sooner and ask for an earlier closing. We were quoted a 5% rate with a 120 day lock. What would the difference be if we just waited until there is a set closing and just take what we get as far as the interest rate goes. Perhaps the rate would be at 5% then anyway. Advice on what to do with lock, not lock, market rate forecast, etc would be greatly appreciated.
All of this is really helpful insight. Thank you so much you guys are such a wonderful resource!
I may be able to help. My bank can lend on unwarrantable condo's & co-op's.
James Giacalone, Mortgage Banker NMLS# 482256
The Federal Savings Bank | 120 Broadway, 29th Floor, Suite #2950 | New York, NY 10271 | USA
direct: (646) 568-3644
If you have the offering plan and one set of recent financials you're not in terrible shape. I can name you three fancy Manhattan managing agents that would take six weeks to produce master certs of insurance, so having to chase building documentation is a problem that lenders are definitely used to dealing with.
The next question is "where are the 2012 financials"? If previous financials exist but current ones don't, does that mean that the building's treasurer retired or moved out? That might be a red flag to me.
But again, if they simply haven't been drawn up, that's not the biggest task in the world.
1. that owner occupancy isue is largely the result of vestigial thinking and memory
2. it mattered in the real estate meltdown of the late 1980's to mid-1990's because
large numbers of Coop Sponsors went bankrupt owning 50-80% of their Coops after
encumbering theie Coops with unsustainable mortgages which resulted in increased
maintenance charges such Sponsors coukd not pay because the apartments they had
retained were occupied by low rent rent-stabilized or rent-controlled tenants
3. things are different today: what matters in economic terms is whether the remain-
ing Sponsor apartments make or lose money on a monthly operating basis
4. if they do - and I believe that in most instances the Sponsor blocs do - their con-
tinued ownership by a sponsor does not present an economic threat to a Coop or to
its ability to service its underlying mortgage, current or new, as long as the Sponsor's
positive cash flow is stable and unlikely to reverse
Barclays and HSBC Wealth worth a look
LOL just saw this.....still offering the best rates....631-316-7272 , try me, I will earn your business.
no way GB = fieldschester. I'd lose so much respect for fields.
>And no, I'm not apt23, but I do have another name on the board too.
I'm sure your doctor is pleased
I guess that a lot of the major lenders have gotten out of the interest only loan business. I had a client that was looking to get one of these loans and was told by CITI and Wells that they were requiring an ungodly amount of post closing liquidity. They ended up going with Jim McPartland at Bank of America, who only required 24 months of principal, interest, and maintenance in reserves. The deal closed in 35 days…. I guess Bank of America is back in the mortgage business in New York (shockingly). I would highly recommend Jim McPartland and his team.
Nowadays every individual want to have his/ her own house. Living in a rented property is indeed very frustrating. In a rented house you are not allowed to changes on your own.My friend who work as a [url=http://www.kevinbradleyrealtor.com/]realtor Georgetown ky[/url] says no landlord likes to have its property undergone changes.
so your wife is into that
Comez on. When u come last?
She likes whateverzzz I do. One finger two finger three finger. You get the idea.
I agree w/ rb345 about debt per unit, range depending on value of units. Rates for building mortgages tend to be 100 to 200 bps higher than for individuals. Players in the space include NY Community Bank, National Cooperative Bank, Emigrant, Recap, and First Funding. Meridian Capital is a broker.
Washington Heights (Cabrini), apartments range from $500 to $650 a square foot
Crescent - 10%, really?
1. where is the building, and what are its apartments worth
2. $25,000 to $50,000/unit is most likely very reasonable
National Cooperative Bank (http://www.ncb.coop) probably does more than any other single bank.
Ours is with New York Commercial Bank. We're on our third CEMA, all three with different banks.
Wheretobegin, aside from HDFCs, the maximum home price you can afford on your income (assuming you already have at least a $25,000 down payment and at least $10,000 in post-closing liquidity) would be in the $120,000 range. And for Manhattan or Brooklyn, that IS a down payment.
Wheretobegin, the only way you can get started this early is if you look at HDFCs -- units under the stewardship of the Housing Development Fund Corporation. These are typically in undesirable neighborhoods, so if you're looking to have kids early in life, the school districts you'll likely be in might not be for you. *But* they fit your income and might just meet your housing needs for the next decade or so while enabling you to save lots of money toward your next, "real", purchase.
HDFC units typically require an income of less than slightly above the median for the area, so if (for example) the median income in a neighborhood is $50,000 and the limit is 120%, you need to earn $60,000 or less to buy there.
HDFC units also require a lot more due diligence than a regular unregulated apartment, and can have severe restrictions when you sell, such as turning over a percentage of any profit to the co-op, or even turning over a percentage of the sales price -- whether a gain for you or a loss -- to the co-op.
Be careful, but keep HDFCs on your radar. It's one of the few ways for regular people to afford housing in the city.
The first line in my last post was directed at KrCloser212's advertising. I respond to wheretobegin's OP beginning with: "wheretobegin,"
Sorry if that wasn't clear.
Sonya? Why the douche response? Is this not a RE question?
Kid, go get laid. Buy in a few years.
To support Superlun's post, I can relay personal experience with Wells Fargo.
Particularly around this time of year, they may spring a "we want to look at your 2013 returns" after they've only asked for, and you provided, 2011 and 2012.
This happened to me.
Essentially dictating how fast to make my accountant prepare all my returns.
Well before april which was ludicrous.
Then they came back with asking for balance sheets.
I lost patience and threatened to walk on the mortgage resulting in them giving up the request.
Of course, not everyone is in a position to choose to buy with or without a mortgage and it was still quite stressful.
I have heard similar issues with wells, they are just tough in general.
I got 3.875% jumbo fixed 30 years , process was so smoth and easy . i would look at smaller lenders trying to get a footprint in the industry. They can close quicker and turn things over smoother....
I have a greta guy, he has closed all of my friends and family.
Has anyone used this company or know anything about them?
thank you flutistic. i was looking at another property, a coop in the city as well, but it requires "strange" terms. i contacted sammy hong and he answered my questions - very helpful guy.
Only if you promise to see a lawyer first somenooblie! We don't want to hear from you in Sing Sing!
Suzanne Bach (email@example.com). 917/940-0561 from above (scroll up)
actually the due diligence, our lawyer's research on the property, turned out so scary that we bailed. But we will be back with another property some day ;)
She works with savings and loan banks as well, which is excellent