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Mortgage advice.

Started by MattW84
over 13 years ago
Posts: 43
Member since: Oct 2007
Discussion about
I am looking at a refi on my Co-op( apt owner) taking cash out. LTV after cash out will be at 50%, income is high, credit great etc. I was looking at interest only 10 yr and was hoping some of you might have recommendations as to whether I should go to banks directly or use a mortgage broker?
Response by NYCMatt
over 13 years ago
Posts: 7523
Member since: May 2009

Hedge your bets and do both. You might be surprised.

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Response by MattW84
over 13 years ago
Posts: 43
Member since: Oct 2007

wont my credit score get hurt by excessive credit checks?

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Response by NYCMatt
over 13 years ago
Posts: 7523
Member since: May 2009

No.

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Response by MattW84
over 13 years ago
Posts: 43
Member since: Oct 2007

thanks.

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Response by alanhart
over 13 years ago
Posts: 12397
Member since: Feb 2007

Recent legislation prevents credit checks in pursuit of a mortgage from showing up in credit reports.

Don't forget non-commercial banks, credit unions and private banking.

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Response by pyxis
over 13 years ago
Posts: 71
Member since: Sep 2008

Robert Kaufman, Wells Fargo. Straight forward, no-nonsense guy.

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Response by LENOXav
over 13 years ago
Posts: 150
Member since: May 2010

Check your Cooperative Board Mortgage Guidelines regarding a 10 yr. Interest Only Mortgage . . . .
The Board has more than a lil input regarding your ReFi . . . .

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Response by MattW84
over 13 years ago
Posts: 43
Member since: Oct 2007

thx pyxis. do you have his contact details?

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Response by streetsmart
over 13 years ago
Posts: 883
Member since: Apr 2009

Mortgage broker here with great rates and personalized service.

Going directly to a bank can take awhile and you may not get great service.

That said I don't charge any application fee. Eventually an appraisal fee will be incurred. Closing costs are very low for a co-op and can be rolled into the loan amount, or for a very slight increase in the rate, get a rebate.

I guess your board doesn't mind interest only loans? Some do.

Ellen Silverman
E.S. Funding Co
esfundingco@aol.com
Tel: 212-786-9682
www.esfunding.instantlender.com

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Response by pyxis
over 13 years ago
Posts: 71
Member since: Sep 2008

M84: easy to google. I don't want to publish his email without permission.

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