mtge broker

This guy is doing my condo and I have very high regard for him. He's been terrific.

Jose Becerra
(212) 692-8460
Jose.M.Becerra@decapitalmortgage.com

Jose is great, he'll knock your head off.

I had a very good experience with Suzanne Bach (sbach@guardhill.com). 917/940-0561.

I worked with Jose also. He was excellent.

Complementary question - is there some benefit of going to a mortgage broker instead of to the banks directly?

Grapefruit, if your deal falls apart at the bank doing your underwriting, you have to start over from scratch. If the bank your mortgage broker is using craps out, your mortgage broker can tee up another bank to buy your note and you could still close a couple weeks later with the same appraisal and application.

I found that the motgage broker was great at putting together my particular application (multiple streams of income, some debts, etc) and he made it possible. Whereas going directly to a bank was tougher for me. If you have a bulletproof application (very high income for multiple years, little debt, strong assets, all relative to the cost of the place you're trying to buy), it may not matter as much. But to my knowledge you are not paying anything additional by going through a broker, and likewise you aren't "saving" a broker fee or anything like that by going direct to a bank. Good luck!

Hi Everyone - I'm a mortgage broker in NYC. Been in the biz for 10 years. If you work with a seasoned mortgage broker the potential benefits are flexibility with multiple lenders vs just one bank, as someone alluded to above, and very competitive pricing. The best approach to take is to get rate quotes from both a broker and a bank with matching fees (make sure for instance that both quotes have zero points, if possible) and go from there. For Jumbo loans ($700k and up) banks will usually be more competitive than brokers, but it's worth checking.

I quote rates to potential clients on a daily basis. Feel free to give me a call.

Thanks-

Scott Valins
Scott Capital Group
212-228-2215

Scott

Thanks everyone for the response. Now I just need to find anapartment (which has been absurdly difficult)...

Does anyone know where to get a 50% mortgage when the property has ongoing developer litigation? Issues are relatively minor structurally.

I'm thinking portfolio lender. This building not acceptable to Citibank/Chase/etc.

Also, does it take significantly more time to obtain such a mortgage, if available. Thanks.

Solved! Thanks everyone

http://online.wsj.com/news/articles/SB10001424052702304579404579236544067938238?mod=WSJ_RealEstate_MiddleBuckets1

Smaller lenders are leading, see article.

Have lenders who portfolio in a case by case basis.

Ellen Silverman
E.S. Funding Co.
Licensed mortgage broker since 1990
Licensed Real estate broker since 1987
www. Esfunding.instantlender.com
NMLS#60631

flutistic where did you end up going for a portfolio loan?

Only if you promise to see a lawyer first somenooblie! We don't want to hear from you in Sing Sing!

Suzanne Bach (sbach@guardhill.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

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.