Skip Navigation
StreetEasy Logo

Advise for Choosing a Mortgage Lender

Started by Nomader
almost 10 years ago
Posts: 8
Member since: Jan 2013
Discussion about
Will be looking into a jumbo loan for a new development condo and was wondering how folks went about choosing their lender and had some questions along those lines: 1) How many lenders should I work with? How important is it to work with a preferred lender? 2) How much can rates and fees vary between similar institutions like Wells Fargo or BofA? How about between people within the same institution? 3) Given comparable rates I would think service, responsiveness, and timeliness would be key. Going back to rates and fees, say you find someone you like working with but who doesn't have the best price. Will most offer to match another rate you are offered from a competing firm? 4) Any other important considerations, especially with the new mortgage rules?
Response by Flutistic
almost 10 years ago
Posts: 516
Member since: Apr 2007

New mortgage rules irrelevant.

Ignored comment. Unhide
Response by Hammy
almost 10 years ago
Posts: 45
Member since: Mar 2007

I used Monte Friedman as my mortgage broker. I would definitely contact him at statewide@nyc.rr.com

Ignored comment. Unhide
Response by Raventerrance
almost 10 years ago
Posts: 7
Member since: Nov 2015

Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants or an investment portfolio). The lender will typically be a financial institution, such as a bank, credit union or building society.

Ignored comment. Unhide
Response by KAS61
almost 10 years ago
Posts: 126
Member since: Mar 2012

I can recommend Phil Figler at Manhattan Mortgage.

Ignored comment. Unhide
Response by REMom
almost 10 years ago
Posts: 307
Member since: Apr 2009

Rates can vary significantly (+/- 100 bps). I would call a mortgage broker (e.g. Guaranteed Rate), your bank, all the national banks (Wells Fargo, Bank of America, Citibank, and Chase) and the preferred lender to get quotes. Make sure you tell the banks the address to make sure they will finance the building and compare apples to apples, i.e., no points, same amortization term, etc.

Ignored comment. Unhide

Add Your Comment

Most popular

  1. How much is this apartment worth today?
    25 Comments
  2. Beautiful Fake Reno
    19 Comments
  3. Losses on Manhattan condos
    52 Comments
  4. Mamdani and rent control
    47 Comments
  5. 35 Sutton Place...coming soon
    81 Comments