Looking for a morgage because we recently purchased a three family house in Queens, NY
2007-09-06 06:22:50 · 7 answers · asked by M. L 1 in Business & Finance ➔ Renting & Real Estate
We signed the contract about a month ago. We are now in process of finding a morgage. We will put about 20% down. I have a lot of people telling me verbaly that they can get me good rates but i havent signed anything yet. If the bank and the morgatge broker offer the same price which one should i choose and why? Thank you all for help. We are first time buyers
2007-09-06 06:46:35 · update #1
It's not impossible, but you will likely pay some points to 'buy down' the rate.
(I'm assumimg that you had an offer accepted, and are ready to sign (or have signed Purchase & Sale) but no money has changed hands yet.
Given that you purchased a 3 family in Queens, NY I'm guessing this is going to be a 'Jumbo' loan. (over $417,000) that might make it a little harder to get a 6% rate.
Check with a mortgage broker, tell him you're willing to pay points, and want to find what the lowest rate is that they can find for you. You'll get an answer fast.
I hope that helps.
2007-09-06 06:32:09 · answer #1 · answered by Michael K 5 · 1⤊ 0⤋
Not that bad. 6% is about a 1.5-2 point rate.
That means add 1-2% of the loan amount to closing costs. This will likely work out to 1 DISCOUNT point and 1 ORIGINATION point.
Drop me a note if you would like further clarification or see some figs.
Further - for a 3 family, the conforming (not jumbo) limit is 645.3K
2007-09-06 07:11:34 · answer #2 · answered by Patrick H 2 · 0⤊ 0⤋
Hi,
6% is not hard to get if you have an excellent credit score. Shop Arround! With a multi family home that is generating rental income, you may have a little hard time but if it is going to be your principle residence it may not be hard to get.
Let me give you some #s to call
Alfredo Feigelmuller
Mortgage Loan Officer
(908) 693-5941
Hiral Shah
Wells Fargo
732-910-0380
2007-09-06 07:08:51 · answer #3 · answered by Alpa B 1 · 0⤊ 1⤋
Not impossible to get.
But I have a question, how did you purchase the home without a mortgage. All cash?? Or are you looking to refinance?
2007-09-06 06:29:47 · answer #4 · answered by ♥ Emily ♥ 5 · 0⤊ 0⤋
Don't even THINK of contacting the scam artists who spam the forums here! Most if not all of them are scammers based in Nigeria or Lithuania or some other far-flung location. They will rip you off blind, and you'll never see a loan.
2007-09-06 06:52:52 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 1⤋
I got 6.125% with an excellent credit rating and 10% down. So I'm sure you could do better if you have more income or something else that I don't have.
2007-09-06 06:30:38 · answer #6 · answered by dan 4 · 0⤊ 0⤋
If you have good income and good credit you can. You would need to pay some higher points or origination fees to get it, but it is possible.
2007-09-06 06:31:35 · answer #7 · answered by rlloydevans 4 · 0⤊ 0⤋