---

Know any portfolio lenders in NYC

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
wendypierrelouis Joined: 23 Aug 2010 Posts: 1 1.34 Dollars($)	Posted: Mon Aug 23, 2010 7:00 pm    Post subject: Know any portfolio lenders in NYC Like 0 Dislike 0 I own a two family, owner occupied home in Brooklyn,NY. The property value is at $550K or more and I want to refinance a mortgage balance of $330K and pay-off a home equity loan of $30K. The traditional lenders sell mortgages to Fannie Mae and there are too many add-ons for my situation. Any suggestions, I really want to take advantage of some of these historically low rates on a 15 and 30 year fixed.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Aug 23, 2010 9:25 pm    Post subject: Like 0 Dislike 0 Hi wendypierrelouis! Welcome to forums! If you have equity in your property, then you can contact your present lender and apply for a refinance. With the cash out amount that you receive due to refinance can be used to pay off the home equity loan. However, you should have a stable financial situation, 2 years of employment history and good credit score in order to refinance the take advantage of the low rates. Feel free to ask if you've further queries. Sussane
WENDYPL123 Guest	Posted: Tue Aug 24, 2010 11:25 am    Post subject: Looking for portfolio lenders.... Like 0 Dislike 0 Thanks. The problem is that any financial that sells their loans to fannie mae on the secondary market has to prescribe to fanni mae guidelines and there are "add-ons" to the base interest rate they offer. I am looking for an institution that does not sell their loans to fannie mae and can offer me a rate below between 3% and 4.625% on a 15 or 30 year fixed. Do you know of any? My current lender is Chase and they sell to fannie mae. Employment is two years and credit score is well above 620, lots of equity in property. Thanks.
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Tue Aug 24, 2010 1:26 pm    Post subject: Portfolio Like 0 Dislike 0 Fannie Mae has add ons of 1.00 bps to pricing for two family and .25bps to pricing for cash out refinance (if second mortgage was not acquired at time of purchase it is cash out refinance, not rate and term). That makes 30 year fixed today 4.500% to 4.625% and zero points. It makes 15 fixed about 4.125% and zero points. Most portfolio lenders do not offer 30 year fixed and when they do the rate is about 4.875% or higher. Portfolio 15 Year fixed are about 4.625% or higher. Your best bet is Fannie Mae. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0