Home arrow Mortgage Forums arrow Looking for Mortgage again arrow

Know any portfolio lenders in NYC

Author Message
Icon Mini Profile wendypierrelouis





Joined: 23 Aug 2010

Posts: 1

1.34 Dollars($)
Post 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.
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10439
Location: Alaska
985.83 Dollars($)
Post 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







Post 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.
Icon Mini Profile jveenstra
jveenstra
Community Expert
Community Expert

best lender badge

Joined: 10 Nov 2008

Posts: 1310
Location: River Edge, New Jersey
274.62 Dollars($)
Post 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


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.072 seconds.