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first time buyer need advice

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al2992 Guest	Posted: Fri Mar 25, 2011 4:56 pm    Post subject: first time buyer need advice Like 0 Dislike 0 buying a condo in new york, the condo is not approved by fannie/freddi due to commercial space in the building being at 45%. Found a lender that will originate the loan and then keep it on their books.(portfolio loan). The LO is quoting me at 5.2% for a 30 FRM. Excellent credit stable everything low risk for the loan. What can I do lower my rate to be at 5.0% or can I get a sellers concession to keep my cash in the bank and pay less out of pocket for closing / transfer taxes(new building). _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Fri Mar 25, 2011 10:48 pm    Post subject: Like 0 Dislike 0 Hi al! Welcome to forums! You can pay points in order to lower your interest rate. You should contact the lender and check out how many points you need to pay in order to lower your interest rates. Feel free to ask if you've further queries. Sussane
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Fri Mar 25, 2011 11:14 pm    Post subject: Like 0 Dislike 0 Hi al2992, Welcome to Mortgage fit, You can still search for the best offer on the mortgage....we have list of plenty of lenders on the board...you can go through this link for the list of lenders who does business in your area.... http://www.mortgagefit.com/lenders/dir/ Feel free to ask any further query if you have...... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Mar 28, 2011 7:33 am    Post subject: Mortgage Like 0 Dislike 0 Ask the LO who is doing your mortgage. You are getting a loan from a portfolio lender. The portfolio lender has their own guidelines--it is their money. We can not answer questions about a specific portfolio lender whose name we do not know and, if we do know the name, we could only answer the question if we worked with that lender and knew their guidelines. Most lenders do not allow comercial space over 20% of the total square footage. YOu are fortunate to have found a lender at all. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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