Forum Archive: Mortgage

Here’s the situation. I would like to refinance my apartment mortgage and HELOAN. The details are:

Property type: 1 bed condo
Outstanding balance: Total: $282K; split HELOAN: $45K + Main: $237K
Current rate: HELOAN: 7.85% + Main: 6.375%
Home’s present market value is: I’ve had 4 realtors in the last month tell me they would put it on the market for between $370K – $330K. I know that to get the magic 80% loan to value ratio the apartment needs to be appraised for $360K, but I think it would be appraised for $340-350K.

My aim for refinancing is to lower my monthly payments. Ideally I would combine the two, but from my preliminary research, if I do so, and the apt is valued at $340K then I’ll have to pay PMI so I’ll end up paying about the same each month as I do now.

Oh and the other thing is that I’m completely broke, so all fees need to be rolled into the loan. Great – right?!

On the plus side, my credit score is 800.

I’m embarrassed to admit that I’m completely overwhelmed by the whole process. It was a miracle I managed to deal with all the jargon and figures when I bought, but as I have NO money, I don’t have the small safety cushion I had then.

As money is super tight, the person/broker/bank that I give about $400 to for the appraisal is almost certain to be the one I go with. But as money is super tight, I’m worried about what fees aren’t/can’t be rolled into the loan. Can anyone tell me, do I have to pay a lawyer at closing? I assume so. That’ll be a flat fee of about $1500 right? Any other fees?

All help/advice is much appreciated!

Just a kindly note to all, as of April 18th FHA will be raising their monthly mortgage insurance premiums yet again which will increase monthly costs on an FHA loan.

In order to avoid this an FHA case number must be requested before April 18th.

Are there any ways to use an FHA loan besides approved new construction? We found a condo we like, have excellent incomes, credit scores just under 800 and 10% down. We are first-time home buyers.

The interest rates offered are 4.87 for FHA vs. 5.35 for conventional (both 30yr Fixed). Even with the extra upfront PMI on the FHA, it’s still a significant savings over the long term.

Anyone know how we can use an FHA loan even though it’s not new, FHA-approved construction. FWIW, the building is only 4-years old and appears to be constructed way better than most of the FHA-approved places we’ve seen.

Thanks!

Hi,
I am trying to purchase a condo that is over the fannie mae law for percentage commercial. Been turned down by most major lenders because of the rules. The condo is 25 percent commercial space and the cutoff is 20 percent. Does anyone have any ideas for options to obtain a mortgage? It’s an amazing space / building.
Thanks in advance for any advice…

Hi all-

I’m looking for 2nd lien lenders that can provide a HELOC up to 90% LTV on 2-family brownstone in Park Slope. Assume FICOs in the high-700s, 80% first lien and documented income. Any leads are appreciated.

Thanks!

Dazzled by overload of websites and ads… any leads on best interest rates and fast processing for mortgage for coop? (no problems, approved building, good credit etc). thanks!

We have to lock our rate on a 30yr fixed (under 500K for 2 fam, NOT jumbo) and wonder if the financial whiz’es out there have advice on the short-term outlook. I know this is asking for crystal ball but aren’t there rational aids to predicting?? Today they seem to be hitting almost 5% and I wonder if they’ll just go higher or tick down a bit…

Hoping for some advice for this unfortunate situation that just came up. We’re in contract on a condo, but just found out from the mortgage broker that because the original owner of the building still owns a high percent of the units after it went condo, most of the major banks will not take the risk of issuing mortgages for any units being sold. Has anyone experienced this, and if so what are the alternative channels to go through? Are there smaller or nontraditional lenders that would be more likely to lend?

Hi all,
I’m looking at condos in downtown Brooklyn. I’m in the process of applying for a mortgage and trying to figure out which closing costs are legit and which are not.

Does anyone have any idea which fees are negotiable?

Some examples of what I’ve seen:
–application fee ($500)
–title search fee ($700)
–underwriting fee ($600)
–appraisal fee ($300)
–title review fee ($150)
–flood certification fee ($50)
–closing fee ($900)
–title insurance fee ($5,000)
–recording fee ($500)

thanks!