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May 30, 2007
I am recommending my mortgage guy
Dear Brownstoners Community:
I just closed on a property in Bed-Stuy and went through the Bank of New York to get my mortgage. They were fantastic (one of the financial mags rated them #1 last year -- SmartMoney?). Anyway, as I was closing, BNY changed their mortgage dep't to only do reverse mortgages. My broker went to Eastern American Mortgage Company. I had never heard of them before. Anyway, the guy I worked with was a straight shooter and a nice person. If one of the mortgage products wasn't right for me (I don't make a lot of money but was willing to put 18-20% down and have great credit), he just let me know and made another suggestion. My rate wound up being 6.125% and the closing costs were exactly what he said they would be on the estimate. Anyway, it's rare to find someone like him, so I wanted to share his information with you. Please tell him Suzy from Macdonough Street sent you and send him my regards. Good luck! Here is his contact information:
Christopher P. Albanese
Mortgage Representative
Eastern American Mortgage Company
201 Lower Notch Road
Little Falls, N.J. 07424
Tel: (973) 953-0923
Fax:(973) 404-8518
c.albanese@eamco.com
Comments
Hi Suzy,
If you would be willing to share some more insights about your process, I'd love to hear from you. I'm in the process of buying a house and am shopping around for a mortgage. Did you have to pay an origination fee or buy points?
Thanks,
farkasmouse at yahoo.com
Posted by: Anonymous at May 30, 2007 11:02 PM
There was a small origination fee, and in my case two deals fell through before I found the right one, but I was only charged once (something like $175). On the loan I went with, there were no points. But that was April. Since Chris moved to another lending organization, he may have more options than he had with BNY and greater wiggle room to waive things like origination fees. I don't know, but it is certainly worth asking him. Good luck and give him a call.
Posted by: Anonymous at May 31, 2007 6:26 AM
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