Forum: Mortgage
February 26, 2008
Mortgage brokers
Risking giving some the opportunity to rant, I'd like to raise the question of mortgage brokers. I'm a little confused about the variation in their fees and payment methods. Some charge fees and some say they'll be paid by the lender and some seem to get both. Opinions? Advice?
February 21, 2008
seeking advice on securing jumbo financing
We are about to enter into contract on a brownstone in BK and will need to secure financing. The purchase price is ~$1M and we will be putting 20% down. So we are left with a few options to get to either a 30 year fixed or a 7/1 ARM - either one shot jumbo with very high rates, or splitting it into two pieces. Does anyone have any suggestions on creative ways to get our all-in APR down, or on Jumbo lenders that do not securitize and thus have lower rates than the big lenders are offering right now?
February 14, 2008
Is 95% financing still possible?
I am from CA and newish to Brooklyn. I am wondering if it is still possible to get 95% financing from banks. Lending laws have obviously been getting stricter and I have heard that NY is particularly tough.
My husband and I make $180k, have excellent credit, plan to be here a few years at least, and would love to buy a 1 bedroom condo in Park Slope, Boerum Hill, Ft. Greene, etc. Do we have a chance with only 5% down or do we need to wait and save at least 10%?
And, if the bank will finance us, will a seller or developer sell to us with only 5% down?
(and yes, separate from the 5%, we have money for closing costs and emergencies)
Thanks!
February 13, 2008
Mortgage brokers and credit reports?
After raising our credit scores to the mid 700's we're trying to refinance our condo. I have all 3 credit report for myself and my husband. Every mortgage broker I've talked to wants to pull up our credit before they even talk to me further. Is this necessary and will it lower out credit scores?
Why won't the brokers take the reports we've pulled down as a reference in the beginning of the process?