Refinancing a 3 Family?
I bought my 3 family brownstone in Fort Greene about 3.5 years ago with 10% down. I’m still employed, the rental history has been good and Fort Greene seems to be holding it’s value, but my mortgage broker keeps telling me that it is impossible to finance jumbos or 3-families with only 10% down. My…
I bought my 3 family brownstone in Fort Greene about 3.5 years ago with 10% down. I’m still employed, the rental history has been good and Fort Greene seems to be holding it’s value, but my mortgage broker keeps telling me that it is impossible to finance jumbos or 3-families with only 10% down. My rate is 6.25% and I was wondering if I could do better?
If you search Brownstoner, there is a wealth of information about Alphonso Gill. He is really bad, and he did get fired last year. He’s with a new bank though. Buyer beware.
I tried refinancing my 3 family about a year ago and was referred to Alphonso Gill at Wells Fargo. What a freakin’ nightmare. The guy lies about everything. Impossible to get an answer from him, he asked me to wire money to his contractor for him in exchange for a good deal on painting. I heard he got fired. Anyone has got to be better than Mr. Alphonso Gill.
First of all the OP didn’t state what her loan amount was.
State the loan amount and then we can discuss your options.
The fact that you have a three family and a jumbo loan makes it tough for you to get better rates right now. You’re going to take a hit to the rate for a three family and another hit for jumbo loan. When you add up the hits, your rate will be much higher than the quoted rates. The person who refinanced with 4.9% jumbo probably locked in rate early January when rates came down for that one day. As a title closer, I’ve done closings last month where borrowers were getting 4.375% for conforming and 4.75% jumbo loans, but those were locked in January, when rates were very low.
Hi bodhi_brooklyn,
do you know who got that rate on a jumbo? would love to know where….
Thanks for the tip Chris…will call her.
And Lisa FG, I’m in the same boat. I’ve got a 6% offer from Chase with a point (which doesn’t make sense for you); a 5.75% from a local bank through a mortgage broker but again with a point (may have gone up); and a 5.625% rate no points but a biweekly payment schedule (which not so great for me.) If you want any of those brokers, email me at my brownstoner user name (at) yahoo. Thx.
don’t go with a jumbo. break the loan into two parts: a first mortgage and a HELOC or home equity loan. You will typically get a more competitive rate on the first note and a higher rate on the second if you go the HEL route. If you go with a HELOC, you will only pay the interest with a very competitive rate. i have done this twice, once through a broker, another time directly with a bank.
i dealt with a woman named roli singh at wachovia. she was great at coming up with good solutions for me. when rates dropped she even called me to refi. love her. you can reach her at 212 214 4535. tell her chris from decatur street referred you.
good luck.
I know someone who refinanced a jumbo loan and got a rate of 4.9% about two weeks ago but I don’t know that he had to put anything down or how that relates.
On a super jumbo loan, you won’t do any better than 6.25% right now and are probably better off staying with your current loan if it has some time left on it.
The fact that you paid 10% down when you bought the house doesn’t matter for refinancing if you’ve owned the house for 3.5 years. What matters is what the value is now and what the loan-to-value the new loan you are looking for will be.
I can recommend Ezra Tawil. (Apple Mortgage Corp. (212) 221-6666 x 122) He’s done great services for friends and contacts of mine. He’s very honest and effective. After meeting with me and discussing my current mortgage and future plans, he actually talked me out of re-financing, costing himself a job, but saving me some money now and in the long run.