Mortgage Broker Recommendation
I want to HIGHLY recommend Adam Dahill (who posts a lot on this site) for anyone who’s looking for a mortgage broker. We had a great experience working with him on the refinancing our loft in Williamsburg. He’s well-organized and knowledgeable and helped us refinance at a reasonable rate- after we had an awful experience…
I want to HIGHLY recommend Adam Dahill (who posts a lot on this site) for anyone who’s looking for a mortgage broker. We had a great experience working with him on the refinancing our loft in Williamsburg. He’s well-organized and knowledgeable and helped us refinance at a reasonable rate- after we had an awful experience dealing with Wells Fargo directly. He can be reached at adahill@wcslending.com.
Thank you Ian for the kind words. You were a pleasure to deal with and you got me what I needed when I needed which makes the process a whole lot faster.
11217- It’s best to shop around but also check with your lender to see what they can offer. Feel free to send me an email and I’ll let you know what I can do for you as well.
I can always gross up the interest rate a tad in order to cover the closings cost if you would like. So you won’t get the best rate available but it won’t cost you anything so you will still be ahead of the game. Coop’s have the least amount of closing costs of all property types.
Well the thing is…my mortgage company wants to charge me about $3500 for closing costs to refinance, which means that it will take 3 years to recoup the costs of the reduced monthly mortgage payments. It doesn’t seem worth it, even though I could get a decent rate just under 5%.
Does that sound right? $3500 to refinance? We’re only talking a studio co-op here…
I believe you can shop around to refinance, but if rates are similar among lenders it may be less hassle to stay with the same one. You want a CEMA to avoid paying mortgage recording tax on the loan balance being refinanced. (You will pay mortgage tax on cash out / new money borrowed). It may depend on the existing lender. Talk to Adam or other mortgage broker. See previous thread …
http://bstoner.wpengine.com/forum/archives/2008/09/mortgage_tax_on.php
Question for someone…must you use the same person/company to refinance your mortgage as the person/company your original mortgage is with or can you shop around…?