HELOC financing: We have substantial equity in our two-family brownstone in Clin

ton Hill. Looking for a lender that is somewhat flexible on loan to value ratios. Anyone have any suggestions.

bandagtire

in General Discussion 8 years and 7 months ago

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slopefarm | 8 years and 7 months ago

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As EJR says, best to work with a mortgage broker, rather than shop bank by bank yourself. Not only will a good broker know who will lend for what, but also how to structure the loan or how best to argue persuasively for its approval.

Astoria is our bank for checking. They are extremely old school and old fashioned (wait till you need them to look up your signature card, it can take days). That can be a pain for consumers but they were blithely undamaged by the financial crisis. They wear their risk conservatism proudly.

housepoor | 8 years and 7 months ago

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You can rule out Astoria Federal. I tried to re-fix my mortgage (originally a 5/1, now 1 year floating) back to a 5/1 and they refused because my income did not qualify me now. Meanwhile the loan to value is below 5% (yeah, 5%). Post-financial crisis and all the liar loans, demonstrated income is everything to the banks. There are always the hard money lenders. They don’t care about your income but aren’t in the HELOC business.
Good luck.

EJR | 8 years and 7 months ago

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You’ll probably have more luck working with a mortgage broker than trying to find a specific lender. I believe @Adam Dahill, who posts here often, is a mortgage broker, though I have no personal experience with him.

bandagtire | 8 years and 7 months ago

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Correction: debt to income ratios.