Posted on: 25th Mar, 2011 04:56 pm
buying a condo in new york, the condo is not approved by fannie/freddi due to commercial space in the building being at 45%.
Found a lender that will originate the loan and then keep it on their books.(portfolio loan). The LO is quoting me at 5.2% for a 30 FRM. Excellent credit stable everything low risk for the loan.
What can I do lower my rate to be at 5.0% or can I get a sellers concession to keep my cash in the bank and pay less out of pocket for closing / transfer taxes(new building).
Found a lender that will originate the loan and then keep it on their books.(portfolio loan). The LO is quoting me at 5.2% for a 30 FRM. Excellent credit stable everything low risk for the loan.
What can I do lower my rate to be at 5.0% or can I get a sellers concession to keep my cash in the bank and pay less out of pocket for closing / transfer taxes(new building).
Hi al!
Welcome to forums!
You can pay points in order to lower your interest rate. You should contact the lender and check out how many points you need to pay in order to lower your interest rates.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can pay points in order to lower your interest rate. You should contact the lender and check out how many points you need to pay in order to lower your interest rates.
Feel free to ask if you've further queries.
Sussane
Hi al2992,
Welcome to Mortgage fit,
You can still search for the best offer on the mortgage....we have list of plenty of lenders on the board...you can go through this link for the list of lenders who does business in your area....
http://www.mortgagefit.com/lenders/dir/
Feel free to ask any further query if you have......
DIPA
Welcome to Mortgage fit,
You can still search for the best offer on the mortgage....we have list of plenty of lenders on the board...you can go through this link for the list of lenders who does business in your area....
http://www.mortgagefit.com/lenders/dir/
Feel free to ask any further query if you have......
DIPA
Ask the LO who is doing your mortgage.
You are getting a loan from a portfolio lender. The portfolio lender has their own guidelines--it is their money.
We can not answer questions about a specific portfolio lender whose name we do not know and, if we do know the name, we could only answer the question if we worked with that lender and knew their guidelines.
Most lenders do not allow comercial space over 20% of the total square footage. YOu are fortunate to have found a lender at all.
You are getting a loan from a portfolio lender. The portfolio lender has their own guidelines--it is their money.
We can not answer questions about a specific portfolio lender whose name we do not know and, if we do know the name, we could only answer the question if we worked with that lender and knew their guidelines.
Most lenders do not allow comercial space over 20% of the total square footage. YOu are fortunate to have found a lender at all.
