Posted on: 19th Apr, 2011 03:51 pm
what is the best way to find a bank that makes portfolio loans and keeps them inhouse? need to refi my house and NOT interested in dealing with Fannie/Freddie. thanks
Hi tantivy,
You need to contact your local lenders in order to find out if they make portfolio loans and keeps them in-house. However, as far as I know, most of the lenders deal with Fannie and Freddie.
Thanks
You need to contact your local lenders in order to find out if they make portfolio loans and keeps them in-house. However, as far as I know, most of the lenders deal with Fannie and Freddie.
Thanks
Hi tantivy,
Welcome to Mortgage fit,
Bexley Bank, Arlington, First Community, Prospect, First Federal are some of the banks who does portfolio loans and keep them in house..Personally I haven't dealt with any of them so you can take precautions dealing with them.You can also check out their credibility after discussing this issue with your peers,friends or through online communities.
Feel free to ask any further query if you have..........
DIPA
Welcome to Mortgage fit,
Bexley Bank, Arlington, First Community, Prospect, First Federal are some of the banks who does portfolio loans and keep them in house..Personally I haven't dealt with any of them so you can take precautions dealing with them.You can also check out their credibility after discussing this issue with your peers,friends or through online communities.
Feel free to ask any further query if you have..........
DIPA
You may get a better answer if you disclose what state the property is located in.
Most portfolio lenders (not all) lend in a geographic area close to where their bank branches are located, sometimes only one state and/or certain counties. To recommend a portfolio lender that lend only in NJ and you are in one of the other 49 states does not accomplish anything.
Most portfolio lenders (not all) lend in a geographic area close to where their bank branches are located, sometimes only one state and/or certain counties. To recommend a portfolio lender that lend only in NJ and you are in one of the other 49 states does not accomplish anything.
I would be more concerned about the rate/fees/terms than whether or not the loan ends up getting sold to one of the GSEs, a large national lender or some other investor.
The difference in what it could cost you upfront and over the term of the loan by limiting your selection to only porfolio lenders could be substantial.
At least run some comparisons before making your final decision.
The difference in what it could cost you upfront and over the term of the loan by limiting your selection to only porfolio lenders could be substantial.
At least run some comparisons before making your final decision.
