Getting ready to refinance my home, NEED HELP!!

7 Replies

Hey Guys,

I have a primary residence that is worth $230,000. I am shopping around for the best bank in my local area to help support my current need but to also build a relationship with this bank moving forward. Currently, I'm looking for a 15 year mortgage with 4.25% ~ apr and under 5k closing costs. Furthermore, I'm really hoping the bank is investor friendly as I plan on investing in Multifamily buy and hold property in the near future. 

Do you recommend Community Banks or Commercial Banks? Why? Name a bank? 

Here is a breakdown of my thought process and what I'm looking for:

- Investor friendly

- Sacramento locations 

- Strong network with a good track record with other local investors!

All feedback is welcome and greatly appreciated! 

@George Yeghiazaryan - it may be more advantageous to refi your home with one lender and buy multi (over 4 units) through another because they are different asset classes and different loans.  Make sure to speak to different lenders so you have a wide perspective on your options.

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@George Yeghiazaryan, forgot to mention  that on the flip side, sometimes building a good relationship with one lender and showing loyalty can also pay off, probably more true in the commercial arena.  Weigh the pros and cons of both approaches.

@Sergey Tkachev

Thanks for your additional input. Currently, I'm focused on building a relationship with a local community bank and having them take care of my primary residence. The most important thing to me now is to find the right people that can help me set up a strong foundation :) 

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