best lender for a boring cash out conventional refi?

6 Replies

Hello! I am located in Rochester Minnesota. I have a class B duplex worth maybe $240,000. I purchased the property in the spring, did a massive rehab, have it rented out to some solid tenants and is now seasoned enough to do a conventional refi. When I purchased it, I was able to just barely shoehorn it into a conventional loan after no less than five appraisals :-) The property will have a much easier time conforming to a conventional loan now. I plan to go back to the mortgage broker that helped me get financed in the first place, as it should make getting qualified and everything a breeze. However, I am curious if a national lender would be able to get me a better rate LTV Etc? Looking at four and a half percent on a 30-year fixed 70% LTV. I'm open to any suggestions. It seems like a pretty boring and straightforward move but I'm always looking for creative alternatives!

It sounds like they are giving you a Fannie Mae loan with decent rates and LTV. Unless you are looking for more cash and willing to pay a higher rate, I would go with that deal. Its spot on.

That's about the same terms I was offered in MO. How much were closing costs?

@Nick Stageberg the rate seems reasonable and if you like the guy you are using then please continue to use him.  If you feel somewhat questionable about him/her then do shop around.  Nearly every lender will match other lenders costs/rates on these types of loans since we all buy the money from the same place.  The numbers you gave above seem reasonable.  Are you being charged any points by chance?

@Nick Stageberg   Please keep in mind if you are shopping rates on different days, you will never get a true comparison between lenders.  Rates and more specifically pricing for those rates changes daily.  If you get an honest quote from one lender on Monday and another on Wednesday and rates moved down slightly during that time, of course lender A is going to seem more expensive; however the lower rate or pricing may be due to market fluctuations.  

Good advise from Stephanie.  I've won/lost many loans because the borrower got a quote from me on one day and a quote from another lender a few days later.  Always take the 2nd (or 3rd or 4th) quote back to the other lenders and see if they can beat or match it.

Good advise from Stephanie.  I've won/lost many loans because the borrower got a quote from me on one day and a quote from another lender a few days later.  Always take the 2nd (or 3rd or 4th) quote back to the other lenders and see if they can beat or match it.

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