Good morning fellow investors.
I am looking for the best financial institution to refinance my rental property in NJ. Does anyone know a mortgage broker with the most competitive rates and attractive terms? Thank you and I’d love to hear from you.
Hey Sergio, I have an institutional lender that has rates in the 4’s and 5’s . We won’t need to submit tax returns or income statements. Loan to value around 70-75% 30-year fixed. $75K-2M loan amounts
Conventional lending allows lower rates. Here is the eligibility/LTV matrix. You will want to compare three things on the loan estimates to determine which one is your best option. 1. Closing costs without escrows. 2. The rate and additionally the cost for the rate. 3. Escrows (this should be close to the same with most lenders). If they are not accurately quoting this in the loan estimate, it will mean bigger costs later on that you are not expecting, meaning less cash back.
Next you should ask how long the loan process will take from start to finish. Right now, I am at less than 30 days. Some bigger national lenders are still 2-3 months. Having a loan officer that will be on call any time of the day or night to answer questions is a big advantage since you will probably be dealing with the paperwork after hours.