I'm looking at a few multi-family properties in Rockford, IL and wanted to know if anyone has recommendations for investor-friendly banks in the area. Much appreciated!
I recommened Members Alliance Currency Exchange and Blackhawk
I have used Rockford Bank and Trust. Although, they wouldn't let me refinance/pull heloc after the rehab for atleast two years of rental history.
@Matt Quock for residential, I would recommend Jessica Rielly at First Northern Credit Union. for commercial, try Rockford Bank and Trust or Union Savings Bank.
Jessica Rielly (aforementioned) or Kelly Pospischil at Blackhawk (Belvidere)
@Matt Quock hi I now this does not have nothing to do with you’re questions but if you need someone in future for rehab or properties Managing feel free to contact me
Try Byron Bank.
Wanted to tag along this thread since it has helped me a bunch too!
On First Northern Credit Union's mortgage calculators, there's a huge difference in points between getting a mortgage with them for a SFH as a primary residence vs investment property (0-1% vs 2-4.5%). That's a lot of additional costs that I was not expecting.
Additionally, there's a couple of large ticket fees that seem quite high to me: $700 FNCU origination charge administrative fee, $500 appraisal, $450 Lender's Title Insurance, and a $200 Title Services Settlement/Closing Fee. Total estimated settlement charges comes down to ~$5k for a $64k loan (that's 8% of the total loan amount day 0 before any interest hits).
Is this normal or average for lenders in this area? I feel like that's a lot.
@Dan Li I’m new here and am still in the education/building relationships phase. My realtor referred me to Erika Moore at First Bank of Omaha (Castle Bank) for two refis. She quoted me $1800 in closing costs and I *specifically* asked if that included appraisal, title, lender fees and she said it does. Also, if you get a checking/savings account with them you can get a $200 credit towards those closing costs. I don’t know if it’s the same for new mortgages but I’m hoping so. Hope that helps!