Banks / Lenders in Rockford, IL

9 Replies | Rockford, Illinois

Hi everyone!

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!

Thanks,
Matt

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!