What bank(s) do you recommend that are friendly to the BRRRR strategy in term of refinancing? I'm in NW New York, in the Monroe County
Hi @Wesley Blue , I have had good luck with CNB, but I am sure there are others in the area as well. Try contacting Adam Smith from CNB.
People should start looking to use a broker. One application one initial credit pull and you're going to get rates and pricing you just simply cannot get from a big bank or a single lender.
@Debra A. could you expand on this? I am not that familiar with RE lending options. Thanks
@Cheryl James Yes absolutely, so it's pretty simple. Brokers get what we call wholesale rates and pricing. We shop our network of lenders for you with one application and one credit pull so we can see who's giving us the best rate, terms and pricing (closing costs) for your scenario. A broker can also get a generous premium rate credit towards the loan which should cover any origination fee's (part of the closing costs), get underwriting fee's waived and may even be able to get processing fee's waived by the lender as well. Because a broker is basically acting as a liaison between you (borrower) and the lender/bank.
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