Financing in Queens>Question Details

Beach Home, Home Seller in Rockaway Park Seaside,...

I need a refi on a 3 family in queens. we owe 471k on an IO ARM. Home worth 525 to 550K. we can pay down mtg if we have to.

Asked by Beach Home, Rockaway Park Seaside, Queens, NY Mon May 21, 2012

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Annette Levinson’s answer
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You should be contacting the bank that is servicing your mortgage. In NYC you have a large mortgage tax (1.80%). The lender who owns your mortgage would be able to refinance without incurring a new mortgage tax. Otherwise you need a mortgage officer that understands CEMAs.
0 votes Thank Flag Link Wed May 30, 2012
Thank you Annette!! Is this the investment property tax you are talking about? Last time we refinanced, we lived in one of the units, so it was owner occupied. Now it isn't, are the fees, and or rates going to be higher?
Flag Fri Jun 1, 2012
Your next and best move is to sit with a loan officer. They will be able to advise you best as to what your refinancing options are. It's a good thing that you're able to pay down the mortgage, for the most part it's necessary to have more equity on a multi-family than in a single family.

If you need someone, I'm always available to meet face-to-face at one of our Queens branches.

Good luck!

Javier Meneses
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
516-606-9648
1 vote Thank Flag Link Tue May 22, 2012
You will need to talk to one of our loan officers in order to see what options we have to offer you.
Please contact me and will coordinate a time and date for your consultation.
Thank you,
Gregory Yadgaroff
Citi-Net Capital Corp
(347) 219-2037
0 votes Thank Flag Link Tue May 22, 2012
Ok ! Refinancing to a lower rate is possible today, but in order to offer the correct quote more details about your present situation is necessary. More equity is needed for 3-4 families, as well as credit, income and assets for reserves, to name a few. Please call me to discuss your personal situation and advice about the course of action at this time.
Regards,
Johnny Quinn
0 votes Thank Flag Link Mon May 21, 2012
Feel free to contact me. I can recommend few loan specialists to help you with the refinance.

Nida Kabbaj
Nida@exitreaktybythepark.com
Direct: 917-682-1102
0 votes Thank Flag Link Mon May 21, 2012
Have you contacted your current lender...if you need loan officer recommendations feel free to contact me directly.
0 votes Thank Flag Link Mon May 21, 2012
I would be happy to share my resources with you. I never refer anyone I haven't or wouldn't use personally.

Feel free to email or call for the info:

Gail 631-425-6150
gail@GladstoneGroupRealty.com
0 votes Thank Flag Link Mon May 21, 2012
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