Mortgage Blog

We can do multi-family loans now(more than 4 units), the rate is kind of ok. I just checked one for my clients, 5 unit rental refi, the rate is 4.7% for 5/1 ARM, with 5-4-3-2-1 pre-payment penalty. And borrower will pay all the closing cost. For Multi-family loans, the appraisal fees are high, should be around $3000. The loan application fee around $2000. Total closing cost is around $7000 for most of the loans.

So when we compare this rate with residential loans, residential loans rate is so much better