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paul weinzimmer


Mortgage Banker (11 years experience)

Purchase Loan,
Home Equity


  • (125 Contributions,
  • 5 Best Answers,
  • 74 Helpful)

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Commercial loan to a private individual

Does anyone have a line on a lender that would do this deal?Commercial property in Tremont(Cleveland) Ohio.<$100K loan amount70-80% LTVW2'ed individual income(not lending to a LLC,Inc,Corp)The loan would be for a 600sqft store front w/ a 600sqft second story apartment.  I am running it through PNC currently, but would like other ideas also.Thanks for the help.Paul

Should I use a mortgage broker ("loan originator") when buying a home, or just go into my bank?

Best Answer

I would visit two banks and get GFEs(good faith estimates) in writing.  Then contact a broker to see if they can beat the banks rate or closing costs.  Brokers usually have the leeway to negotiate fees and rates.  In all honesty I don't always beat the bank.  Many times I find that they are running a special that month that I just can't match.  Other times i have beat their closing costs by $2000+ on what I concider a simple purchase.  Jeff is correct below about having your credit pulled by multiple lenders in a 30 day period.  There is no hit to your credit score(in a 30 day period) after that initial pull from a lender.Hope this helpsPaul

What is the current score needed to secure a home mortgage?


AFR(American Financial Resources) will do a FHA loan for you.  If your middle score is over 620 you do not need 12 month rental history.  If your middle score is between 600-619 you need to 12 months canceled rent checks(no cash!!) to qualify.  Expect to get a interest rate 1/4%-1/2% higher, but they will do your purchase.  Hope this helpsPaul

With my situation should i go FHA or USDA?


USDA is the way to go if you and the property qualify.  No monthly MI, no down payment, with the same 30yr rate as FHA??  There is no down side.  More than likely your loan officer is new and has never done a USDA/Rural Development loan.  USDA loans are no harder to process than a FHA loan and with Ohio USDA currently clearing files from November 10th.  A 30 close time is certainly possible. Hope this helps.Paul

I need to Refinance.


I could have been a low appraisal also.  What did the Zillow estimate come back at?

Quality areas of Youngstown


Look northeast of town.  Anything near the Youngstown County Club is going to be old money homes.