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Mortgages and such

Just spoke to Washington Mutual, the current holder of my mortgage. They had someone who actually could give me information about the situation.

The type of load I need is called a blanket loan, which will cover refinancing the current apartment and taking out a mortgage on the new one. Since WaMu holds the current mortgage, the loan officer said it should be relatively easy to set up the new blanket loan.

I need the following before I can proceed with a loan application:

  • the real estate contract

  • a letter from the management company approving the alterations

  • an alteration plan from the architect

  • a stock certificate from the co-op board stating that the two units are being combined

    • So, I’ll need the lawyers to draft the contract and an architect to draw up the plan relatively quickly.

    The current rate for a 30-year fixed mortgage is 5-7/8%. Slightly higher than other banks that only had someone taking notes instead of properly explaining my options, but still almost 200 basis points less than my current mortgage.

    Posted on Friday, February 21st, 2003 at 3:54 pm and is filed under Apartment. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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