Tuesday, September 3, 2013

The Directory: Mortgage Banker

New to the Directory section of the blog, it's another mortgage lender doing it in Brooklyn.  One of our go-to residential mortgage guys Mike Goldberg of Powerhouse Solutions has become a reliable member of our network.  He's held it down for us with his expertise in loans, pre-approvals, refinancing, and even little credit counseling.  With knowledge of the local Brooklyn market and experience in FHA loans, Mike says he still does deals with as little as 3.5% down, with closing costs wrapped into the loan.  Even though sourcing a deal that fits that profile has become harder with pricepoints on the rise, Mike's demonstrating that less than 20% down on a house is more than just urban legend.

Mike says his personal touch is one of the things that sets him apart from lots of the big banks.  He's not just behind the desk; he's always game to swoop by our neighborhood to grab a coffee and discuss whatever situation we need help with.  We traded war stories about difficulties with appraisals in this up market.  He told us about a few deals he saved by going FHA, allowing buyers to cover the difference between the contract price and appraisal price.  In addition to competitive pricing, Mike says direct lenders offer lots of advantages, especially when it comes to underwriting.  With his experience in some of the hottest neighborhoods like Bed-Stuy, we're happy to have Mike on the team!

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