A few refi questions about an investment property

[Ayana Morali]

Hey all, I'm looking to refinance my property in Brooklyn - it's been 10 years since I bought it so my interest rate is astronomical compared to today's options. I have renters in there now and when I bought it I lived there so I'm sure I won't get as great a rate as if I still lived there but I think it'll prob still be better than what I have (4.875.

I have a few questions for the group - this is my first time refinancing...

- Is it better to go through a mortgage broker or to call around/use bankrate.com to individually reach out to lenders

- When bankrate lists "zero upfront fees" what does that mean? Are there still other closing costs to estimate with a refi? How do I calculate those extra costs?

- Anything else I should know or look out for in this process?

Thanks all!

[Scott Wolf]

@Ayana Morali Definitely use a mortgage broker, you'll get the best rate & term possible.  I have a great one in NYC if you need the info.  My firm can provide a title quote for you for the closing costs on the loan(not including bank fees).

As for the "zero upfront fees" I'm not sure, but no one should charge any "upfront fees".  If there are fees, they're only to be paid at the closing table.  Good luck!