Integrity is the cornerstone of my business. I believe a mortgage should be about building relationships, and helping my customers achieve their home financing goals, not just a transaction.
Tony Busanich's Blog Posts
Testimonials for Tony Busanich
Anthony is very knowledgable when it come to mortgage products. He is also very accessiable. He would always answer his phone. On rare occassions when I had to leave a VM, Anthonly would call back right away. We are 100% satisified with Anthonly
I recently financed with TD and got nearly $2million in financing for the purchase of a 4 fam in CH. We also shopped around a lot and were amazed that they were willing to do 20% down on a multi-family. No other bank was willing to do that, nor did any other bank have as competitive a rate on a multi-family.
I also liked the fact that their closing costs are spelled out from the start with no surprises. Their closing costs are pretty low too when you consider the spread between the interest rate and APR.
I highly recommend TD Loan officer Tony Busanich (732-306-2231). He’s been recommended on this site before. He really knows his stuff and doesn’t make you false promises about what TD will underwrite – I think he has a direct line to the underwriters. He’s a really nice guy too. Don’t submit the application online because then you’ll get a randomly assigned loan officer. Give Tony a ring, you won’t regret it.
Relatively speaking (I find that banks are still quite conservative), TD shows some degree of flexibility to work with you because strictly speaking they don’t have to comply with Fannie Mae guidelines (as they are a portfolio lender).
Yes its true they generally don’t provide pre-approvals. Get your pre-qual / pre-approval elsewhere if you have to. Once you’re in contract (actually as soon as you go into due diligence) they let you apply, and they really do give you the conditional commitment within 24-48 hours which is really cool. We were able to get our conditional commitment and give the seller reassurance even before he signed. Of course there are lots of conditions and it took several iterations to clear everything (I think their back-office could be a little more automated) but no worse than other banks. Regarding the closing date, all I can say is that they will close when you need to close. If you say 45 days they will close in 45 days, if you say you 30 days, it will be 30. It won’t be less but it won’t be more either. That’s been my experience.
They outsource the appraisal, I suspect all the banks do that. The appraiser did come in a little low and I wasn’t happy about that. This is something they need to work on. One problem is that the appraisers are required to use recent sales in the past 6 months only and they need to be similar buildings in similar condition. In CH and CG and BH, there aren’t always enough good comps. I have heard that other banks give low appraisals too in these brownstone neighborhoods, but I don’t have enough perspective to say whether TD was any better/worse. If your appraisal comes in low, you could always challenge the appraisal but it could hold up things for weeks/months so I suspect it’s not worth it.
Overall, my experience with TD was very good. They have a great product and it was a relatively smooth process getting to closing. Hope this helps. Good luck!