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Write You - Real Estate Investing: How to Choose a Lender
Imagine what you could do in your life if you had financial freedom. Perhaps you would never work again. Or you would work, only it would be what interested you. Perhaps you would get that house, or car, or boat you dreamed of. And the best part would be that you wouldn't hav
Let’s face it, job interviews are about as much fun as a hot wax with no anaesthetic. After all, attempting to showcase your talents to a bunch of strangers, usually against the clock and on someone else’s turf is not a natural act. Nevertheless, if you really want the job then
Choose several lenders to begin with, and then interview all of them. Ask friends, other investors, and realtors for referrals. Call all of your potential candidates in the same week, so you'll have identical criteria for comparing their rates, fees, and programs.
Instead of trying to fit into a lender’s program, interview your lenders by finding out how they can accommodate your needs. Here are a few questions to ask:
1. What are their requirements for middle credit scores and income?
2. What are their standard loan costs? These include things like points, processing, underwriting, documentation preparation, filing, and credit report fees. Can you add these fees to the loan amount?
3. Is there a required holding period before you can resell the property? Are there prepayment penalties when you flip your investment properties?
4. Do they require mortgage insurance? If so, what is the minimum percentage you'll need to put down in order to avoid having to purchase that insurance?
5. How much can you finance, and can you finance fixer houses? How much down payment would be required on such houses?
5. Can sellers help with the loan costs, and to what extent?
After you've interviewed your potential candidates, make your choice according to the programs that fit your needs, as well as from the feeling you get from that person. Do they seem as if they'll be easy to work with from a personal standpoint? Since you're hoping to use that lender again and again, it’s important that you feel comfortable with them as a person as well as a source of financi
According to the National Coalition on Health Care, 15.7% of Americans were without affordable health insurance in 2004. Being without affordable health insurance goes beyond just harming the uninsured individuals and families – physically, mentally, and financially, but it also
Instead of trying to fit into a lender’s program, interview your lenders by finding out how they can accommodate your needs. Here are a few questions to ask:
1. What are their requirements for middle credit scores and income?
2. What are their standard loan costs? These include things like points, processing, underwriting, documentation preparation, filing, and credit report fees. Can you add these fees to the loan amount?
3. Is there a required holding period before you can resell the property? Are there prepayment penalties when you flip your investment properties?
4. Do they require mortgage insurance? If so, what is the minimum percentage you'll need to put down in order to avoid having to purchase that insurance?
5. How much can you finance, and can you finance fixer houses? How much down payment would be required on such houses?
5. Can sellers help with the loan costs, and to what extent?
After you've interviewed your potential candidates, make your choice according to the programs that fit your needs, as well as from the feeling you get from that person. Do they seem as if they'll be easy to work with from a personal standpoint? Since you're hoping to use that lender again and again, it’s important that you feel comfortable with them as a person as well as a source of financ
As a new online store owner I was initially very excited by the prospect of bringing my products to the comparison shopping sites. It seemed like a fantastic way to be found and bring motivated buyers to my site and jump-start my new business. However, after a few months of pumpi
2. What are their standard loan costs? These include things like points, processing, underwriting, documentation preparation, filing, and credit report fees. Can you add these fees to the loan amount?
3. Is there a required holding period before you can resell the property? Are there prepayment penalties when you flip your investment properties?
4. Do they require mortgage insurance? If so, what is the minimum percentage you'll need to put down in order to avoid having to purchase that insurance?
5. How much can you finance, and can you finance fixer houses? How much down payment would be required on such houses?
5. Can sellers help with the loan costs, and to what extent?
After you've interviewed your potential candidates, make your choice according to the programs that fit your needs, as well as from the feeling you get from that person. Do they seem as if they'll be easy to work with from a personal standpoint? Since you're hoping to use that lender again and again, it’s important that you feel comfortable with them as a person as well as a source of financ
Due in part to the popularity of the U. S. Department of Housing and Urban Development (HUD)'s home auction program, more potential homebuyers than ever are buying homes at auction. Homes for auction aren't limited to just HUD, however. Many government entities auction homes for
5. How much can you finance, and can you finance fixer houses? How much down payment would be required on such houses?
5. Can sellers help with the loan costs, and to what extent?
After you've interviewed your potential candidates, make your choice according to the programs that fit your needs, as well as from the feeling you get from that person. Do they seem as if they'll be easy to work with from a personal standpoint? Since you're hoping to use that lender again and again, it’s important that you feel comfortable with them as a person as well as a source of financ
To create a powerful brochure, you need to think about your potential clients. How can you compose the brochure to attract your targeted market in the best way possible?1. PersonalizeColors, fonts, tones and pictures will all affect how well your brochure catches th
A good lender wants your repeat business and works hard to find the right loan for each transaction. They may even be able to help you locate potential investment properties. Finding a great lender is a crucial component for your ultimate success as a real estate investor, so choose carefully.
(c) Copyright 2004, Jeanette J. Fisher. All rights reserved.
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