Fort Worth, TX · Member since 2018 · 117 posts · 16 votes
Hello,
I am fairly new to real estate investing. I have been doing a lot of reading and listening to Podcast, but the most simplistic questions are not being answered.
1. Do you speak to a lender (bank) to check and see if you pre qualify for a loan before you even start looking to purchase a protety?
2.HOW ARE CLOSING COST CALCULATED?
3. CAN I MAKE AN OFFER TO An AGENT IR HOMEOWNER AND THEN SPEAK WITH A LENDER?
I APOLOGIZE FOR THE CAPS. MY KEYBOARD IS ACTING WEIRD.
THANK YoU,
JUAN A.
Rental Property Investor · Houston, TX · Member since 2015 · 117 posts · 55 votes
8y
@Juan Alvarez get your prequalified letter first, you can get this from your existing bank who you bank with or just find a mortgage broker. An agent will want to see your prequal before writing offers. Closing costs are different from lender to lender. If it’s traditional mortgage costs maybe similar, however if it’s hard money or local bank they make be higher because the service the loan themselves.
Rental Property Investor · Houston, TX · Member since 2015 · 117 posts · 55 votes
8y
@Juan Alvarez get your prequalified letter first, you can get this from your existing bank who you bank with or just find a mortgage broker. An agent will want to see your prequal before writing offers. Closing costs are different from lender to lender. If it’s traditional mortgage costs maybe similar, however if it’s hard money or local bank they make be higher because the service the loan themselves.
Rental Property Investor · Houston, TX · Member since 2015 · 117 posts · 55 votes
8y
@Juan Alvarez yes speak to a small bank or a credit union first. If your credit is not established or not good, go with hard money lending - they do asset based lending.
Fort Worth, TX · Member since 2018 · 117 posts · 16 votes
8y
@Sammy G. Ok, so let’s say I walk into a credit union, do I just off the bat mention that I would like see if I qualify for a home loan. Bigger pockets rental properties doesn’t mention the steps, unless I haven’t gotten there yet.
Rental Property Investor · Houston, TX · Member since 2015 · 117 posts · 55 votes
8y
@Juan Alvarez correct, mention that you are looking for a home loan and want to see if you qualify. Remember that qualifying for a personal residence is different than investment loan