You should definitely try to get prequalified if you can. I would ask about what kind of hurdles you might have given your income/credit, what kind of terms she thinks she could get you (rate, amortization, term, LTV, etc.) and what seasoning period the banks she works with offer (to refinance your property at appraised value versus cost, if you are doing the BRRRR model). You should also ask about her fees and experience of course.
Hey John, you should get a sense of their specific loan programs, minimum/maximum loan amounts, credit score requirements, areas where they lend, how quickly closings can happen, if they're a direct lender, what fees are involved...these are just a few to start with!
@John Leonard Depending on the kind of loan you're getting, closings can happen quickly. We can close in as little as 3 days but it does typically take 1-2 weeks to close.
Originally posted by @John Leonard :
@Andrew Syrios Thank you sir! I guess I should have said my wife and I purchased our primary residence this past May using this broker. She was great, she has changed from working for a local bank to more of an actual broker at another company that originates. My wife and I had prequalified well for our primary residence. We decided to just put the mortgage in my wife’s name and buy “half” the house we qualified for. I feel comfortable with qualifying. My goal is to just be me in this first loan of possible. My thoughts were my wife and I can each have up to 4 mortgages. So that’s 7 if you don’t include our primary residence (which after PMI it can cash flow for us if we decide to move).
Sounds like a good plan. Although I think you can each get 10 loans if you're talking about the Fannie Mae program.