Advice on finding the right mortgage lender and realator?

Question

First time home owner at the age of 23 in the denver area looking for guidance on finding a lender that will give me a good mortgage loan and also need help with finding a realator in the near future? - waiting afew months to see what happens with mortgage forbearance and renters not paying in hope of a better market for buyers.

I have good credit, a good work history and a co sign - income isn't great but will be "house hacking".

How do you advise finding a lender? Would you recomend a local lender or a big company like chase or rocket mortgage? Why?

How do you advise finding a good agent? There are SO many out there, good and bad, right? How do you find which one is right for you? Tips?

Anything at all would be greatly apreciated, thanks so much you guys.

PS - I am an electrician in the denver area that can do residental electrical and solar, i would be willing to trade what time and skills i have for the right persons guidance. Let me know, thanks.

Russell Brazil · Answer

Reach out to @Craig Curelop. He is an agent in Denver.

Craig Curelop · Answer

Thanks for the shout out @Russell Brazil!

@Kieler Stubbs - Always happy to chat.

Ben Rhodin · Answer

Hey @Kieler Stubbs!

Personally, I would recommend finding an agent first. They typically have a lender that they have a close relationship with and know how they work. This will simplify the process as the agent and the lender will already be in communication and will know what step of the home buying process you are in at all times, making the whole process smoother and quicker for you as the home buyer.

You should always shop around outside the agent's lender, and see how their rates compare, but typically for ease of the transaction, it's nice to go with a recommended lender.

I agree with @Stuart Grazier that finding an agent that shares your values and understands your goals is the most important thing to look for. Having a residential agent work with you on a house hack may not be the best option, while they know the market, and know-how to walk through a house they won't understand the rental markets, occupancy limits, how to maximize a home for rent by the room, and how it will work after you move out (as most single-family homes don't cashflow as single-family rentals). They should also be able to work with you to understand what part of the house hacking spectrum suits your needs since there are so many different avenues to take!

I would also focus on finding an agent that you enjoy to work with, while everyone wants to work with the best, it will be better and nicer to find someone that you get along with and truly like working with. If you don't enjoy spending the weekends touring properties with them, or talking with them, then it will hinder both of your progress.

Lastly, I would find an agent that is there for more than just closing a deal with you. Someone who isn't just out for that paycheck, and will tell you if a deal isn't worth it. They should care about fostering and mentoring you as an investor, and helping even beyond your deal has closed, and be able to provide you resources and contacts so you aren't struggling to get off the ground on that first property.

It isn't as important to find the best agent, it's about finding the agent that works for you. And if you are serious about investing you will want to have one that you enjoy working with, as you will most likely keep them around for a long time, and they will be the centerpiece for your team, and will usually have all other players in their back pocket (Lenders, Contractors, property managers, and so on). This is the main reason I say to find an agent first, as they will usually have already done the searching for all the other players for you.

Sorry for the lengthy post, and I wish you the best of luck! You will never regret house hacking here in Denver!

Kieler Stubbs · Answer

Hey, thanks! Such nice people on here, good point. Probably a lot more tailored to the people rather than being a number! I'll let you know!

Kieler Stubbs · Answer

Hey, thanks for the lengthy response I appreciate it. A lot to keep in mind, all great points - definitely much easier to work with someone you get along with, especially when you'll be working with them for years to come!

Cathleen Blackmon · Answer

I'd always recommend going with a mortgage loan originator over a call center.  With Rocket or Chase you will not get the communication that you are likely wanting.  If you have a quick question or need a pre-approval letter on nights or weekends good luck.

If you have an agent I would ask for referrals as they likely have a relationship with some lenders.  Or if you don't I'd be happy to assist.  Feel free to message me directly to see if we are a good fit. :)

Kieler Stubbs · Answer

Great idea on the REIA, could probably learn a lot quickly. Im going to sign up for some, hopefully theres in person meetups starting back up.

Ryan Howell · Answer

I would join a local REIA.  Ours has a handful of agents that are investors or work closely with investors.  It will be a good way to meet an agent.  The agent as well as other local investors can advice you on good mortgage lenders.

Stuart Grazier · Answer

@Kieler Stubbs Look for these qualities in both in this order: 1) similar core values, 2) knowledge, and 3) experience. I'd recommend getting lots of referrals and then get on the phone and ask the hard questions to those individuals to ensure your values align with the folks that will be helping you.

Advice on finding the right mortgage lender and realator?

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