Mortgage Broker Recommendations for Investment Properties

[Steven Griffith]

Hello BP,

Does anyone have a recommendation for a favorite mortgage broker for either Second Homes and/or Investment properties?  My wife and I are looking at purchasing a second home for our personal use, and a separate investment property.  I have one broker I've worked with in the past for investment properties, but their closing fees are extremely high.  I'd love to hear of any recommendations for brokers licensed in North Carolina or Georgia that I can reach out to.

Thanks!

Steve

[Erik Browning]

Hi @Steven Griffith I have a contact in NC, feel free to send a DM.

Just want to point out something. Closing costs are not associated with the broker or lender you are using. Closing costs have to do with prepaid taxes, insurance premiums, HOA transfer fees, escrow fees, etc.

Escrow and Insurance are your choice to pick, so if your fees are high, it's because you chose an expensive company. If your taxes are high, it might be because you have to prepay quite a bit of taxes (I believe most NC counties collect only 1x per year) or you picked an expensive place to live.

The point is, your closing costs mostly have nothing to do with your lender. HOWEVER, if you are referring to origination charges or paying points, then yeah - they can manipulate those. Retail banks like Wells Fargo, BofA, Guaranteed Rate, Rocket Mortgage, etc. they charge what is called an origination charge - which they control. Brokers get paid by the lender from the loan, unless we are cutting you a deal, then you will pay the fee which is cheaper over the life of the loan.

[Steven Griffith]

@Erik Browning 

Thanks for the response! Your last paragraph is exacting what I am referring to - the origination fee is pretty high regardless of the type of property, and there are some other 'lender fees' that they add as well. I used the word 'closing cost' because on the closing documents it's all lumped in together in the final amount needed to close, but you're right - many of those costs are dictated by taxes and closing date, hoa, etc. I'll send you a DM - I appreciate the response! 

[Cameron Moore]

@Andrew Postell is the best you can work with! I am not sure about which states he writes in, but he is also an investor himself so he understands what you, as the investor, care about. 

[Marc Stevenson]

I agree with Cameon Moore.  Andrew Postell would be where I would start!

[Dave Skow]

@Steven Griffith  1)  the pricing for 2nd homes  is  very  similar to  rental property loans  these  days   ( this  changed  earlier in the yr  as  2nd home pricing used to be the same as primary  home  loan pricing )   2)  it is  hard to get   par  pricing  or  even  close to par  pricing for  2nd homes/ rentals   these days  ...you  will likely  find most loan options having large loan fees  tied to  them 

3) the LTV for 2nd homes is a bit higher than for rentals 4) let me know if you want a referal as my firm has many experienced LOs in GA and NC

[Jonathan Taylor]

@Steven Griffith I specialize in investment property lending and can help with loans for that property. Please clarify what the origination charge was on the broker you were using. @Erik Browning showed a comprehensive breakdown and we can help if you fill in the numbers on what you are being charged. 

[Erik Estrada]

@Steven Griffith What's your budget? 

[Margaret Branch]

Mark Deitsch, Lifetree Lending, closed a loan for me in Murphy, NC.  His number is 843-485-0384.  Please mention I referred you.

[Zach Wain]

@Steven Griffith - a Colleague of mine owns a mortgage brokerage in NC.  Let me know if you would like his contact info.