Banks provide great Refinance and renovation loan ?

Question

Chris Mason · Answer

Some independent mortgage companies, that aren't merely the mortgage division of a big bank, will have loan originators that specialize in renovation loans and renovation loans only.

Others will have "second tier" guys that basically team up with a regular loan originator, and do the renovation-specific stuff.

The thinking behind the latter approach is that renovation specialists are historically more likely to screw up the regular mortgage stuff (my firm does this but I'm not licensed in NJ, so don't PM me for this :P ). So they will have one renovation specialist per ~20 normal mortgage people, and when renovation comes up the homeowner gets the best of both worlds -- a good experience with the renovation stuff, and no screw ups or "surprises" with the normal mortgage stuff.

Good luck!

John Van Uytven · Answer

@Lillian Shi

Congratulations on the new purchase that is awesome.

Are you going to be flipping or using the BRRRR method?

I don't know your local banks. But as you have probably heard on the BP podcast, you might want to call 50 banks in your area to get what you need.

How many banks have you googled?

It might be less depending on your current employment, experience, and credit score.

Again congratulations on your latest purchase.

Good luck and remember

*DFTBA*Don't Forget To Be Awesome