Updated about 10 years ago on . Most recent reply
Newbie financing question
I have never had a mortgage so please forgive if this seems elementary. I am trying to see how much I can get qualified for but my bank(in Colorado) does not lend out of state. I am confIdent that my credit score, savings and income will allow me to get a decent sized loan.
However, I am not clear on next steps. I would like work with a national lender as I am still analyzing a few areas. I figured I need to know the loan amount first before I finalize my target market.
My question for folks that invest out of state: Do you pick a market then work with a local bank? Did you go with a portfolio lender first so you can scale quickly? What things do you you look at/for when applying for a loan? Any red flags I should be aware of?
I won't be able to do FHA as I won't be occupying (but I have enough cash for 25% down on a reasonable loan). Does BP have resources/materials that can help me get up to speed? Mortgages for dummies? Any advice would be greatly appreciated.