What's the quickest way to get multiple loan estimates?

Question

I'm looking to purchase a deal with conventional financing (my first investment outside of my homestead). I have a deal I'm interested but in order to fully analyze it I need to know more about the interest rate and points I may need to pay.... I've spoken with one lender but it took a long time to go through the pre approval process and finally get my rate and terms. If I want to get other options quickly, do I need to go through the full pre approval process all over again with 2 or 3 different lenders?

Also, what rates are you guys seeing right now for 30 year fixed, or 5 year or 7 year arms?

Jack Mawer · Answer

You should not have to go through the full approval process, but it depends on what type of loan you are seeking. What type of lenders have been causing you trouble getting pe approved before issuing a quote?

Chris Mason · Answer

You're a realtor; why wouldn't you just follow the same advice for this topic that you give to your clients (whatever that is)?

If you're already telling your clients to do this, do whatever you tell them to do.

If you're not telling your clients to do this, consider that if it's good for the goose, it ought be good for the gander.

Caroline Gerardo · Answer

Provide your middle FICO, sale price, property zip code, property condition, where is down payment and closing costs, gross monthly verified income or bank statements or DSCR type product, time frame you need commitment, reserves, vesting type. If you know these details any lender can give you a quote. For conventional loans you need to find an experienced Loan Officer who is licensed where you are buying, and one who cares about you. Pricing on same day should be similar for conventional. NonQM and other products vary greatly and you need skilled broker with many sources. Rates change daily.

Dave Skow · Answer

@Robert Muzyka- call  several lenders  all on the same  day and using the same hypotehtical terms - ask them for  quotes for  whatever you are  planning to  do - they should be able to provide detailed quotes  for you to use to  compare -...if they are not willing to provide quotes - no need to use them ......once you have  received the data needed - make a decsion to get the formal pre approval in place  with one of the lender and  proceed  ....no need to get LEs  as  this will create slow / frustrating and  meaningless  quotes  since the rates  change  daily

Kristen L Garner · Answer

If you send me your LE I can quickly plug your info into my pricing engine and tell you what today's best rates are at my company.  Lenders should be able to look at your LE and (at minimum) verbally tell you what rates they can offer for the same scenario.  You will of course want to start an actual file and get numbers in writing if you find someone you want to work with.  But you already have your documentation lined up, so that's a breeze!

Best of luck,

-Kristen

Miranda Holland · Answer

The rates I'm seeing right now in the private lending industry are around 7 to 8%.

In my opinion, the best way to get multiple loan offers is to work with a licensed mortgage broker when it comes to conventional loans and a private money broker when it comes to private and hard money loans.

What's the quickest way to get multiple loan estimates?

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