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Updated about 3 years ago on . Most recent reply

User Stats

46
Posts
19
Votes
Robert Muzyka
  • Real Estate Agent
  • Plano, TX
19
Votes |
46
Posts

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

Robert Muzyka
  • Real Estate Agent
  • Plano, TX
Posted

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?

Most Popular Reply

User Stats

2,894
Posts
2,336
Votes
Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
2,336
Votes |
2,894
Posts
Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
Replied

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.

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