Tips on finding great local lenders?

[Alex Springer]

Hi all, looking to purchase our first full-up investment property. Our properties so far have been acquired using the "nomad strategy" (purchasing a primary home, living in it for over a year, then moving and renting it out). So for this purchase, I'm at a loss on how to properly find and vet great local lenders. We would like to find someone who will work with us and, ideally, keep the mortgage in-house instead of selling on the secondary market. I have a few questions to that end I'd like the BP Community's help with:

1. What are some good questions to ask while vetting lenders?

2. Where have you successfully found reputable, investor-friendly lenders in the past?

3. What information about myself and my partnership can I pre-package to arm myself with before approaching a potential lender?


Thanks in advance!

[Jay Hurst]

Quote from @Alex Springer:

Hi all, looking to purchase our first full-up investment property. Our properties so far have been acquired using the "nomad strategy" (purchasing a primary home, living in it for over a year, then moving and renting it out). So for this purchase, I'm at a loss on how to properly find and vet great local lenders. We would like to find someone who will work with us and, ideally, keep the mortgage in-house instead of selling on the secondary market. I have a few questions to that end I'd like the BP Community's help with:

1. What are some good questions to ask while vetting lenders?

2. Where have you successfully found reputable, investor-friendly lenders in the past?

3. What information about myself and my partnership can I pre-package to arm myself with before approaching a potential lender?


Thanks in advance!

You actually do NOT want a loan that will not be sold into the secondary market. Why? well, the terms will be worse. You would most likely looking at a 5 year ARM with a 20 or 25 year amortization rather then a 30 year fixed. the secondary market IS what allows the 30 year fixed to exist.