Mortgage in Central Florida

3 Replies

I've found a potential deal on a foreclosed duplex. It is currently vacant and in need of some repairs. The plan is to buy, repair, hold and rent.  Any suggestions for a local mortgage source. 

ALWAYS get three different quotes. Do it within two weeks and it only counts as one hit on your credit. I was once a mortgage broker way back in the day. My boss at the time urged me to always use the phrase, "we all get our money from the same places so what you're getting with me is the same as everywhere else." That is simply not true. Some loan originators get paid based on volume, others based on points. Some have their underwriters in the same building, others have to deal with underwriters half way across America. The BEST loans usually come from local or regional banks that service their own paper. If you get at least 3 quotes, you'll know with a relative amount of certainty that you are getting a decent deal. Make sure at least one of those quotes is from a local or regional bank that services their own loans. And also, watch out for all the "admin" or "doc prep" or "underwriting" fees that some like to throw in. Negotiate those fees as best you can BEFORE you sign the initial paperwork because they will hold you to those fees at closing even though you probably didn't know what you were initialing in the beginning. My mentor used to tell me, "Mortgage brokers are worse than used car salesmen." I don't hold that same sentiment but just be aware that if you work with the right person, you can truly have a good experience and not overpay; but if you work with the wrong person, it can be a horrible experience and you can even lose your duplex deal in the process.

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