Madison, WI · Member since 2015 · 20 posts · 2 votes
Hey guys!
I had a quick question for you about shopping around for a bank. What is a quick list of questions you can ask a to make a determination if that bank is for you?
I have made a short list of qualifiers for myself, let me know if I'm missing something.
-Are you a qualified FHA lender?
-How are your interest rates chosen
-What rate might someone with my credit score expect?
-Are you a portfolio lender?
-if not, are you backed by Fanny Mae, or Freddy Mack?
Lender · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
10y
None of the above. Tell them your loan scenario, ask them to give you their best rate and lowest fees quote for your borrower profile and intended down payment for the loan you want. Get a LE (Loan Estimate) from them, and go to the next bank you want to compare them to and do the same thing.
Madison, WI · Member since 2015 · 20 posts · 2 votes
10y
Thanks for the illumination, Charlie! My plan is to be purchasing my first investment property in approximately 1 year. I would assume I should begin calling and visiting my local banks as soon as possible, am I correct?