Questions to ask a HM/PM lender
Hi guys:
I am in the process of doing a 1031 and am looking at HM/PM to make up the difference between the property I'm selling and ones in the area I'm looking at purchasing.
I'm preapproved for a conventional mortgage but I want to explore HM/PM to be able to make a stronger offer. This would be my first HM/PM loan.
What should I look for when I begin speaking with lenders? Are there any valid certifications in this area of lending (for HM)? Are there any red flags that signify someone that I should not work with in your experience?
And are there terms that I should be paying attention to besides interest rate, points, other origination fees, loan length, extension clauses and prepayment penalty?
Any and all information/advice would be appreciated.