Questions I need to be asking lenders

[Toby Russell]

Good morning. I've been shopping around the past few days for lenders for rental properties and it seems like trying to pull teeth to get information out of these people. One tells me a need 6 mounts reserves for my current house and rental and the next Lenders does say a thing about it till I call back to ask. My question to the forum is what questions do I need to be asking to get all the info I need form these lenders. I've been asking what %,reserves,yr terms, and do the handle foreclosures. Thanks everyone

[Account Closed]

@Toby Russell

Hi Toby,

What sort of product are you looking for? If it's just a conventional purchase there likely aren't many overlays to be very worried about. Google searches for FNMA and FHLMC guidelines should be helpful. If you are looking for a condo/townhome definitely ask about property type overlays or requirements.

If I were shopping I would want to know:

1. Rate

2. Points

3. Closing Costs

4. Escrow account - required or not

5. Estimated monthly payment

6. Any and all required out of pocket expenses and inspections

7. Reserve requirements

8. If I had derogatory credit I would disclose this right away and make sure I met eligibility guidelines

9. Loan officer reviews