Meeting with a mortgage broker

6 Replies

I am still learning a lot about real estate so I have a lot of questions. I’m planning on purchasing my first property with a family member to start off my portfolio within in the next year and a half. Should I consult with a mortgage broker before I have my down payment saved up to get an idea on whether I would be qualified for a loan and get more information on the type of that would work best for us? Or should I just see one once I’m ready with my down payment ?

Originally posted by @Jennifer Jaramillo :

I am still learning a lot about real estate so I have a lot of questions. I’m planning on purchasing my first property with a family member to start off my portfolio within in the next year and a half. Should I consult with a mortgage broker before I have my down payment saved up to get an idea on whether I would be qualified for a loan and get more information on the type of that would work best for us? Or should I just see one once I’m ready with my down payment ?

 I would strongly recommend speaking with a good Loan Officer or Broker way before you put down any money or enter into a contract.  You need to know your buying power before you move forward.  If you're looking to wait 18 months you don't need to do it now but a couple months before you're serious is a great idea.

I hope this helps

Originally posted by @Jennifer Jaramillo :

I am still learning a lot about real estate so I have a lot of questions. I’m planning on purchasing my first property with a family member to start off my portfolio within in the next year and a half. Should I consult with a mortgage broker before I have my down payment saved up to get an idea on whether I would be qualified for a loan and get more information on the type of that would work best for us? Or should I just see one once I’m ready with my down payment ?

 Hey Jennifer

If this is your first property, consider house hacking.  Purchasing a multi family property and living in one unit while renting the other is one of the best ways to get your portfolio jump started.

Best of luck

Stephanie

Hey Jennifer,

Everyone above is right. You definitely want to explore your financing options ahead of time so you know what you can do. If you do look into house hacking with a multi-unit home(4 units or less) the FHA loan at 3.5%(this only works for an owner occupied setup) is a great way to get started. That will be the lowest down payment required for any type of investment property. Best of luck to you on getting your first property!

Absolutely consult with a mortgage broker before putting money down/going to contract.

Consider how far you are from saving up for a down payment though. No need to consult a mortgage broker if you think that it will take you another year (for example) to save for a down payment. A lot of answers can change in that time. 

However, if you are very close to your down payment call, go ahead!