Finding a good lender

7 Replies

@Hajarah Shakir make yourself a spreadsheet, look up some MA lenders and start making calls.  The same banks that had great loans last Tuesday will have a different set of number this week.  Plus you'll need to get used to asking the right questions like: What are your closing fees? How many months of reserves do I need? etc

When you need a loan for your 2nd place in 4/9/16 months, run through the same exercise again.

@Hajarah Shakir I see you have a good suggestion above if you know the product you need but just need it in a specific state try posting in that state forum. Bigger Pockets has some great state forums and usually there are good locals that monitor those. Also, try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. But post locally for this. That’s the best bet.

I can make some recommendations but what is it that you’re looking to buy and what’s the investment goal? I’ll have different recommendations for someone who is looking to flip a condo vs buy and hold a 5+ unit, and everything in between. I’ll even have different recommendations for someone’s househacking a 2 unit vs househacking a 3-4 unit. Some banks won’t write certain types of properties or properties with certain deficiencies do don’t waste your time talking to all of them upfront. I spent 10 year in corporate finance and one of my teams differentiators is I spent a lot of time understanding how lenders underwrite their products and figuring out which banks/credit unions like writing which assets. Most of them have specialty’s that they are really good and competitive at.

I’m unsure where you are in the process but normally I advise clients to go get 1 preapproval from a reputable lender. Once they have a property under agreement then go shop it to a bunch of lenders to find the best mortgage. Rates change everyday. Lenders can only compete for your business once they know what you’re buying and when it’s supposed to close. 

Best,

Jon

Originally posted by @Hajarah Shakir :

Any RE investing knowledgeable brokers around the Worcester area that could help me get the best loan

There are lots of definitions of "best loan" depending on the borrower. Best rate, loan to value, least hassle, no prepayment penalty and the list goes on and on. Try a meetup or REIA and find a Realtor or a title company and they should be able to point you in the direction of a lender that fits your criteria.