What is the difference between a broker and bank when it comes to

[Brock Norton]

What is the difference between a broker and bank when it comes to financing?

[Andrew Postell]

@Brock Norton the description above is spot on.  Sometimes a bank will allow a broker to represent them and sometimes not.  Knowing a broker is always a great idea since they can represent many banks.  Sometimes knowing a bank/lender is also good.  I recommend always having 1 broker and 3 banks/lenders that you know for best results.  The more properties you have the more lenders you will need to know.  Oh, and also, these questions are good questions to ask your lenders when you are interviewing them:

Questions for Lenders

1. When do you start using rental income to help me qualify? (the answer needs to be immediately)
2. How long do you need me to be on title to refinance? (this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance)
3. What is my minimum down payment required? (if they only require 15% down on a single family home that is usually a good sign that you are working with a flexible lender)
4. Can I change title to my LLC?
5. Do you sell your mortgages?
6. What is your loan minimum?
7. Can you explain to me what your reserve requirements are?