Investor · MI · Member since 2016 · 102 posts · 44 votes
Hi Everyone,
I'm looking to partner with my brother on a house hacking scenario in Metro Detroit, near Wayne State. He'd live there, and rent out the rooms, or other units to students. I'm not happy with what I am seeing for financing (75% LTV, higher costs than I'd expect). It may just be what it is, but I want to look around.
In the past I've always preferred working with independent mortgage brokers, instead of captive brokers. But all the ones I use to work with are gone now. Does anyone have a independent mortgage broker they can recommend in Michigan?
Alternatively, any portfolio lenders who go above 75% LTV on investment properties would be helpful.
For mortgage brokers, I recommend Walter Tyslicki at Mortgage One http://www.mortgageone.org/staff.php
A couple years ago we went to cash-out-refi our Wells Fargo mortgage. They wouldn't touch us because of all our rental property mortgages. I went to several other banks who all balked after they learned about the properties we owned. Walter was able to get me financed at a good rate.
Ironically, Wells ended up buying our mortgage after the refinance was complete.
For mortgage brokers, I recommend Walter Tyslicki at Mortgage One http://www.mortgageone.org/staff.php
A couple years ago we went to cash-out-refi our Wells Fargo mortgage. They wouldn't touch us because of all our rental property mortgages. I went to several other banks who all balked after they learned about the properties we owned. Walter was able to get me financed at a good rate.
Ironically, Wells ended up buying our mortgage after the refinance was complete.
@Greg Scott Would you mind if I use your mortgage broker recommendation as well? I also am ironically in the market for a mortgage broker! Thanks for saving me the post! @Kurt Hines