Best bank in the DFW

8 Replies

Hello All

Newbie, just bought my first duplex so any general knowledge is accepted. Right now I am asking what is the best bank to go with in the DFW to start and account with for the new property and all money for it. Want a bank that will also be the best for future investments.

I use Veritex. I started with a bank called Independent that got bought by them and just kept on going. They are a portfolio lender and have worked out pretty well for me so far. I did a construction loan refinance and am getting a LOC using my equity right now.

@Matthew A Brady thanks for this post here.  There are several really good lenders here in DFW and I think most successful investors have 3 or 4 in their contact list.  Sometimes a bank might be better at X than another bank.  And since just finding the deal is so hard right now we want to make sure we have financing in place no matter what type of property it is.  

Some general characteristics:

Portfolio Loan in DFW:  Usually a 20 year adjustable rate mortgage that adjusts every 5 years. 20% down of your purchase + Renovation is the general need.  For a duplex they may have a higher downpayment but maybe not.  In general, these loan types just give you an excel spreadsheet and the bank just makes a decision on that spreadsheet to lend to you.

Conforming Loan:  30 year fixed rate is what you should expect here but a little more challenging on the paperwork.  But if you are willing to do that paperwork and can qualify, your property will cash flow SIGNIFICANTLY better this route.

Whomever you use for your financing I would suggest to ask the questions below.

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? (not so important but 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?

Feel free to tag me with any other specific questions. Thanks!

@Matthew A Brady I use DATCU for my rentals, Capital One for my business, NavyFed for personal. I have accounts all over the place. When it comes to a bank for a depository account, I'm just looking for who is going to hold my money without charging me fees and who is going to let me withdrawal my money without fees and hassle. 

@Andrew Postell   Thank you for this info, very useful being that i'm starting out :)

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? (not so important but 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?