Questions to ask small lenders

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Questions to ask small lenders

Cayla Walker
Tulsa, OK · Member since 2020 · 22 posts · 8 votes

I am a new investor. I want to shop lenders, and I received a list of lenders from a local trusted realtor. I wanted to know what questions I should or shouldnt ask to a lender. Should I tell them I'm in investor looking for my first property? That I could like to refinance if I could? Do you give loans on the equity price not just the purchase price? Etc. Thank you for your help.

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  • Elise Marquette
    Lender · Frisco, TX · Member since 2019 · 546 posts · 270 votes
    5y

    Yes the more you tell the lender the better they can structure your deal to make sure everything works and no unexpected surprises down the road. Be as transparent as possible

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  • Lina Bibikov
    Developer · Danville KY · Member since 2015 · 85 posts · 110 votes
    5y

    @Cayla Walker make sure to ask what debt to income ratio they require

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  • Cayla Walker
    OP
    Tulsa, OK · Member since 2020 · 22 posts · 8 votes
    5y

    Thank you Lina and Elise for your words of wisdom!

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