Investor · Bend, OR · Member since 2017 · 16 posts · 12 votes
I have just bought a turnkey property for cash in Indianapolis and would like to put a conventional mortgage on it to pull some capital back out. I am an out of state investor. Does anyone have a recommendation on an Indianapolis conventional mortgage broker or originator that is used to working with investors? Looking for 30 yr fixed rate and would like to use the rent on the property as part of the dept to income ratio. Any recommendations appreciated!
Flipper/Rehabber · Santa Barbara, CA · Member since 2015 · 67 posts · 25 votes
7y
Not sure about others but I've always had great experience with Movement Mortgage. If you have your ducks in a row and get them requested docs quickly, they will typically close your cash-out refi in 2 weeks, pretty awesome when every day is costing you with a HML. I just cashed-out 75% and closed 12 days from application submittal. Rates are a tad higher than some local banks probably but I appreciate their standard, fast system for getting it done.
Real Estate Consultant · Colorado Springs, CO · Member since 2014 · 86 posts · 64 votes
7y
Late to the thread, and don't mean to hijack @Paul Singer , but wondering if I can PM a couple of you in regards to an Indy conventional lender (friendly/familiar to investors)?
I have already been in contact with Shawn Huss over at Chemical Bank thus far.
Real Estate Broker · Naples, FL · Member since 2015 · 57 posts · 12 votes
7y
@Luis Alvarez, I have a lender who is very investor friendly (he invests too). I've used him for years, both for my own personal and client lending needs. If you'd like his contact info let's connect and I'll put you in touch with him. Thanks!
Fishers, IN · Member since 2018 · 36 posts · 22 votes
7y
Hi All,
I am in Indy and new to RE investing and would love lender recommendations as well. @Ritch Bonisa and @Mickey Russo can you please PM me your recs! Thanks!
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
7y
@Jason Foster I'm using Forum Credit Union. They have been good with communication and answering my questions. Nick Spirrison is the mortgage consultant I'm working with.
Flipper/Rehabber · Santa Barbara, CA · Member since 2015 · 67 posts · 25 votes
7y
Not sure about others but I've always had great experience with Movement Mortgage. If you have your ducks in a row and get them requested docs quickly, they will typically close your cash-out refi in 2 weeks, pretty awesome when every day is costing you with a HML. I just cashed-out 75% and closed 12 days from application submittal. Rates are a tad higher than some local banks probably but I appreciate their standard, fast system for getting it done.
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
7y
@Dave Blackman Have you noticed the rates climbing at a rather alarming speed? I was pre-approved for a loan two months ago, got a sign purchase agreement on a property, and now the rate is higher. Really annoying.
Flipper/Rehabber · Santa Barbara, CA · Member since 2015 · 67 posts · 25 votes
7y
@Jaron Walling yeah rates have gone up significantly over the last month -- there was a quarter point spike in one day about two weeks ago that has come down a little but not much. We are on that upward trend with the economy doing well and the Fed raising rates consistently. I highly suggest subscribing to mortgagenewsdaily.com who send you an email every day explaining rate trends from both a borrower and originator outlook and I've locked on their advice several times right before significant swings upward.
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
7y
@Dave Blackman Hey thanks man! I was a little shocked and mad at my lender but it's not really in there control. I decided to shop around yesterday at another local bank. There rate was higher at 5.125%. I should have purchased 2 months ago!
Investor · Naperville, IL · Member since 2012 · 23 posts · 3 votes
7y
@Mickey Russo We purchased a small SFH with some savings but are now in need of Lenders In Indianapolis in order to move forward. I would really appreciate your lender recommendations as well. Thanks so much!
San Jose, CA · Member since 2018 · 6 posts · 2 votes
7y
I think the tricky part is finding a lender which doesn't require a 6 month seasoning period. Let me know if any of the suggested lenders will allow a cash out refi on a SFH with ~60 day seasoning period.
Rental Property Investor · Laguna Beach, CA · Member since 2018 · 20 posts · 5 votes
7y
In sub 100k investment properties, are you guys all having to do escrow for taxes/insurance? I feel like prepaying for things so someone else can make interest off my dollars is not what I'm wanting to do.
I have 8 single family homes I am buying from a single seller. I will do conventional loans and most range in 60-70k range. Does someone have a specific lender who would not force insurance/tax escrows, be able to keep initial investment costs low, and provide some favorable rates? Preferably someone enjoyable to work with :) Thanks so much!!