If you going to get bank lending then the best in my opinion are small local banks and credit unions. You may also want to talk to a few private lenders and institutional hard money lenders so you know their criteria if you find a hot deal.
Hi Berkay,
I always recommend getting quotes from all different sources - credit unions, big banks, lenders, brokers as we all offer different pricing/interest rates/costs/credits and weigh out your options since every loan scenario is different and sometimes lenders can beat credit union pricing especially if it's a unique client/loan program they are trying to obtain.
When you're talking to a loan officer, good questions to ask:
1.) How long have you been in the industry?
2.) What type of loan programs can you offer my clients?
3.) Are you certified to give grants/down payment assistance to my clients?
4.) What type of loans do you specialize in? FTHB? refinance? non QM?
5.) What is your typical loan process/turn around times?
6.) What type of rates are you currently offering?
7.) Are you available weekends/after office hours for last minute pre-approvals/solidifying pre-approval letters to seller agents?
If you going to get bank lending then the best in my opinion are small local banks and credit unions. You may also want to talk to a few private lenders and institutional hard money lenders so you know their criteria if you find a hot deal.
If you going to get bank lending then the best in my opinion are small local banks and credit unions. You may also want to talk to a few private lenders and institutional hard money lenders so you know their criteria if you find a hot deal.
Hi Berkay,
I always recommend getting quotes from all different sources - credit unions, big banks, lenders, brokers as we all offer different pricing/interest rates/costs/credits and weigh out your options since every loan scenario is different and sometimes lenders can beat credit union pricing especially if it's a unique client/loan program they are trying to obtain.
When you're talking to a loan officer, good questions to ask:
1.) How long have you been in the industry?
2.) What type of loan programs can you offer my clients?
3.) Are you certified to give grants/down payment assistance to my clients?
4.) What type of loans do you specialize in? FTHB? refinance? non QM?
5.) What is your typical loan process/turn around times?
6.) What type of rates are you currently offering?
7.) Are you available weekends/after office hours for last minute pre-approvals/solidifying pre-approval letters to seller agents?
If you show a HML some money and a soft pull of your credit, they'll write you a pre-approval. I send them out all the time. Hard to get a submission of an offer seriously unless you have one these days. Sellers want to know you're financing is in order, or why even consider the offer?
@Berkay Talay- get several referals to loan officers - contact them on the same day using same criteria and ask them any questions ...review the data and answers they provide - make a decsion to use one and get pre approved ...if you are considering buying in multiple states - it helps to work with a lender that is approved in the areas you are focusing in on
A local credit union will give you the best terms. If you are looking for commercial financing and have not been in business for over 2 years this is not an option.