All Forum Posts by: Brendon Foster

Call a lender local or national doesn't matter. they have to run your credit, go over your income and assets to make sure it all falls within loan and lender guidelines. if you do, they will issue you a pre-approval letter for the price you are looking for. 

I would check the deed with county office. if it's deeded as a 4plex probably not but if it's deeded as a tri then that is definitely false advertisement 

Hi Brandon Welcome. Notice your post as I use to work for Quicken in Detroit. for meet ups trying using an app called meetups. it will tell you local real estate networking events. Robert strye Rivers realty is a good friend and great realtor in the Detroit area too.  if you call tell him I sent you, if not no biggie just trying to help :) best of luck sir 

Hi Rigo,

1) you can do a cash out refinance to pay off the heloc to roll it into your current primary ( DTI will be a factor)

2) correct it would be part of your DTI. calculated into it for the 2nd part

3) correct

4) Hard to answer as I dont know your overall situation and what's best for you. what's better for one person isnt always better for the next. 

KALAMAZOOOOOOOO!!! hahah I grew up in portage actually,  but live NJ now. Happy to see some one working on bringing quality living in my home town. Keep up the good work :) 

Yes you can. I don't know the pro's and cons as I'm not a renovation specialist though. I think the pros and cons would be better weighed against a regular cash out refi composed to a renovation loan though. 

@Mike Bonadies glad I could I help! 

Hi Mike.  as I've worked under both scenarios, as far as the pre-approval goes I would have to say that individual is incorrect.  Any good loan officer will go over the exact same thing when it comes to a " full pre-approval", pull your credit for scores and liabilities for debt to income ratio, income and assets. now most lenders are able to take it one step further and collect documents to send into underwriter for a credit approval from the  underwriter,which does give it more power. as far as appraisers go I would have to agree on that. 

@Jorge Armas  No problem sir! 

You can use the same bank or different. Typically it's a 6 month waiting period