All Forum Posts by: Dennis Muno

I would recommend you try another mortgage broker locally, who is close to you

Your mortgage broker should be shopping and providing you with HELOC options, costs, fees, and not just directing you to the lender page, in my opinion. That is poor service.

Yes, it is best you shop around. The more you shop, the likelier you are to find something that works better for you

If her first home is paid off then yes, a HELOC is a good idea. The issue with HELOCs though is that the rates on there can be variable(someone correct me if I'm wrong).

Whatever path you decide, I would recommend you shop around banks for the best HELOC offer before you proceed. The more bank/lender offers you get, the more likely you are to get the HELOC offer that is best for your mother. Also, consider contacting a local mortgage broker. Mortgage brokers are usually able to shop multiple lenders/ banks and provide you with offers. I would say the more HELOC offers they can shop, the better for you both.

Best of luck to you both!

I will say that while there are banks that have a good/bad reputation, usually your HELOC rates and terms depend on the value of the home and the equity on the property.

That being said, you should always check for Google reviews as a start.

I would always say the more banks/lenders you shop from the better you get to decide the best HELOC offer for you.

A way to do is, is to contact a local mortgage broker near you. They mortgage broker will usually on your behalf, go shop with multiple lenders(usually 10+) and provide you with offers. Then, you can decide the best HELOC offer for you. Good luck

I would recommend you call up some mortgage brokers in your vicinity. Unlike a single bank/lender, mortgage brokers are able to get loan financing bids from multiple lenders and then present them to you. This allows you to shop for the best option among the many that will be presented to you.

I would say you could start there 

I would recommend you contact a mortgage broker in your locality. They will be able to shop multiple banks and lenders and provide you with multiple finance bids. I think you can start there

Yes, usually commercial lenders finance deal in the $500k + amount. Have you considered looking in your area for hard money, investor, fix and flip, renovation, DSCRR lenders? I believe some will be willing to help you out.

Also, you should consider contacting a mortgage broker in your locality. Mortgage brokers usually are able to shop around and get bids from multiple banks and lenders and provide you with multiple financing bids from many lenders you could choose from. I would say you should consider these options

Yes, it possible. However, the question is where will you find such lenders? Perhaps you should check the lender section on Bigger Pockets.

I will also say you should shop around for some mortgage brokers in your locality. Unlike banks, mortgage brokers are able to shop multiple lenders/banks and get many bids for your loan for you to compare.

I will say you should consider looking at those two options first. Also if they are privately lending you the money, consider not just the loan cost to obtain but also the conditions

You should check with a mortgage broker near you locally. They will be able to shop multiple non-bank loan offers

I would say there isn't really a best HELOC.

The best HELOC would be the best HELOC offer a lender can give. HELOC offers will vary from lender to lender to be honest

So I think your best bet would be to compare HELOC offers from multiple banks to find which one works best for you

Thanks for the feedback. Yes, the MIP does not go away once you drop below 80%. I forgot that