All Forum Posts by: Jeremiah Hatcher

@Jason Zimmer

Speaking to other lenders they told me that I have the ability to lock in rates. I'm sure there may be some other fees such as lock in fees, but that's definitely a lot more forward than "get something under contract and we will talk about it". They also gave me numbers to work with very readily and encouraged that I ask many questions to each Lender and choose who I think is the right fit for me. The first guy never recommended I even talk to anyone else. It seems more like he is sold that I'll work with him.

@Shaun Weekes greatly helpful! So far just by talking to 2 other Lenders I have a lot more information. After doing more research and thanks to this community here I now have a new series of follow up questions to go back to each Lender.

@Justin Griffin

I called 2 other lenders today and they were much more forward and giving for information. Totally cya!

@Alexander Zurn

It's a great thought and gives me good questions to ask while doing my lender shopping. Thank you!

@Jenny Sayavong

Awesome input. I'm going to shop around today. Thank you very much.

@Nicholas Covington

I appreciate that and it puts things into perspective for me.

@Russell Brazil

Thank you for the input. I appreciate it. Would you say I should expect above 5%?

@Joel S.

I apologize. The verbage on my pre-approval letter is "FHA 203(k) 30 year fixed mortgage". Purchase price: $200,000, total loan amount $229,556. I hope that clears things up. 30k approved for renovations according to the Lender.

@Marshall White

Thank you so much for the useful information. I definitely plan to speak to other lenders to gauge what time of information they give me. The reason I was considering 203k was because I do have a good credit score but I don't have cash for down payment and renovations, just for the down payment.

Hello everyone. I'm new to real estate and im looking to house hack. Background credit score 740, pre-approved for $230,000 for FHA loan with 203k for renovations. I am very inexperienced and don't want to be taken advantage of. I asked my lender what the interest rates are and he said:

"The rates for rehab loans are slightly different than your typical mortgage because it is a special program and they can change from day to day. Once you have a sales contract we can discuss your Interest rate, mortgage payment, down payment amount, etc.." (Loandepot)

 Is this predatory?