All Forum Posts by: Derek Brickley

I was incredibly saddened... if anything they should have integrated Credit Karma into Mint not the other way around.  With that said, I switched to Nerd Wallet.  Not exactly the same, but I have found it to be similar enough for my liking.

Hi there!

Yep definitely not a good idea to have two in process for the same property.  Depending on the lenders, there is a chance that the investor on the back end could notify the lenders that there are two open files for the same property in which case you would have some explaining to do.  

For shopping price, feel free to show lenders your Loan Estimate and see if what they offer compares.  Note that you may need to submit documents to them, but do not sign another loan estimate/intent to proceed unless you plan on switching, in which case you need to notify the other lender ASAP.

Although not househacking in Chicago, I think the principal is similar.  If what you pay to live there is equivalent to or less than what you would be renting for, it is definitely a win.  Work on narrowing down an area and strategy in the meantime too that can maximize your investment.  Getting out of college, one benefit is you can close on your househack before you start your job.  All you would need is a full-time offer letter.

Definitely agree with Glen, focus on your strategy and narrow down the final details.  Although you can't actually get into the property yet, you should know exactly what you will be doing when you can.

I would agree, the rate is about par.  However if you are looking for options without points then you would either want to consider taking a higher rate or increasing the term of the prepayment penalty.  Plus, if you are using a broker their broker fees will typically be an additional 1-2 points.

Love it!  Your lender might (and should) have some connections with insurance brokers that they have found give great deals and coverage.  Try asking your lender who they recommend.  Definitely shop around for some options as well!

Hey Raymond!

If you are looking at possible long term rentals, then could possibly help.  If you have details or specific feel free to reach out!

Hey Kieran, 

As you already discovered, this immediately makes conventional, FHA, and those other QM products unavailable. It may make sense to use a bank statement product, but this would still require a minimum of 10% down.

Hey Kieran!

Unfortunately, all we have are SFH and duplexes as well. But if someone does have it would be happy to connect!

Hey Youngwoon,

Short answer is no, you are not a first time buyer by any standard. However as long as your first mortgage is conventional you would be eligible for FHA. Note that you definitely should not tell any lender you are a first time buyer regardless. It will show up further in the process and will need to be explained to get you an accurate preapproval and to ensure the process goes smoothly. Going forward, the best thing you can do would be to reach out to a lender who understands how to work with investors so that they accurately account for your rental and get an idea for your budget/price range.