All Forum Posts by: Miranda Holland

I live in Macon, Georgia. I'll be happy to help you and  I sent you a PM

The rates I'm seeing right now in the private lending industry are around 7 to 8%.

In my opinion, the best way to get multiple loan offers is to work with a licensed mortgage broker when it comes to conventional loans and a private money broker when it comes to private and hard money loans. 

 I might be able to help you. I sent you a PM

Helocs are hard to find these days.  Helocs for investment properties are probably even harder.  Using a mortgage broker might be the most efficient way to find a lender for that 

If I were you, I would work with a licensed mortgage broker when it comes traditional banks and a private money broker if you were looking for private money to help find the loan that is best for your situation. 

It depends. Being that you're looking for a property through a realtor, chances are you will have time to find financing after you find a house.  However, it is good to already have your financing in place in case someone else is looking at the same property you're looking at.  

With that being said, check to see how long the pre-qualification is good for with each lender. If it's only good for 30 days, you might want to wait. If it's good for 6 months and you expect to find something by then, getting prequalified is a good thing 

In private lending, down payment pricing is primarily based off the borrower's experience and credit scores. Down payment is usually between 10 and 20% of the loan amount. 

However, it's still worth it to apply for the loan offer. If you can't afford their down payment requests, they or some other lender might be willing to meet you where you are if it's a good deal 

If not the same way, very similar. You're mom would be in the same position as any lender if she held the 1st position mortgage note on the property. If you close through a title company or real estate attorney, you and your mom's position should be secured, that way your equity in the property should the same. 

Now if the paperwork isn't where it should be and it could be a potential mess as to who's entitled to whatever equity in the property. 

It's smart to save on dorm fees and just purchase the property. If I were you, I would work with a licensed mortgage broker to find a lender for this property.  

I'm a private money broker, and private lenders are unlikely to lend on this one because they lend to non-owner occupied properties only.  Your son living in the property will be considered a violation of that rule with most private lenders.

But I believe there are several institutional banks that will lend you the money and a licensed mortgage broker is the most efficient way to find them.