All Forum Posts by: Neil Aggarwal

I agree. If you can get a good fixed rate loan and assuming you will be in the property for a long time (typically 5 years or more), that is best.
ARMs are great if you have a short time frame (typically less than 5 years).

Private lenders are typically not set up to report to credit agencies.

Your location says Round Rock.  Are you looking to invest in the Austin area?

I know it is hard, but try not to take this personally, I have heard these horror stories from many people.  For some reason, lenders have taken the stance that you need them and they take advantage of it.  I hate that and am very sorry you are experiencing it now.

Starting over with a new lender will take some time.  Considering you are trying to close June 2nd, that is really not enough time to get anything done, especially since this will be your primary residence.

Texas is a big state.  Are you looking in a specific city?

There may be a bank or credit union that offers what you want. If not, there may be private money sources that can work for you.  You have to talk to everyone and see what you can find.

You should have no problems finding a lender if you have an ITIN.  If you do not, then it will be unlikely.

You should check out banks and credit unions as well as non-traditional lenders.  Basically, talk to everyone and see who is the best fit for your needs.

The property is the collateral.  The lender will give something like 75% of the value of the property so they are covered by the 25% equity you have in it.

I think you will find that lending money against primary residences is going to be more headache than it is worth.