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Q: How do lender fees work?

Annual Percentage Rate (APR) The total yearly cost of borrowing money, expressed as a percentage of the principal loan amount. Interest Rate The rate of interest on your mortgage note. This is less useful for comparing between lenders because the interest rate doesn’t include fees that are a direct cost of borrowing money. Points A one-time fee charged by a lender, expressed as a percentage of the loan amount. Work with your mortgage originator to determine if this is worth doing based on your unique situation. Fees There may be other fees associated with underwriting a loan. Ask your lender to disclose these fees upfront. Note: Conventional lenders are required to provide a loan estimate. Private money lenders are not held to this standard and receive very little regulatory oversight. They are not recommended for inexperienced investors.

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Frequently asked questions

What are good questions to ask a lender?

Are you a direct lender or broker?
What types of loans do you offer?
Will you communicate directly with the listing agent on the properties I make offers on?
What is the source of the money that you lend?
Do you have access to down payment assistance programs that I can apply for?
What information do you need from me in order to determine the best loan for my situation?
How long does it take you to provide a pre-approval letter?
Do you offer any rate lock programs?
Can you provide references from within the BiggerPockets community?
Can you help me find other real estate professionals?

What are some best practices when choosing a lender?

Compare rates and terms from multiple lenders on the same day.
Ask your lender about what may change between your initial loan estimate and the final rate and terms.
If your loan is a private money loan, understand what may change while you’re under contract and what could cause your financing to fall through.
Consider the reliability of your lender in addition to comparing rates. The lender with the lower interest rate may not always be the best lender for you.
Carefully consider the pros and cons of fixed rate vs. adjustable rate mortgages.

How much do I need for a down payment?

Loan Type	Minimum Down Payment
Conventional	3%
Conventional no PMI	20%
FHA	3.5%
VA	0%
Private money rehab loan	Varies
Private money rental loan	Varies but typically 25%+

Note: The actual down payment requirement may differ and depends on a variety of factors including income and credit score.

How do lender fees work?

Annual Percentage Rate (APR)

The total yearly cost of borrowing money, expressed as a percentage of the principal loan amount.

Interest Rate

The rate of interest on your mortgage note. This is less useful for comparing between lenders because the interest rate doesn’t include fees that are a direct cost of borrowing money.

Points

A one-time fee charged by a lender, expressed as a percentage of the loan amount. Work with your mortgage originator to determine if this is worth doing based on your unique situation.

Fees

There may be other fees associated with underwriting a loan. Ask your lender to disclose these fees upfront.

Note: Conventional lenders are required to provide a loan estimate. Private money lenders are not held to this standard and receive very little regulatory oversight. They are not recommended for inexperienced investors.

What’s the difference between a direct lender and a broker?

A direct lender lends their own money and has more influence over the underwriting process, but they may offer fewer loan types.
A broker connects borrowers with lenders and can compare lenders for the best rate and terms, but charges a fee for their services.

Some lenders are both direct lenders and brokers, lending their own funds for some loans and brokering others.

What’s the difference between a conventional, private money, hard money, and commercial lender?

Conventional lenders offer common financing options like FHA and VA loans.
Private money lenders provide loans from a private source strictly for non-owner-occupied investment properties.
Hard money lenders underwrite loans based on the hard asset rather than the borrower's qualifications.
Commercial lenders specialize in large income-producing properties like retail or residential multifamily complexes.

Conventional lenders must have a national NMLS number and state licenses. Check their licenses on the NMLS consumer access website.

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