Real Estate Investing Forums

Real Estate Investing => Financing, Hard Money Lenders, Private Money => Topic started by: JoeDC on January 28, 2004, 10:37:25 pm

Title: How many lenders?
Post by: JoeDC on January 28, 2004, 10:37:25 pm
I have a question on about how many lenders I should try to get involved with an offer of mine that has been accepted.  Am I obligated to only use one lender at a time to try and finance this offer or would I better off to have several lenders to try to finance this home at the same time?  Will I become obligated to the lender that I don't use for some hidded costs for the work that went into the deal/loan?  What are the practices of most investors of how many lenders to have in the pool when trying to find financing?  Any help would be appreciated.  Thanks, Joe.
Title: Re:How many lenders?
Post by: tedjr on January 29, 2004, 10:33:51 am
It is OK to talk to as many as you want. The problem I have always had is that each lender usually has a few appraisers that they have preapproved. Appraisers submit various information and sample appraisalt to lenders in order to get approved and it is a big hastle. If you try to use more than one lender at a time you will probably have to buy more than one appraisal.  Also the more people looking into your credit the more that affects your credit score too.

Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171 home
512-587-6177 mobile

Title: Re:How many lenders?
Post by: JoeDC on January 31, 2004, 10:01:41 pm
Ted, thanks for the info.  Joe.
Title: Re:How many lenders?
Post by: StacyKellams on February 10, 2004, 09:29:32 pm
Joe,

Ask, ask, and ask some more for a mortgage broker/banker who has a good reputation in the investor community for being honest and for getting loans closed. Not all mortgage brokers are created equal.

Title: Re:How many lenders?
Post by: Jo se on February 13, 2004, 05:41:43 pm
Who are the best Loan Brokers in the Austin area who really work with investors that have little or no money to invest in a property?

Anyone know?

Jose
Title: Re:How many lenders?
Post by: dgpioneer on February 14, 2004, 11:29:09 am


Be careful that you don't have several lenders pull up your buyer scredit report as this will weaken it 5 points everytime its pulled.




David Garcia
[email protected]
Title: Re:How many lenders?
Post by: virtuouslady on April 02, 2004, 08:27:20 am
Hello,

There is no limit on the number of lenders you can get.  As long as you pay back all of the money.  If you have any other questions?

[email protected]