Inquiry about a home loan mortgage

[cleverpancakes]

I'm interested in a home loan mortgage. But, i'm not decided yet on where to file my application. Would it be in banks or other credit institutions? By the way, have you had any related experience in borrowing? What are the documents required for it? I'd like to know more. Your advice might be of help. Thanks!

[Gold River]

Hi,

    Basically you have a choice between 3 different types of loans which include conventional, private money and hard money! Conventional includes FHA, VA, Farm Bureau, Conventional. Private money allows for a worse credit score, lower LTV terms, stated income and low Doc and typically has interest rates in the 6 to 10% range and 1 to 3 points. Hard money doesn't usually care about your credit score, doesn't care about your income per say, and does not usually require a bunch of doc's, but does require skin in the game, may charge between 10 and 18% interest and depending on interest rate may charge 3 to 5 points as common.

Your best bet for a conventional loan is a loan broker, they shop all their resources on your behalf to find you the best loan and rate! Normally a conventional finance loan requires your credit report, your tax returns for 2 years and a copy of your pay stub / proof of employment.

I have borrowed money on lot's of single family property and at times have had to use blanket loans to consolidate properties! It takes about 30 to 45 days to close a loan depending on purchase, refinance, backlog of loans, underwriting criteria, appraisal, etc.

Good luck,

               
                   GR

[jinlynn]

Hi,

    Basically you have a choice between 3 different types of loans which include conventional, private money and hard money! Conventional includes FHA, VA, Farm Bureau, Conventional. Private money allows for a worse credit score, lower LTV terms, stated income and low Doc and typically has interest rates in the 6 to 10% range and 1 to 3 points. Hard money doesn't usually care about your credit score, doesn't care about your income per say, and does not usually require a bunch of doc's, but does require skin in the game, may charge between 10 and 18% interest and depending on interest rate may charge 3 to 5 points as common.

Your best bet for a conventional loan is a loan broker, they shop all their resources on your behalf to find you the best loan and rate! Normally a conventional finance loan requires your credit report, your tax returns for 2 years and a copy of your pay stub / proof of employment.

I have borrowed money on lot's of single family property and at times have had to use blanket loans to consolidate properties! It takes about 30 to 45 days to close a loan depending on purchase, refinance, backlog of loans, underwriting criteria, appraisal, etc.

Good luck,

               
                   GR

couldn't have said it any better!

[marksmith]

Hi,

    Basically you have a choice between 3 different types of loans which include conventional, private money and hard money! Conventional includes FHA, VA, Farm Bureau, Conventional. Private money allows for a worse credit score, lower LTV terms, stated income and low Doc and typically has interest rates in the 6 to 10% range and 1 to 3 points. Hard money doesn't usually care about your credit score, doesn't care about your income per say, and does not usually require a bunch of doc's, but does require skin in the game, may charge between 10 and 18% interest and depending on interest rate may charge 3 to 5 points as common.

Your best bet for a conventional loan is a loan broker, they shop all their resources on your behalf to find you the best loan and rate! Normally a conventional finance loan requires your credit report, your tax returns for 2 years and a copy of your pay stub / proof of employment.

I have borrowed money on lot's of single family property and at times have had to use blanket loans to consolidate properties! It takes about 30 to 45 days to close a loan depending on purchase, refinance, backlog of loans, underwriting criteria, appraisal, etc.

Good luck,

               
                   GR

Hi,
Well-written explanation about the mortgage loan.

Here are 5 essential steps to get a mortgage:-

1. Obtain a mortgage
2. Getting help from bank or broker
3. Getting pre-approved
4. Determining size of loan
5. Choose a loan according to your requirements

Thanks!!

[caroline]

The essential documents required to apply for a mortgage are:-

Tax returns from last 2 years
paycheck stubs from your employer
Profit and loss statement from last 2 months
A list of assets and debts
Credit report of last 1 year
Canceled rent checks
Written verification of your position and salary
Proof of a homeowner insurance

Thanks!!

[Andrew.Postell]

Hi, this is a really common question for a lot of investors - where is the best place for a loan?  And I would recommend first to speak with your fellow investors.  Feel free to ask them specifically - which bank would you use for (whatever your scenario is - buy-and-hold, flip, etc).  Then call that lender.  Your first conversation should really be an interview conversation - and not one where they interview you - you are interviewing THEM!  They should earn your business and not try to SELL you on using their business.  What I mean by this is, ask them about investor lending, ask them about turn times, their experience, what you as an investor should look out for, etc.  Remember you are about to borrower thousand and thousands of dollars over a 30 year period - that's longer than a lot of marriages!  So take this seriously and make sure they are respecting who you are - a customer!  If you want to try this on your own then try to call smaller banks first and move toward mid-sized banks.  Stay away from the big banks.  Be prepared to call 100 banks.  Seriously.  Investors live and die by phone calls and you need to be accustomed to calling around.  Even the most experienced investors still make phone calls and are always on the lookout for a good bank.  If you hear a "no" that doesn't mean that every bank will tell you "no".  Feel free to ask more questions if needed.  Thanks!