Anyone know of any good mortgage brokers in the Greenville/Simpsonville SC area, someone with experience finding funding for investment property? I will be down there at the end of next week looking at some possible rehabs and may need to move quickly. Would prefer to work with someone who knows the area rather than a broker up here (I am in NY).
THX
Dave N
Brokers can do loans at the speed of light over the internet. Why does the broker need to be in SC…
Just had a couple of “less than productive” discussions with brokers/loan officers here in NYC, seems to me that when they here I am trying to buy property in SC and DON’T want to borrow $750k they lose interest, one loan officer (at my bank) appeared at first meeting to be very useful, went over the figures, didn’t see any problems etc etc ran my credit report and was happy with FICO scores, then seemed to drop off the face of the earth, haven’t heard from him in a week despite numerous emails and calls to his office. So I figured someone local to the area where I’m looking to buy might actually come through.
I have another contact to try (as a result of this post) so hopefully that will be the one, I just need somebody I can work with without having to keep chasing for answers - thats something I can’t abide in my current job, don’t want to have to do it in REI as well!
Dave N
Any broker can help you. I understand you want someone who will give you the attention you need and that can be tough to find (unfortunately).
If you still have questions let me know.
This is all too common- the drop off the face of the earth problem. Once you find someone good, stick with them. Most brokers can do a good job for you in most states, and it shouldn’t matter where they are located. The mortgage business these days is 100% done by fax, phone, and email, and likely even if you work with someone in SC, your loan file will be underwritten and processed in another state.
Update!
Got a call from the loan officer at my bank who I thought had dropped off the face of the earth. He asked if I thought I would possibly live in “the property” (although I keep telling him there isn’t a “The property” only a number of possibilities), I asked “for how long” he said he didn’t think it really mattered as “they wouldn’t be checking anyway”. I asked “what about putting it down as my second home?” and he said yeah that will do it, ok I can get you 95% (conventional loan sales price or appraisal whichever is lowest) based on your middle score it should be no problem. I asked him what the other two scores were as I know I had at least one score nearly 100 above the middle score he was giving me, when he told me the scores it seems they have been dropping over the last few months instead of climbing, he also said there was an account at collection , which there shouldn’t be. He is going to get a pre-approval letter for me on Monday.
After talking with him I called the ownewr of the account that had gone to collection, after checking their records the person I spoke with said that it had gone to collection by mistake as I had paid the account in full, and that they had cancelled with the collection agency, she checked a little more and said that I had actually overpaid them and that they owed me nearly $200 - so they owe me money and because of their mistake (or their collection agencies for not cancelling) my credit scores have dropped at least 15 points.
One last thing, I pulled my credit report and scores tonight and surprise surprise, the score the Bank loan officer was saying was my middle score was actually the lowest, iddle score is 16 points higher than he said.
Was there a question here? Oh yes…can someone tell me just who can anyone trust?
signed…a slightly p#$@%ed Dave N
Dave,
Please be careful with this broker. You are treading on thin ice with what is unethical and may be illegal. Claiming a property is going to be owner occupied when you know the intent is to immediately sell or rent is illegal. Him telling you that “They wouldn’t be checking” is a big RED FLAG. A 2nd home may be an idea if you plan to keep it and use it as a 2nd home. It all comes down to your intent.
The score you pull online is almost always different than what a broker pulls. Most of the time the broker’s is lower.
This guy isn’t a broker, he’s a loan officer at a bank (not a small bank a BIG bank!). There’s no way I would be using whatever he offers after the way the process has gone so far, I doubt if a lot of what he has said is true and have no doubt that when and if it came down to an actual signing of documents I would find a lot of changes between his version of things and the ‘contract’ itself. In other words he just doesn’t know what he is doing.
As to the scores a broker/lender gets being different to the scores you can pull down online are you saying that the credit report(s) Equifax, Transunion and Experian give out when someone pays them for their report are actually wrong? As far as I was aware wouldn’t that be slightly illegal?