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.
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
Ted, thanks for the info. Joe.
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.
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
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
dgpioneer@juno.com
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?