Being a newbie investor I still get confused when it comes to the various different loans out there. When I talk to a loan officer I sometimes get a “dear in the headlights” look on my face when they start describing all the different loans I could qualify for. I don’t like the feeling of having to blindly trust someone when they say “trust me, this is the best loan for you”. I was wondering if anyone had some good advice on where I can become more knowledgeable about this matter. Are there any good books or courses I can take? I don’t want to become a loan officer, I just want to expand my vocabulary and to get a better understand of what is going on around me. This is a great site and to all that post thanks.
You could simply pick up the phone and call a mortgage planning consultant that specializes in investment loans.
here is a link that describes the majority of lending programs offered…
http://www.jumboinvestments.com/wst_page11.html
in addition, you need to answer the questions about yourself:
How long am I going to stay in this property?
What monthly payment will make me financially comfortable?
Where do I see my home investment in 5 years? 10 years? 15 years? 30 years?
Do I want to pay off my mortgage or save money for my kids college? or both?
How will my income adjust in the next 5 years? 10 years?
Do I want to invest in other properties?
Is it an interest rate that concerns me or monthly payment?
How am I able to afford closing costs? Will the seller contribute towards closing costs?
and do call a mortgage professional.
Your local REI club is one of the best places to go. National REIA (http://www.nationalreia.com/index.html) has links to the local groups. Take the education the group has to offer and, by all means, get involved with other investors!
Good luck!