Traditional Mortgage Loans for Investors...

Financing, Hard Money Lenders, Private Money
1

New to this and need some direction.

I’m looking at a couple of imvestments. One in my neighborhood and one that is student housing. I’m looking to put as little down as possible (stop smiling…I know), basically 5-10% and possibly a 30 year interest only loan to keep the payments down.

I’ve been doing some research on the Internet and have had a hard time finding many traditional mortgage loans for investments in order to do a comparison. I came across Quicken Loans with a 10% down, 30yr IO, 6.25% with .625pts but have unable to find others that easily.

Any information you can provide, whether how to search or sites to check out would be appreciated. Thanks…

2

Run from Quicken, that’s for sure. Take 3 minutes and check their BBB report on them; last time I saw, it had 300 some complaints.

3

that is actually a pretty good rate for an IO loan.

4

Yeah I would personally run from Quicken LOL, did they bring up there up front app fee yet?

5

No they didn’t. They provided an estimate for total closing costs of $4k for a $200k loan. I used their web chat to get this information. I first called them but the rep I got wanted my SS# and said he couldn’t provide me with a rate without it. I said thanks and hung up.

Where are the other options? As I mentioned, I can’t easily find them. Thanks…

6
Where are the other options? As I mentioned, I can't easily find them. Thanks...

You need to go to your local bank and/or find yourself a broker. They will be able to take your information, review it and tell what you really qualify for. Automated quoting sytems are rarely able to provide you with a qualified quote.

Anything short of a qualified review is a waste of time.