Questions to ask mortgage broker at 1st meeting

[John Leonard]

Hi everyone! So I’m working on my networking and building my “team”. I am meeting with a mortgage broker on Wednesday. I do not have a property yet. I am just seeing where I / we (wife and I) stand for prequalifing for various loan products. Things I’m specifically interested in is using BRRRR, possibly hard money. So I have questions around that and how she could coordinate it, if she has experience with it, etc. Anything else I should be drilling down on? Thanks!

[Andrew Syrios]

You should definitely try to get prequalified if you can. I would ask about what kind of hurdles you might have given your income/credit, what kind of terms she thinks she could get you (rate, amortization, term, LTV, etc.) and what seasoning period the banks she works with offer (to refinance your property at appraised value versus cost, if you are doing the BRRRR model). You should also ask about her fees and experience of course.