Lenders for House Hacking: Local or Big Banks?

[Jacob Flores]

Hello everyone,

I am in the early stages of house hacking a small multi-family property, most likely a duplex or triplex. I wanted to ask what or who you would recommend as the first lender. I plan on investing in Arizona, hopefully a bit outside of Tucson or Sedona. I went to Bank of America just to ask a loan officer some simple questions on how I can set myself up to be easily preapproved when I decide to pull the trigger on a property. He told me where I am at after I told him my income, debt, and general credit score. But I have read that it is much better to get a local lender as they generally have better rates and less interest than the big banks. 

Wanted to read some of your opinions of the pros and cons of big banks compared to finding local lenders, and maybe some experiences you guys had. Thanks!

[Cristian Toaca]

I would recommend getting in touch with an actual Mortgage Broker who has the options of a local lender and a bank combined. 

I personally work with over 40 handpicked lending institutions. That way you get the best without having to pull credit for 40 times. 

Let me know if you have questions.