Has anyone worked with this broker/lender? Timothy Hero of Hero Mortgages LLC | 9962 Brook Rd, #639, Glen Allen, VA 23059 Timothy Hero of Hero Mortgages LLC | 9962 Brook Rd, #639, Glen Allen, VA 23059 Timothy Hero of Hero Mortgages LLC | 9962 Brook Rd, #639, Glen Allen, VA 23059

I have used Hero mortgage for a portfolio of houses in Texas and a STR purchase in FL. Went smoothly, and he got the deal done. I am pleased.

Just now seeing this about me, lol. Yes, I'm legit. I've brokered $75 million in DSCR and over 315 transactions. I can show proof if needed, lol.

Hey Cristen, What terms are they offering? From my experience sometimes the best rates and terms come at the expense of harder underwriting, longer wait times, and sometimes a waste of time (because they can't perform). Would recommend working with a trusted broker instead.

With all DSCR lenders you might ask if they have a NMLS number. I have no idea if the above does or not. But, if they do not it means they can ONLY do business purpose loans. That MIGHT be the best program for you, but even if it is not that is what you will be sold as it their only product. When you are hammer everything looks like a nail. Most every lender on this board can do both conventional, non-qm AND DSCR. Secondly, DSCR rates are often quoted as floor rates meaning they will cost a lot upfront to get those floor rates. Understand how costs effect your deal. Finally, ask about pre-payment penalties and do not ignore them as rates might fall in the future. With a pre-payment it can make it very expensive to take advantage. There are DSCR products without PP. I know nothing about the above firm you mention, but a quick look on their website shows they are likely offering you DSCR, so just general things to look out for in that world.

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Updated 3 months ago on 12/03/2024. Most recent reply

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Cristen MarcottePoster

Louisiana

Mortgage Brokers & Lenders

Has anyone worked with Hero Mortgage?

Cristen MarcottePoster

Louisiana

Posted April 07, 2023 10:35

Has anyone worked with this broker/lender?

Timothy Hero of Hero Mortgages LLC | 9962 Brook Rd, #639, Glen Allen, VA 23059

Cristen Marcotte

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Cristen MarcottePoster

Louisiana

Cristen MarcottePoster

Louisiana

Replied April 07, 2023 13:58

Thank you. I'm a real estate investor and only do business purpose loans. I also do 30-year cash out Refis on my rentals once they're rehabbed and rented so am very familiar with DSCR loans and rules. I'm just also always looking for a lender with better terms than the ones with whom I'm currently working at any given time.

Cristen Marcotte

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