Questions for lenders

[Samuel Maclean]

I am getting ready to call around to banks to find out what they offer for loans.  I am looking for loans for foreclosures.  I have downpayment money and possible money for renovations  Here is a list of questions (in no particular order) What else should i ask?

What loan products do you have?

203k

FHA

Homepath

Homestyle

What is the interest rate/apr on morgages?

Are you a portfolio lender?

What do closing costs look like with you?

Is there a prepayment penalty?

What is minimum dp for each loan?

What are the qualifying guidelines?

How much are you paid?

What am i paying in points?

What are the monthly payments?

[Michael Seeker]

The lenders you approach and the types of questions you ask will depend largely on what you're trying to do with the property.  If it's a fix-and-flip, then you may want to focus more on commercial lenders and whether or not they will do construction loans.  If it's for buy and hold, you may want to get a conventional mortgage.  If that's the case, you can find answers to most of your questions online.

What type of investing are you interested in?