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Updated almost 5 years ago on . Most recent reply

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Haley Powell
  • New to Real Estate
  • Dallas, TX
41
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86
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What to expect when talking to a lender or mortgage broker

Haley Powell
  • New to Real Estate
  • Dallas, TX
Posted

I am one of the many who are looking to get a househack going in Dallas when I move there in May, and a natural part of that is lenders. An agent has (very helpfully) sent me a list of lenders/brokers (are those the same thing?) that I can call to talk to regarding a mortgage. My concern is that I have no idea what to expect. What kind of information should I have prepared? What will they ask, what should I ask? I've read that you should compare the offerings of each and go from there, but I'm unsure of how to get there. I hope to use an FHA loan on this property, so I assume I'd need to find out if they even offer that and what interest rates I'd be working with. Do I just call or email them outlining my situation and go from there? I am clearly just getting started and I don't want to come across as ignorant or waste their time explaining things I should already know. Any advice is appreciated!

Most Popular Reply

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Yonah Weiss
  • Cost Segregation Expert and Investor
  • Lakewood, NJ
1,521
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1,416
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Yonah Weiss
  • Cost Segregation Expert and Investor
  • Lakewood, NJ
Replied

@Haley Powell good luck on your upcoming transition.

First of all there are hundreds of lenders and loan products out there, and not every lender offers everything (for example FHA loans like you are interested in) Whereas, a mortgage broker will work with many lenders, and many products, and a good one will be able to find you the best rates and terms that are available. Brokers usually charge an origination fee (typically 1% of the loan amount).

I would call or email a few of them, and as you say, outline your situation, and see who can, not only offer you the best terms, but also educate you, and walk you through the process of buying your first property.

  • Yonah Weiss
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