Switching Lender - First Rental (OH)

[Christian Wendelboe]

Hey everyone! I am currently in the process of getting my first rental property. It is out of state as I live in NYC, also my first property ever as I rent my main dwelling in the city. I've been wanting to get going for a while and it looks like we finally found a property to pull the trigger on.  I connected with one lender so far and want to hear from others and try and get a competitive offer. I should hear back on whether or not the sellers accept our offer today. How long do I have to keep looking at other lenders? Is it already too late? Or could I keep reaching out to others to keep things competitive? 

Also, would love any recommendations on lenders in Ohio (Cleveland area).

Thank you all!

[Robin Simon]

Quote from @Christian Wendelboe:

Hey everyone! I am currently in the process of getting my first rental property. It is out of state as I live in NYC, also my first property ever as I rent my main dwelling in the city. I've been wanting to get going for a while and it looks like we finally found a property to pull the trigger on.  I connected with one lender so far and want to hear from others and try and get a competitive offer. I should hear back on whether or not the sellers accept our offer today. How long do I have to keep looking at other lenders? Is it already too late? Or could I keep reaching out to others to keep things competitive? 

Also, would love any recommendations on lenders in Ohio (Cleveland area).

Thank you all!

 In this environment it is always smart to talk to as many lenders as possible and have backups ready even if you choose one to go down the underwriting path with.  Lots of deals are dying during underwriting or at the end due to the insane market volatility so you should be prepared to have multiple backups in the lending department