Traditional Bank vs Mortgage Broker vs Credit Union for a 2 Unit Investment property

[Jessica Heller]

Hi everyone - quick question for you. I'm going to purchase my first multi family investment property in Florida. I am trying to decide whether or not I should go through a traditional bank (JPM), a morgage broker, or try and find a credit union. Does anyone have any thoughts or ideas? 

Thanks so much! 

[Stuart Udis]

You can't categorize all "traditional banks" and all credit unions together. Different banks will have different lending guidelines, legal lending limits, fees etc. It's also a fluid situation as banks are constantly being acquired or merging so paying close attention to which banks these loan officers move around to is generally a good indication of which banks are going to offer the most aggressive terms. However, banks that are located in the same general area will typically offer similar loan products. If you are buying a 2 unit building, especially if you are planning to buy additional investment real estate your best bet is to work directly with the smaller banks/credit unions in your community if that's where you are purchasing or in the area where you plan to buy. These relationship oriented lenders will prove to be beneficial as you grow. I don't believe you need to pay a broker for such a simple loan request.