Which Bank Should I Choose?

[Luke Carl]

Currently have 2 investment properties. Eager to get more soon.

I've called about 20 banks asking questions about refinancing my primary home to start building a relationship with them and get me in to more properties. Strategy is to cash out refi and take that cash and put it on a down payment for the next investment.

I've narrowed it down to two banks. Both have said they'll give me up to 10 conventional loans. Bank A says after that it'll be 5-1 arms at 30 years Bank B says 5 year balloon loans.

Bank A is very professional and has several branches. The loan officer is the same age as me and I feel like he's understanding what I'm looking to do.

Bank B has 3 branches and seems hungry to make me happy but I also worry they'll go out of business next week. The Loan officer is older and sometimes has to think very hard about my questions.


Any suggestions? What are the befits of either an Arm or a Balloon? Or will I ever even get to that point? If they'll let me refinance all 10 properties in to one loan and give me more conventional loans do I even care arm vs balloon?


Should I look for bank C?

Thanks! 

[Chris Mason]

Hi @Luke Carl,

Ignore what they currently offer for >10 financed property scenarios. By the time you reach that point, it'll likely all be different anyways.