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Updated over 8 years ago on . Most recent reply

Account Closed
  • Investor
  • Virginia
4
Votes |
19
Posts

Questions to ask a HM/PM lender

Account Closed
  • Investor
  • Virginia
Posted

Hi guys:

I am in the process of doing a 1031 and am looking at HM/PM to make up the difference between the property I'm selling and ones in the area I'm looking at purchasing.  

I'm preapproved for a conventional mortgage but I want to explore HM/PM to be able to make a stronger offer.  This would be my first HM/PM loan.

What should I look for when I begin speaking with lenders?  Are there any valid certifications in this area of lending (for HM)?  Are there any red flags that signify someone that I should not work with in your experience?  

And are there terms that I should be paying attention to besides interest rate, points, other origination fees, loan length, extension clauses and prepayment penalty?

Any and all information/advice would be appreciated.

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