Conversations with Lenders

[Earl Jornales]

I've set out a path to buying a multifamily and have been trying to compile a list of mortgage lending options.  I'll be on a call tomorrow with a mortgage expert. They're local, have good reviews, their opinion shows up in the newspaper and are pretty well-known for my area.  And I kind of wanted to prepare for that first conversation.  

1. What questions should I expect will get thrown at me as he's trying to get a good feel about whether or not work with me? 
2. And also the reverse of that, what questions should an investor be asking to see if the lender is a good fit for them?

[Account Closed]

1) I can tell you that you don't have to get a mortgage lender to get a "good feel" about you in order for them to make the decision about whether or not to work with you.  If you have the deal and have the down payment, more often than not, they will work with you.  They're in the business to lend money.  You are doing each other a mutual favor, believe it or not.

2) This depends on what type of relationship you want to have.  Me, I have a relationship with my lender, but I don't really need one.  If I could make it all happen through email and docu-sign, I would.  I ask him questions all the time (and feel like a complete newbie doing it, but I don't care.  I asked him an emailed question today regarding escrow).  But, for what it's worth, is the lender giving you a good rate for the investment and your personal financial situation?  Because, in all honesty, after closing and you set up your recurring payments to pay the note every month, you may never interact with that individual again.  I would ask what the fees will be (origination fee, all of them).