Charlotte, NC · Member since 2017 · 3 posts · 2 votes
Good morning everyone.
I'm looking for Advice and Recommendations on seeking a lender.
I'm new to REI and my goal is to invest in two SFH rentals then add an detached garage to my home with a loft on top that will become a AirBnB in the next two years.
But BEFORE all that I need to refinance my current residence. I want to take advantage of current low rates and switch from a 15 year fixed mortgage to a 30 year fixed mortgage in order to free up cash flow and also lower my monthly debt-to-income ratio.
That being said, what would be in my best interest starting out?
To look for a portfolio lender now that can handle my refinance now and then later handle me REIs? Go to a mortgage broker to find the best terms for each item separately? Find the best terms on the refinance online now, then find a lender for the REIs once I've found properties I want to invest in?
What advice would any of you offer for my situation?
And finally, what lenders do you recommend in the area for my plans?
Huntersville, NC · Member since 2017 · 30 posts · 21 votes
6y
For my personal property, I searched online to get the best rate and brought that rate to a bank and they matched it.
Since then, I’ve used a mortgage broker for my investments. I’ll private message you his contact info, he works for a small bank and I’ve found that works best once you get into multiple properties because they know you.
Also, once you get a property, you get to add that as income for your next one, but of course your debt is higher.
If your married it’s easier because you can get twice as many if you just keep a single name on each mortgage. :)
Rental Property Investor · Charlotte NC · Member since 2019 · 8 posts · 4 votes
6y
I'm a mortgage loan officer and work for a lender here in Charlotte and would love to see how I can help out. I'll PM you my contact information. I have access to traditional products and non-traditional products.
You should always look at a minimum of 2 different lenders to make sure you're getting a good deal and can compare apples-to-apples.