All Forum Posts by: Dennis Muno

 So, hard take on the financing aspect of your question. The only way to know what financing option is good for you, especially with regards to qualifying, and monthly cashflow after expenses, is to get loan pricing/ a rate and terms sheet from a couple of lenders and then compare the options before you proceed. Do that with regards to credit, downpayment amount, rate lock period, originator compensation type(lender paid/borrower paid), etc. Then compare.

 The only way to know what loan type option you should use is to get pricing first. That being said, pricing(and rates) change multiple times a day until you lock. Pricing is basically a quote until you lock. However, it will give you an idea of what your principal & interest, mortgage insurance will be if you get that loan, as well amount of money needed if you want to buy down rate will be/the amount of lender credit you could get towards closing costs.

i hope all I've said has been meaningful

I would say usually, the more the partners the less the risk the loan will not be paid, which will usually mean a better rate.

Lending is usually based on your risk and a partner is even better-more money could be put down for downpayment, more people could guarantee the loan, etc.

I would say though-vet whoever you partner with. Also if their credit is absolutely trashed and you have better credit, that could bring down the combined credit that will be used to qualify you for any loan product and bring holdups in the lending process.

A partner is good but vet them

I hope all I said has been helpful

I will say make some calls to lenders around you and ask them for pricing with some info like your FICO, the equity on your property, and see what they have to offer

Hello Joshua,

I will recommend you call up a local mortgage broker. They will be able to call numerous banks to shop financing offers based on the financial info you provide(your FICO, loan amount sought, max downpayment amount, etc) and get you a couple of lenders who will lend to you and loan pricing.

I will recommend you proceed from there

I would recommend you call up a mortgage broker near you. A mortgage broker will usually have 30+ lenders they can call to ask for financing offers for you.

I would say call one, give them your financing request(2nd position) and let them do a search for who is willing to lend. Once they provide you offers, compare and pick the one with with financing rate and terms more beneficial to you. Easier said than done but you can start there

Hi Abdul,

If you are still looking, I would recommend you call up a mortgage broker near you. They usually are able to call upon 50+ lenders based on your financing requests and finances(your FICO, downpayment amount) to propose options for you.

I would recommend you call one and let them shop around for you to see what can be done.

Best of luck!

 Hello Venslaus,

It's been over a month since you posted this. However, if you're still searching, I would recommend you call up a local mortgage broker. Usually, they have 50+ banks/lenders for them to shop lender offers for you. They should be able to take your financing request as well as info like your FICO and financials to lenders for them to produce financing bids. Once the financing bids come in you should carefully compare each financing bid, run up your numbers and decide which offer would work best for you. I think you can start there if you are still searching.

There are multiple options for this. I would recommend perhaps you call a local mortgage broker to assist you with this. The more banks/lenders they can run your scenarios with and the more financing options they can provide you, the higher your chance of finding financing that will work for you. You can ask the local mortgage broker to assist you with that.

I will recommend you compare at the very minimum, five lenders before you settle on an option. 

Best of luck to you!

Hello Claire,

What everyone here said has said is so good. I would also say before you settle on one financing offer you should call up multiple banks/lenders and let them get you pricing based on your FICO, downpayment amount and other factors. Better yet, perhaps call a local mortgage broker to do that for you.

A mortgage broker will be able to call up 10+ lenders and get their pricing and hopefully connect you with the lender pricing that would have the lowest interest rate offer and favorable lending terms.

Also consider DSCR loans like many have said here. DSCR loans for proof of income do not use your income but if the income that will be generated by the property rent will cover at minimum all the monthly loan principal, interest, taxes, and insurance. That is a great way to proceed.

iI think once you are able to decide on many options and settle on the one that makes sense when you run your numbers, that would be a great way to proceed. 

Good luck!

I would also recommend you keep your options open and compare them all.

I would recommend you also call a local mortgage broker near you. Mortgage brokers unlike banks/credit unions are usually partnered with 50+ banks/lenders and are able to shop multiple lenders for financing offers for you. I would recommend you call them all, get some rate and terms sheets and then decide out of the many, the best to proceed with