All Forum Posts by: Dennis Muno

Hello Gerardo,

Happy to answer your questions. What many people miss is that a quote is a quote and nothing more. Banks/lenders quote all day and some may not be honest because they want to hook you in and make you a customer.

Nothing is official until you get an official rate and terms sheet/loan estimate, as wall as talk to someone with the bank/lender who goes over their loan pricing and what your options could be. Also, even when a lender can lend, if you fail underwriting you may not be qualified for the loan.

So ask them for an official loan estimate. 

You also have mentioned that banks are become more selective. Absolutely true. With interest rates quite high now, lending is risky to banks so they will be more selective. I would also say if you want to increase your chances of getting some financing options despite all these current market situations I would recommend you call a local mortgage broker near you.

Mortgage brokers unlike banks are able to shop multiple banks/lenders to find you options. Usually, the more banks/lenders they can call, the better your option of finding someone who will approve your financing request as well as finding the best financing offer(interest rates, terms, etc) despite the current market conditions.

I hope some of my answers were helpful to you. Best of luck!

I would say for each scenario let a loan officer show you pricing and an actual loan estimate before you decide to plunge.

I would also recommend you call a few lenders near you and ask the to give you pricing and a loan estimate on each. Or even better call a mortgage broker locally and ask him to provide you loan pricing from multiple lenders for each of your scenarios.

I would say the more options you are able to consider, the more you will be able to find a way forward that is the best financing option for you. Best of luck to you!

I would recommend you call up a couple of banks/lenders near you or in state to start. The more financing offers you get, the better. 

Or call up a mortgage broker near you. They should be able to shop multiple lenders and provide you with some options for your financing. 

Once you compare offers and find one you like which works for you(interest rate, loan amount, terms) you can proceed.

The more options you get to compare either from banks/lenders, the better for you.

Best of luck!

Hi!

My opinion is that whenever you are looking for financing you should at least get a financing rate and terms sheet from at least 5 lenders. You compare and then find out the best financing deal. That could help you do the project but also cashflow nicely after everything is done without insane loan rates and terms.

I would suggest you call a local mortgage broker nearby you. Unlike your regular bank, the mortgage broker is usually partnered up with 50+ lenders for them to shop for a good deal for you. Usually, the the more offers they can get, the better the financing you could get because you'd be comparing the many offers for financing given you.

Best of luck!

I would say if you want to find the best financing deal, you should contact a local mortgage broker near you. Unlike a single bank/lender, mortgage brokers are able to go shop around multiple banks and lenders and present you with multiple financing offers.

Usually, the more financing offers you can compared, the best your chances of finding the loan with the lowest possible rates and terms for you depending on your and the property's financials.

Best of luck to you!

Hello John,

I would recommend you call up a mortgage broker near you. Unlike banks, they are able to shop multiple banks/lenders to provide you with options. Usually, the more options you have, the likelier it will be to find a financing deal that will affordable for you and will work for you. 

I will say you should start from there. Best of luck to you!

I would recommend you contact a local mortgage broker near you. They will be able to shop multiple lenders/banks to be able to provide you with a financing that will be used to purchase the homes in the park.

Best of luck to you!

I would recommend you call a mortgage broker nearby and have them shop around to try and compare multiple bank statement loan lenders.

Mortgage brokers usually have 50+ lenders they can shop with and they should be able to shop with multiple bank statement loan lenders and provide you with offers. The more options you can compare, the better for you. The more lender offers they can shop and present you, the likelier it is you will find a bank statement loan with an interest rate and monthly that will be the best offer you can get.

Best of luck

Congrats on building up your portfolio. 

I would say for financing options may you should call up a local mortgage broker to see if he can make some calls and provide you with some options. Mortgage brokers, unlike banks do not lend but are intermediaries to other lenders/banks. They usually are partnered up with 50+ lenders and are able to shop multiple lenders to provide you with some options. I would say the more offers you get, the more likelier you are to find some options.

That being said, you also wanted to be realistic. Interest rates are up now and your financial health will play into the kind of offers you receive who wants to lend to you.

I will say start from here.

Best of luck to you!

I would say you should call an established mortgage broker in your vicinity and give them a call. Mortgage brokers unlike banks, do not make them loans but are usually partnered up with 50+ banks/lenders and are able to go around and shop multiple lenders to try and find you the best financing deal possible. 

I would recommend you give a local mortgage broker a call and ask them to try and find you some financing offers. Compare the offers and then decide which one of the offers would work for you. The more offers you compare, the likelier the option of finding one that works best for you

Best of luck to you!