OfflineThis is not an advertisement for any company. I just wanted to share a site I came across that connects you to a list of brokers/lenders for any state. I found hundreds of them from my own state. Now the work comes in checking them out, to see which ones would be best for an investor. (dgadmin, please edit if necessay)
Taken from PersonalHomeLoanMortgages.com:
http://www.personalhomeloanmortgages.com/broker
Find a Mortgage Broker
Most people choose to invest in real estate because it has the potential to be extremely profitable. However, due to the real estate industry’s competitive nature, it can often be difficult to choose the right type of home loans and mortgage lenders for your financing needs when you’re in the market for a mortgage refinance, a new house purchase or to obtain a home equity loan. Therefore, because there are numerous options available to you, it can really help to work with professionals, such as mortgage brokers and mortgage lenders in order to get the best possible deal on your mortgage loan.
Types of Mortgage Brokers
When it comes to choosing mortgage brokers and home loan companies to work with, you should know that there are many different types competing for your business. They include financial institutions such as:
Traditional banks
Credit unions
Online mortgage companies
Bad credit mortgage lenders
There are both advantages and disadvantages to each of the mortgage lenders mentioned above. However as a general rule of thumb, you may find that your local bank is usually unable to offer you the best interest rate for mortgage loans. While credit unions are often known to offer borrowers with more competitive rates, the greatest way to ultimately secure the best mortgage rates is to search for lenders and financial institutions that specifically cater to mortgage products and services.
Online mortgage loans are another option you may want to consider for your financing needs. There are several mortgage lending companies that have online presence in the form of different Web sites and forums that you can refer to. There are also specialty mortgage lenders for borrowers with bad credit or for those who have gone through other types of financial hardship, such as bankruptcy. Although banks and credit unions generally do not offer bad credit loans, there are other types of mortgage lending companies that can help you if your credit score is less than perfect.
Working with Mortgage Brokers
Enlisting the services of a qualified mortgage broker can prove to be very beneficial when you are trying to find the right mortgage or home loan for your financial situation. A mortgage broker typically works as an intermediary or “middleman” between a borrower and a mortgage lender. Working with mortgage brokers allows you to effectively comparison shop for mortgages while someone else handles all of the “legwork” for you.
While the convenience that is involved with using mortgage brokers is definitely a huge asset, you need to bear in mind that it too comes at a price. This is why it’s important to take the time to shop around for mortgage brokers and understand the different fees you may be charged for utilizing their services. A typical mortgage broker works on a commission basis. In some cases, you pay the commission and in others, the lender pays the mortgage broker a commission fee. It’s also possible for both you and the lender to have to pay the broker fees.
The bottom line is that most mortgage brokers have invaluable connections in the real estate industry, which means that they are better able to help you get a good deal on mortgage loans. A mortgage broker can also work with you by assessing your individual situation and providing you with customized home loan options to choose from. So if you’re someone who is looking for the right type of home loan to finance your mortgage, remember that using a mortgage broker can truly work to your advantage!
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Hi Rina!
Thank you so much for sharing the great information about the different type of lenders and loans.
Also I checked out the website you mentioned and it really seems like a great resource, especially for newbies like me who is currently has poor credit/no money and seasoned investors alike. Even if one already has a list they work with, I believe it is always good to be open to as many resources as possible. Thanks again
God Bless you!
Love, Light & Blessings,
Darlene
I'm just starting to look at other great resources on the web. (I'm such a Graziosian, I hardly leave this site.) Spreading my wings. LOL
Hopefully I'll find more good stuff to share.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Another great post by the Queen of REI... HEE HEE! It's no wonder we love you so much! Spread those wings and fly here would ya?
Thanks for sharin honey!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Rina, you little devil you, nice post AND very informative, about a subject thats talked about very little on this site, thanks for the info, as always
YOUR HERO, SULLY
Hi Rina,
I'll bet you thought I fell off the face of the earth huh?
One question, when I checked out the website there are Mortgage brokers and Real Estate brokers, what is the difference or isn't there any? Thanks,
Dawn
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie
hi, Dawn,
I see you hung on and got back on the globe. lol
Yeah, there are both, but I think there's a place at the bottom where you can choose JUST mortgage brokers. Then you don't have to sort through.
Real Estate brokers are just that. Realtors. You're looking for Mortgage brokers to get financing.
I haven't spoken with Emily yet. Did you happen to call? I'll try to do that this morning to see what she says.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Hey Rina,
I haven't tried to call Emily yet, I didn't know if you had talked to her about me. I'm hoping she has "connections" in the area. lol!
While I have you here, something interesting happened. The owner of the 4-plex we looked at told his listing agent (not my realtor) that he would be willing to carry a SMALL 2nd on the property. So of course my realtor called & left me a message to let me know this. My husband thinks it's too much work, as I said it's less than half renovated and he feels it would be too costly to complete. It's a really old building plus where is the money coming from for rehab? You know where I am with that! Thought you may find this interesting too. Let me know if you need any more info for Emily and THANKS!!!!
Dawn
______________________________________________________________
"Life's a dance we learn as we go!"
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie
The 2nd, that is.
I'll get back to you this afternoon about the other, OK?
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Sounds good to me, have a great day!
Dawn
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie
While I was a licensed mortgage broker we used www.scotsmanguide.com. This has lenders listed as a database. This service is free and if you want you can order their magazine (which I don't know why you would want to). You can also find sub prime lenders. Once you have a lender you are interested in you can call them and ask who the best, most active brokers in your area is.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Thanks nstreet,
I checked out this site and it gives you various categories of lenders to search from. This is extremely valualbe. I especially like the "Niche" lenders so you can find lenders for a specific criteria.
Thanks again for sharing this.
God Bless,
Darlene
Love, Light & Blessings,
Darlene
Thank you for sharing another excellent site.
Another coach left me this link in a PM, which also appears to be another valuable resource for mortgage brokers.
www.namb.org
Thank you.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
If you need any loan advice go to my profile page and all my information is there. I am willing to answer any questions you may have and if I don't know it, I will get it for you. I am an investor and a loan officer. I am in the trenches every day as you are and have a hand on the heart beat of the lending industry. Send me your questions and I will help in any way that I can.
I have a list of 50 or more subprime lenders that I had put together to add to our approved lenders list. I recently called every single one of them and only spoke with 5 that called me back. Most have gone out of business and the others just didn't return my calls. Point being, it is crucial that the loan broker that you work with knows what he/she is talking about and has access to a multitude of lenders at his/her dispense. They all have different guidelines and each borrower has different criteria that may not fit with certain banks and may with others. Many brokers only have access to 5 or so lenders and that will not due in this market.
Ask your potential broker to tell you how many lenders he is approved with. Having a large network of banks is crucail in this market. Ask how long he has been in business. In this line of work, you can't put a price tag on experience. Ask him/her how many loans he/she has done in the last 6 months. If it is low, then they may not be in tune to the most recent underwriting restrictions and may not know what to look for when looking at your overall picture. Ask him/her if they have access to hard money lenders. Many brokers have virtually no experience working with hard money and don't want to hassle with it. Lastly is he/she FHA approved. FHA approval is very costly and primarily companies that have been around for years and intend to be around for years to come will spend the money to get FHA approved. There are many more questions you can ask but this should suffice for now.
I need to find a lender in the ABQ, NM area that'll fund an FHA loan that'll accept rent as part of the income, without a rental history. I understand that they'll only count 75%. That's fine.
Thanks in advance,
reighnie