Posted on: 30th Jan, 2008 04:18 pm
I live in Missouri and buy, remodel and rent out fixxer-upper houses in nice areas. I hate that I have to go through a major hassle every time I need to find a loan for a new property.
Because I can't find a basic listing of current rates from reputable lenders for this type of mortgage, I end up calling multiple lenders and spending hours fending off sales pitches and answering tons of questions from loan company personnel simply to obtain this information, which, it seems to me, should be readily available. Right now I'm interested in refinancing one of the properties, and it's the same thing all over again.
I've been active in buying and rehabbing for almost 15 years and am also a real estate broker. My credit score is in the upper 700s and I keep fewer than 10 properties so I don't need to move up to a commercial loan, so I don't need to call individual loan comapnies for any special high-risk services or real estate-related explanations. Anyone know of any such basic information service or site such as I describe?
Thanks.
Because I can't find a basic listing of current rates from reputable lenders for this type of mortgage, I end up calling multiple lenders and spending hours fending off sales pitches and answering tons of questions from loan company personnel simply to obtain this information, which, it seems to me, should be readily available. Right now I'm interested in refinancing one of the properties, and it's the same thing all over again.
I've been active in buying and rehabbing for almost 15 years and am also a real estate broker. My credit score is in the upper 700s and I keep fewer than 10 properties so I don't need to move up to a commercial loan, so I don't need to call individual loan comapnies for any special high-risk services or real estate-related explanations. Anyone know of any such basic information service or site such as I describe?
Thanks.
Hi Flynell,
Welcome to the forums.
I am not sure as to why lenders are not offering you a basic list of the current rates. Usually if you provide some details of your financial situation, you are likely to get mortgage quotes comprising off the loan programs you can qualify for as well as the the APR and the interest rates.
As far as the questions are concerned, I feel lenders prefer to offer quotes that can suit your requirements and since that vary from one person to another, therefore they ask you a lot of questions which are a part of the loan process.
No doubt, you will find a lot of sites providing the national weekly mortgage rates and even this community offers such information. But that will differ slightly from one person to another. Still, if you would like to go through the rates as updated since the 23rd of this month, have a look at http://www.mortgagefit.com/rates/ .
However, I would suggest that you talk to some lenders to get the current rates that can be offered to you. And, just in case you'd like to get an idea of the rates in upcoming weeks, please refer to a discussion on Upcoming mortgage rates .
Take Care
Welcome to the forums.
I am not sure as to why lenders are not offering you a basic list of the current rates. Usually if you provide some details of your financial situation, you are likely to get mortgage quotes comprising off the loan programs you can qualify for as well as the the APR and the interest rates.
As far as the questions are concerned, I feel lenders prefer to offer quotes that can suit your requirements and since that vary from one person to another, therefore they ask you a lot of questions which are a part of the loan process.
No doubt, you will find a lot of sites providing the national weekly mortgage rates and even this community offers such information. But that will differ slightly from one person to another. Still, if you would like to go through the rates as updated since the 23rd of this month, have a look at http://www.mortgagefit.com/rates/ .
However, I would suggest that you talk to some lenders to get the current rates that can be offered to you. And, just in case you'd like to get an idea of the rates in upcoming weeks, please refer to a discussion on Upcoming mortgage rates .
Take Care
Hi flynnelhoffer,
I understand it takes time when you go through a lot of hassles every time you look out for a new loan. But there's nothing better than comparing the rates, calculating the payments and then figuring out the best offer for you. In the end, it saves a lot of money.
Oh, by the way, you are into buying and renting out properties, so possibly yours will be an investment loan. And, you won't find the same rates with every company. there will always be slight variations. It's the market rates and then the factors these companies/lenders consider before offering the quotes. So, I believe there isn't a short cut way out there.
Regards,
Jessica.
I understand it takes time when you go through a lot of hassles every time you look out for a new loan. But there's nothing better than comparing the rates, calculating the payments and then figuring out the best offer for you. In the end, it saves a lot of money.
Oh, by the way, you are into buying and renting out properties, so possibly yours will be an investment loan. And, you won't find the same rates with every company. there will always be slight variations. It's the market rates and then the factors these companies/lenders consider before offering the quotes. So, I believe there isn't a short cut way out there.
Regards,
Jessica.
There really isn't a subscription service per se available to you as a consumer......why not pick a good broker and let them handle your business......most have acess to this type of information and are more than willing to trade volume for fee's......
There is not a site to suit your request.
Most loan programs are ran through an Automated Underwriting System. If this system does not approve you then you do not get that type of loan.
Then even if it does not use that systemeach loan have different guidelines.
Work with 2-3 consistently and they will know your situation for the next time. It should be a little less hassle then.
Most loan programs are ran through an Automated Underwriting System. If this system does not approve you then you do not get that type of loan.
Then even if it does not use that systemeach loan have different guidelines.
Work with 2-3 consistently and they will know your situation for the next time. It should be a little less hassle then.
Hi Greg,
I think if Flynell can explain his situation, some of our community lenders might be able to help him.
However, Flynell, you need to send us your request for mortgage quotes so that we can pass it on to the community lenders. They lenders would then consider your requirements and try to match them with their loan profiles. In case they are able to match their profiles with your loan requirements, they shall contact you asap for the quotes.
Good luck
I think if Flynell can explain his situation, some of our community lenders might be able to help him.
However, Flynell, you need to send us your request for mortgage quotes so that we can pass it on to the community lenders. They lenders would then consider your requirements and try to match them with their loan profiles. In case they are able to match their profiles with your loan requirements, they shall contact you asap for the quotes.
Good luck
Great idea! I am a bit new to the forum. So nice to see there is such a thing here for people.
"Anyone know of any such basic information service or site such as I describe? "
A mortgage broker! You have been at this for 15 years and still haven't found a broker you trust? I work with several investors in my area (I only really do local business). It takes a while but eventually they all give up on shopping around on me. Sometimes they can find better deals, but it is never such a difference that it makes it worth it to lose the comfort of knowing I won't BS them.
It can be hard to find someone trustworthy, and frankly, you will probably have to compromise if you want good help. What I mean is if I get a real estate agent or broker who calls me and always wants rock bottom pricing...yet never seems to refer all those "volume" deals... I drop them. I usually won't even do deal 1 if I don't get a freebie first. So you see even though you are the customer not every LO and especially top producing LO's have time to deal with investor clients. Don't take it the wrong way but if you are like me, I bet you can be hard to deal with. Not that I would blame you but lenders want to get paid too, and the quality LO's have to find ways to find time to give the service their clients deserve.
So take it as you will, maybe you don't need a list of interest rates, maybe you need a partner in the mortgage business.
Best of Luck to you.
A mortgage broker! You have been at this for 15 years and still haven't found a broker you trust? I work with several investors in my area (I only really do local business). It takes a while but eventually they all give up on shopping around on me. Sometimes they can find better deals, but it is never such a difference that it makes it worth it to lose the comfort of knowing I won't BS them.
It can be hard to find someone trustworthy, and frankly, you will probably have to compromise if you want good help. What I mean is if I get a real estate agent or broker who calls me and always wants rock bottom pricing...yet never seems to refer all those "volume" deals... I drop them. I usually won't even do deal 1 if I don't get a freebie first. So you see even though you are the customer not every LO and especially top producing LO's have time to deal with investor clients. Don't take it the wrong way but if you are like me, I bet you can be hard to deal with. Not that I would blame you but lenders want to get paid too, and the quality LO's have to find ways to find time to give the service their clients deserve.
So take it as you will, maybe you don't need a list of interest rates, maybe you need a partner in the mortgage business.
Best of Luck to you.
Hi flynnelhoffer,
My advice is to work with a good mortgage broker. This person can find the mortgage lenders that offer the best mortgage rates for your situation. Mortgage brokers can compare lenders with just one application, thus eliminating the hassle of calling them individually and giving your information over and over.
My advice is to work with a good mortgage broker. This person can find the mortgage lenders that offer the best mortgage rates for your situation. Mortgage brokers can compare lenders with just one application, thus eliminating the hassle of calling them individually and giving your information over and over.
My advice is work with a Bank ... find someone that you trust ... an eighth to a quarter of a point one way or another doesn't make a huge diffference. Fees and add ons for investment properties do. Your credit score and the loan to value do.
By the time you shop several different lenders the rates have changed. Our rates often change two or three times in a day.
The industry and guidelines change everyday. Which is why it is so difficult to get a listing of rates for your needs. Each loan officer needs specific information to calculate a rate.
By the time you shop several different lenders the rates have changed. Our rates often change two or three times in a day.
The industry and guidelines change everyday. Which is why it is so difficult to get a listing of rates for your needs. Each loan officer needs specific information to calculate a rate.