Which Types of Loan Finders Should I Use


This question is often asked when I first talk to Beginning Wealth Builders (BWBs) about getting assistance in raising the money they need for the income real estate they wish to buy. The answer, really, is simple. And it is: Use the type of Loan Finder you're comfortable with for the income real estate project you wish to finance.

Thus, if you're working with a real estate broker on the purchase of the property, the Mortgage Broker in his or her office might be an excellent choice.Why? Because a local Mortgage Broker:

  1. Knows properties in his or her area.
  2. Knows lenders in his or her area.
  3. Knows what kinds of deals "fly that is, get loans.
  4. Knows how to "massage a Loan Application for faster funding.
  5. Knows when to drop one lender and go on to the next.

So if you're dealing with a real estate broker, ask to speak to his or her Mortgage Broker. Your funding may be as close as the next desk! If a Mortgage Broker isn't available, try a Financial Broker who is familiar with real estate in the area in which your future property is located. Why use a Financial Broker? Because an experienced Financial Broker can:

  1. 1. Contact lenders specializing in the type of property you want to buy.
  2. 2. Tailor your Loan Application to the needs of chosen lenders.
  3. 3. Advise you on the best amount to request for your loan. While $128,672 may be the amount you need, $130,000 may be a better number to use, based on the Financial Broker's earlier dealing with selected lenders.
  4. 4. Negotiate the interest rate to a level you are willing to accept, based on the expected Income and Expenses of the property.
  5. 5. Advise you on the term (loan duration) the lender prefers, so you can see if the proposed term allows you to have a Positive Cash Flow from the property you're planning to buy.

"So where, you ask, "can I find a suitable Financial Broker? One of the best places is my newsletter, International Wealth Success. Each month it lists numerous Financial Brokers who might help you. And, as a subscriber, you can advertise free of charge every month in the newsletter to find a qualified and friendly Financial Broker for your deal.

You can also use a Finder to seek the loan you need.When considering using a Finder, keep these thoughts in mind:

You can also work with Loan Originators in your area having them find the loan you seek.Most Loan Originators work with just one lender. So you must determine in advance if the lender a Loan Originator represents makes the type of loan you seek. Thus, you would not work with a single-family home Loan Originator for a multifamily home loan. Likewise, the reverse.

You'll find Loan Originators advertising in the newsletter mentioned before. You may also find them advertising in your local newspapers both daily and weekly. Follow the same procedures listed earlier for Loan Finders.

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This article was sent to us by: Gwen T. at 03272010

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