Lender for Investment Property - Upstate New York

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atxll
Posts: 40
Joined: Tue Jun 12, 2018 5:20 pm

Lender for Investment Property - Upstate New York

Post by atxll »

Hello, I'm looking for a bit of advice on finding a great deal with a lender who handles investment property purchases in Upstate New York. I'm looking to purchase a 2-4 unit multifamily property.

I've contacted a couple of lenders recommended by the realtor but was not impressed. They aren't interested to share any detailed estimates upfront and the numbers they have shared were ridiculously high. I know the lenders recommended by agents are usually local and can get a deal done quickly, but they also tend to have the worst rates and highest closing cost fees.

I've also submitted inquiries to LoanDepot and Better but haven't heard back from anyone yet. I think they may be focused more on refinancing?

I'm looking for someone who will put together a good faith estimate showing rate and closing cost fees without a hard credit pull. We are going to start looking for the property in early November but may not find one right away. I really don't want a bunch of hard pulls on my credit because this process may take more than 45 days. I can supply tax returns and a printout of credit report. A soft pull would also be OK. Credit scores are high.

If anyone has a lender they recommend or if you have any tips or tricks on how to find someone who is willing to prepare estimates prior to submitting an offer and is confident their rates and fees are the lowest, I would much appreciate it.
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Beensabu
Posts: 5618
Joined: Sun Aug 14, 2016 3:22 pm

Re: Lender for Investment Property - Upstate New York

Post by Beensabu »

Start with whoever you bank with, then credit unions, then call around to whoever you can think of and ask if they are willing to do a pre-qualification and provide an estimate for a real estate investment loan without a hard pull. You can't lock down a rate unless it's a pre-approval, and that means a hard pull. They don't have to tell you your closings costs until 3 business days before you close, but they might be able to give you an idea of what % of purchase price it normally is with them, if you ask.
"The only thing that makes life possible is permanent, intolerable uncertainty; not knowing what comes next." ~Ursula LeGuin
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