hopes2graduate asked:


Im trying to buy a house to flip to make the downpayment on another house I’d later like to buy. Whats some tips on finding the lowest intrest rate and best mortage broker? Excellent credit but not from the city I’m buying the property in. Or even the state. Down payment is not a problem at all. Thanks!

mortage mortgage

3 Responses to “How do I find a good mortgage broker for an investment mortgage in my area? (Mobile, Al) 55k needed plus 10k?”

1. mazziatplay on December 30th, 2008 8:36 am

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   The best rates are FNMA rates, as in most loans. Your location should have no impact on the loan terms.

   Your find the lender you feel most comfortable with the same way you would if you were buying an owner occupied property. We all sell our loans to the same investors so the difference is really in the quality of the loan officer you choose to deal with.

   Traditionally, brokers may have slightly better interest rates but slightly higher fees since they are a middle man. Your loan officer doesn’t even have to be in the state you buy in as long as their company is licensed to do business in that state.

   Sounds like you are looking for an investor Rehab loan. That will limit your loan selection somewhat as not all lenders can do those. I can, you can call me at 800-971-4638, extension 223.

2. Skip on December 30th, 2008 7:34 pm

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   First of all your credit is a national credit report not just for the city you are located in.

   I don’t understand how you are attempting to purchase the property for flipping. Why do you need a mortgage? How long will it take you to flip the property?

   Your credit score will determine what interest rate you will get,not the mortgage broker. The mortgage broker will give you the best score possible based on your credit score, he does not get paid for filling out applications and running credit scores, especially when heunderstand that there is another mortgage broker about a block away.

   So find you a mortgage broker, fill out an application so he can run a credit check and get your credit scores and get you the best mortgage based on your credit score.

   You will need to have available for him

   #1 Two (2) yrs federal income tx and w-2.

   #2 One month of pay stubs

   #3 Six months of bank statements from each bank you conduct business with. Also any 401 k plans you might have at your job.

   Take care of your business and stop sitting on the log.

   I hope this has been of some use to you, good luck.

   “FIGHT ON”

3. emmahersh on December 31st, 2008 5:40 am

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   Quote ….’Im trying to buy a house to flip to make the downpayment on another house I’d later like to buy.” - I have to ask, is there a reason other than the downpayment why you need to buy the first house? If you have excellent credit and a downpayment why not just buy the house you really want. There’s a lot of programs now for 100% financing and investment properties. I am a broker with 1st Metropolitan Mortgage (www.1stmetropolitan.com) and we are not tied to just ONE lender - we have over 200 to choose from and can work in all states with the exeption of NV and HI. Let me know if I can be of help. I am currently in TN and AL is no problem. All advice is free

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