You may get investment property financing from a wide range of borrowers from credit unions, big banks, a mortgage broker or a lender online. Below are a few of the options for your investment property financing at your disposal.
Community Banks and Credit Unions
The safe option is the Community bank. You likely have an account already, or previously had one. There is more of a social interaction, as the local lender in your neighborhood makes his money by financing the investment property and wants you as a client. He will make some sacrifices on items like credit score, and even down payment. Unfortunately, local banks also are a little shorthanded and, if you have one, it might take longer to get an appointment or to resolve a crisis.
The big guys are the national banks for a reason. They have reputations as organizations with plenty of experienced and qualified workers. Yet they also have time and resources to provide 24-hour customer service. So they don’t go anywhere. National banks are too big to fail and that can be an obstacle. For major banks you are just a figure. They rarely know you by name and they may take their time to deal with your problem if you’re not a big account.
Mortgage brokers are like going on a blind date. They sound interesting, but you’re not sure whether it’s going to be successful. Mortgage brokers are in touch with many borrowers, and they’re going to see a lot of offers, one of which could be exactly what you need for investment property financing. Because they get a commission for setting up a contract, however, there is a question of whether they look at the agreements that favor you … or those that favor them!
Finally, there are the young , attractive online lenders, who are quick to get all the attention. Internet borrowers make any in-person interaction all but abolished. The process of applying and reviewing online is quick. Really Quick.
If you are ready to begin the journey to owning an investment property, send us an email at email@example.com. We offer a variety of investment property financing options and would love to help.