Lender Relationship

Establish a Relationship with a Lender 
The rapport that you establish with a lender is key to your future financial success in Prescott real estate investing. When looking for a company or individual to handle your mortgage there are several points you should consider:
  • Ensure that your lender has experience with residential income properties and be sure you clarify how much of a property’s income they will consider when determining your eligibility for a loan.
  • Gain a comfort factor by inquiring about how this lender has dealt with other clients in similar properties.
  • Whenever possible make personal contact with the decision-maker directly at your lending institution.
  • Educate yourself on the different types of mortgage products that are available in your area (fixed rate, ARMs, interest-only, etc..)
  • Shop around for comparative lending rates and make sure that your chosen lender is competitive.
  • Find out in advance what the penalties will be for an early prepayment of the loan.
  • Ask for a copy of the terms and conditions and be sure that you read and understand all of them. If you don’t understand something ask to have it clarified.
  • If you are dealing with a mortgage broker, find out what their commissions are in advance and who pays them.
  • Develop a bond with your lender that can lead to larger future business transactions.
  • And keep your Prescott income property advisor in the loop, they may be able to save you time and money