Looking for Mortgage Recommendations

[maplelakeduckslayer]

I really want to purchase a house as a rental and need to talk to some mortgage writers about whether or not they would write me a stand alone mortgage or maybe refinance my current house to take out some equity and help with a purchase. Anybody have any good recommendations on a trustworthy/fair/reasonable mortgage company? I'd rather deal with someone in MN and face to face than online. Preferably in NW metro. My banker says their bank is not competitive anymore so looking elsewhere. Thanks.

[Bill Gilbertson]

I wouldn't shy away from doing it online. I had quite a complex situation with 9 townhomes and my house. I was in a pickle as I had trouble doing a refi as my income is only a small fraction of what it was. I tried for 2 years to get it done. I finally found an online broker/agent that could put together a package to get it done. In the end, I now have 6 mortgages instead of 10 and my cash flow is $20K/year better. I'll send you info on the guy I used for part of it.

[Perch_44]

no idea if they can help you, but when we bought our house in 2009, we worked with Bell Mortgage in Minnetonka (PJ Harris was our agent) and she made it so easy it was ridiculous. did much more for us then any of the other mortgage brokers we looked at, as far as document prep, legwork, information collection, etc. And got us a lower rate then anyone else could by over 1/2 percent.

so....i don't have a lot of experience with mortgages, but I do know I will be visiting them first on the next house we buy.

[maplelakeduckslayer]

Finally started doing this, just a refi on my house no cash out and the guy was right, business owners get f'ed haha. They won't even give me a mortgage. Man is our financial system screwed up

[h2ofwlr]

Well (this is no reflection upon you at all), statistically business owners go bankrupt a lot more often that a employee with a mortgage does. It's all about risk.

Heck 12 years ago if you had a heart beat you could get a mortgage. And we all saw how that ended up for many people.

So I understand having checks and balances.

Now that being said, perhaps do a refi with taking out enough $ to make the down payment % that the commercial bankers want to do for a rental mortgage. Don't be surprised after crunching the numbers that for the 1st few years you are going backwards. I suggest talking with Bill or others that are into rentals for guidance, etc.

BTW, statistically, the week of and after Christmas are the cheapest mortgage rates for the year.

[lanyard]

MLDS- left a message for my broker. She has a lot of experience in complicated situations, particularly small business owners. Agreed jerked my family a lot since the late 90's.

Will PM her current contact info once I get it her new e-mail. If you don't mind phone let me know and I'll send you the digits.

Sources if cash can be difficult, particularly with rentals being financed by equity in your primary residence. I'll also check with a friend. He's independent, had 5 houses, but his wife banks steady income.

[maplelakeduckslayer]

I'm not even looking for a rental at this point, just s refi to a 15 year. Since on paper the company showed a loss last year they deducted that from my salary and say my debt to income is too high. I'm sure every bank will have the same issue. I will probably have to do it off 2016 tax returns

[lanyard]

Yah, beauty us your tax guy thought he deserved an award for bringing company losses across.....

Are you LLC or S-Corp?

[maplelakeduckslayer]

S corp. Ya accountant does a great job just not when I'm looking to refi haha. He said he'll spit out 16 return Jan 2 and we'll get it figured out, just hope rates stay low.

[Bill Gilbertson]

What's your current rate? Is a refi even worth it? If you are just trying to shorten the term, you can just make extra payments. They should add back any business depreciation. Keep looking around. There has to be someone out there that can help you.
Back in the 80's, I had a 16.75% home loan. After the second kid, my wife became a stay-at-home Mom. I couldn't qualify for a 13% loan. We eventually got it done.