Today I welcome guest Kwasi Jenkins, who has 8 years experience as both a mortgage officer and loan processor. The loan processor is the person that communicates between the borrower, the mortgage officer (sales man), and the underwriter (final reviewer after all policies and regulators have been approved). This is a great interview, as it gave insights into:
1) What to expect out of the mortgage process
2) How to do your research before approaching a bank/credit union for a mortgage
3) Intricacies of dealing with each participant, and what each person needs from you
4) Trends of of the mortgage industry pre and post 2008 financial crisis
Enjoy, as this will help all of you as you begin your real estate investing to prepare you for what you need to do!
12 Comments
Spoke to my loan officer today I asked asked her about 15 year loan and
what was the min. amount allowed to borrow she said 30k 20% down about 2-3k
closing. it will be about 3.7% intrest rate and this was a community bank.
So it is possible to get a 30yr mortgage on a distressed property that
needs a gut rehab and does not meet the Fannie Mae requirements?
Hey!Y ou can get conventional mortgages regardless of if its a gut rehab, its only FHA loans that the house has to be in minimal livable condition (FHA is only one of many conventional loan options. People like them since they are only 3.5% down though). Outside of that,Fannie Mae doesnt come into play because they are underwriters for loans the bank make. However, sometimes it does depend on the lending institution. Some investors I know call 20 banks to finally get great loan products, and to figure out their go to loan/credit provider. Did this answer your question? 🙂
Thank you for the work you’re doing. Its super informative and relatable. I
love how your not just some person trying to pitch, you really get to the
nitty gritty, really transparent about things and just wanted to say thank
you.
You can fix your credit yourself for free. Check out creditboardsdotcom
look at there forums.
This is why I don’t like conv loans.
What was the name and contact information of the credit repair company he
mentioned?
If our community would come together more often to share helpful
information like this we would all be so much better off. Love the genuine
desire to help and inform! A lit candle is not dulled by lighting other
candles. Keep the advice coming, I’m so inspired:)
Im so mad I am just now finding this…. great stuff!!!
Guess what? The Government never learns from history. The Government
will, once again, allow lower down payments, etc. and a BUBBLE will come
again in real estate. Real Estate will continue higher till 2022-2024.
Then sell everything. This is easy.
Thank you, thank you, thank you. Kwasi is the truth. I had no idea I could
pull the title myself. This interview was so helpful.