If you are looking at the Real Estate market, you are looking at a market that requires a lot of capital. People buy and sell homes all day long, but from an investor's standpoint, it is their living. There are many ways you can go about getting a loan, and there are many resources you can get the loan from.
Conventional Loan:
These are not government backed loans. A conventional loan was the first loan type to come on the market. There are many pros associated with the conventional loan, as well as some cons.
Pros:
1. More flexible with loaning money; Can finance appliances as well.
2. Do not have to adhere to strict government guidelines such as FHA guidelines.
3. Allow for more creative financing flexibility.
Cons:
1. Come with a larger down payment
2. Usually more costs incurred from lender.
Basically, a conventional loan is typically kept by the lender in their portfolio whereas other loans tend to get sold to the secondary market.
FHA Loan:
When you look to FHA financing, you are looking for a government backed loan. This is the most prevailing loan around in these times. The FHA loan requires the borrower to adhere to strict requirements. If these requirements are not met, they will deny the loan and stop further processing.
An FHA loan is great for:
1. First time home buyers
2. Someone who does not have a large down payment
3. Less than perfect credit.
Although FHA is strict, they do offer some programs with different financing options, such as those looking to purchase a home that needs to be fixed up.
The above two are the two most common types of loans. You can obtain these loans from many sources, even from sources online. The best way to go about getting a loan is to first visit your bank you currently have. Talk to them about getting a home loan and what their requirements are.
If you do not qualify for a home loan through your bank, you will have to look other places. You can go through brokers, other banks, and many other third party lenders. Most people do not have excellent credit, and can still own a home. Although they might not get the best interest rate on the market, they will still qualify for a home. Always make sure you check your rate before you sign. Bad credit does not mean you can be taken advantage of. It is also recommended that if you choose to use a third party, make sure they are reputable and knowledgeable. Being that they will be dealing with your personal information and credit, you do not want it to get into the wrong hands.
If all else fails locally, you can reach out to national lenders online. This is becoming more popular of a tactic to use when securing financing. The internet also comes in handy for the financing that might take just a little more effort than some.
Many Mortgage Types
Loan Modification Lender Contact Info
Many people often ask me if I can send them an exhaustive list of lender contact info to help them with their loan modification business. Unfortunately, I don't have that, and it%u2019s likely that no one will ever have that. There are literally thousands of different banks out there, many with multiple numbers and departments depending on the specific investor or region for any given loan.
To confuse matters more, lenders change numbers, create new departments, change processes and go out of business from time to time, especially these days as banks are cutting jobs and dealing with high volumes of defaults and mod requests. Plus banks get bought by other banks, sometimes keeping the old department and numbers, and sometimes not.
Long story short, compiling an accurate, up-to-date, and exhaustive list would be extremely difficult, if not impossible. You're better off just keeping your own current lender list and updating it as you go. Add to the list every time you have a client with a new lender. All the info will be on the mortgage statement and the website, and you can get specific department (i.e. Loss Mit, or Loss Mitigation, department) contact info from there. You should keep a lender contact spreadsheet to help you keep your files and communications organized.
All that said, however, here are a couple websites that have lists of contact info for many common banks. I've personally checked the links and called some of the numbers on these lists; some still work, while some don't. These links can be a good start for compiling your own list.
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