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You’ve made the decision to buy a piece of real estate. You’ve found a good attorney that you plan to work with, and a real estate agency that looks like it meets all of your needs. Wonderful! Now what? Now it is time to find a real estate lender, and you don’t know where to begin. Don’t worry– It isn’t as hard to find a real estate lender as you fear. Here are the top five places to find one: Professional referrals -- The best place to start is by talking to people you already know. Ask your real estate agent, attorney and accountant if there are any lenders they have worked with they could recommend to you. The professionals working with you on your investments should know your financial situation, and will be able to let you know which of the lenders is likely to be a good fit for your needs. Chances are, the professionals you have hired have worked with a variety of lenders, and can give you a fairly unbiased opinion of the experiences borrowers have had with them. Peer referrals -- Talk to other real estate investors. Ask about the experiences they’ve had with various types of real estate lenders, as well as with specific lenders. What have they liked about the transactions they’ve had through big mortgage lenders they use? What have they disliked? Why do they prefer large lenders over private investors, or vice versa? Personal financial professional – You already have an ongoing relationship with at least one banker or other financial professional. Call up the loan officer that helped you with your personal mortgage and see if he is in a position to help you as a lender on your professional real estate investments. Ask if your current financial institution offers a business real estate loan that you could qualify for. Often you can get more favorable financial terms by dealing with a bank or lender with whom you already have a professional relationship. Large mortgage brokers – Large brokers have access to multiple lending sources and can help you weed through thousands of potential lenders and loans to find just the right loan to meet your needs. Internet lending sites – Sites such as www.LendingTree.com let you enter your financial information. They submit your application to multiple lenders, resulting in multiple loan offers. You are then in a position to choose the lender that offers you the most advantageous terms for your loan.
Looking in some or all of the top five places to find a real estate lender, you are sure to find the right lender with the right loan for you.
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