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Thread: Bank for rental property mortgage

  1. #1
    Join Date
    Mar 2005
    Posts
    241

    Default Bank for rental property mortgage

    What bank would you recommend for a rental property mortgage. I'm able to put around 15% down.

    Credit union better than bank?

  2. #2

    Default Re: Bank for rental property mortgage

    Quote Originally Posted by amagab View Post
    What bank would you recommend for a rental property mortgage. I'm able to put around 15% down.
    Credit union better than bank?
    We used our bank at the neighborhood branch, where I know the Loan Processing Manager. It worked well because I could easily visit there to drop off paperwork, etc. Also, the Manager was very helpful in keeping me up to date on how the process was going (I do not think that if I'd been dealing with a stranger to me that I'd have gotten as careful of tracking).

    If I was to choose again, one of the questions [besides interest rates and fees] would be, "How long is it currently taking for a loan application to be fully process and funded?". Banks are busy now with re-fi's, and if they do not have adequate staff to handle the load, they can be running way behind.

    A review of rates, fees, and the length of processing probably matter more than "which" bank/credit union.
    Now run along and play, but donít get into trouble.

  3. #3
    Join Date
    Nov 2008
    Location
    Kahalu`u Stream
    Posts
    2,933

    Default Re: Bank for rental property mortgage

    Hmmm. First we went with Countrywide, which sold to Bank Of America.
    American Savings has good deals on HELOCs, not sure what their conventional rates are.
    We are happy with all three
    Be Yourself. Everyone Else Is Taken!
    ~ ~
    Kaʻonohiʻulaʻokahōkūmiomioʻehiku
    Spreading the virus of ALOHA.
    Oh Chu. If only you could have seen what I've seen, with your eyes.

  4. #4
    Join Date
    Nov 2006
    Location
    Captain Cook, Hawaii
    Posts
    288

    Default Re: Bank for rental property mortgage

    I would not go with bank of hawaii at this time.
    I have a client whose loan ap took 9 months. It was a comedy of errors
    Pathetic to say the least
    I cant believe how inept they where
    Finally with a threat of haole discrimination and a letter from a lawyer they approved a loan. Maybe an isolated incident?
    I dont know. But real enuf for my client.
    the bigger the government the smaller the citizen.

  5. #5
    Join Date
    May 2005
    Location
    Waimanalo
    Posts
    771

    Default Re: Bank for rental property mortgage

    I don't know anything about buying rental properties, but when I bought my present home, I decided I didn't want to deal with a bank. So I made an offer of a mortgage directly to the owner. He accepted, I paid him monthly for the 10 years of the mortgage, and it worked out fine, with no "approval process", points, service fees, or any other bank gotchas. (I put a lot down, though -- 75%.)
    Greg

  6. #6
    Join Date
    Mar 2005
    Posts
    241

    Default Re: Bank for rental property mortgage

    Quote Originally Posted by GregLee View Post
    I don't know anything about buying rental properties, but when I bought my present home, I decided I didn't want to deal with a bank. So I made an offer of a mortgage directly to the owner. He accepted, I paid him monthly for the 10 years of the mortgage, and it worked out fine, with no "approval process", points, service fees, or any other bank gotchas.
    Wow, I wish it was that easy. I highly doubt the seller would agree to something like that though.

    Thank you all for your replies.

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