Bank for rental property mortgage

[amagab]

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

Credit union better than bank?

[Amati]

Re: 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?

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.

[Kaonohi]

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

[escondido100]

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.

[GregLee]

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%.)

[amagab]

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.

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.