We buy houses in Houston We buy houses in Houston TX even if you are facing foreclosure. As local house buyers in Houston, we have plenty of experience working with homeowners that need to sell their house fast in Houston TX to avoid foreclosure. We even offer cash for houses in Houston and can close fast, before the foreclosure auction. If you need to sell your house in Houston TX fast, give us a call today at 281-306-5191. Selecting a lender can be a difficult process if you don’t know the right questions to ask. This article features 5 questions to ask when looking for the lender in Texas who is right for you! While the process might seem arduous, you must remember that you have the upper hand. There are a variety of lending options available, and in theory, these lenders are competing to have you as a customer. As an investor looking for a lender, your process might be different than someone looking for a traditional mortgage of a home they plan to reside in. Here are a few great questions to help you in your search.
What are Your Terms, and Are There Additional Fees?
You will obviously want to know the interest rate, the LTV (Loan to Value) and the number of points you will be paying. In addition, you should always ask if there will be additional fees. These can be legal fees, underwriting fees, administrative fees, etc.
These fees can greatly impact your profits if they are not accounted for from the beginning. Make sure you are of any prepayment penalties you might be charged as well.
Do You Have Property Criteria That Must Be Met?
Geographic boundaries, as well as limitations on the type of property you are able to purchase, might be put in place by the lender. Make sure you fully understand what types of properties the lender will allow you to buy.
If you are looking for a two bedroom, fix and flip, but the lender requires 3 bedrooms and a price point of 250k+, you might be out of luck.
Do You Provide Funds For Rehab?
In many cases, a real estate investor will need to make some repairs. Will you have to pay for this out of pocket? Or will your lender provide funds for rehab and upgrades?
This is important to know when you are looking at potential properties for investment. While the ability to borrow more money to fix up the home might seem appealing, make sure the value is there as you will be paying additional interest on these funds.
Does Your Company Flip The Loans After They Are Originated?
Many companies will sell the loan to a 3rd party after the loan has been originated. This means that there is a possibility that you will be working with a yet to be determined 3rd party. If they flip the loans, you will be making payments and working with a different company once your loan has been processed.
What is Your Experience With Loans Like This?
Someone who is familiar with what you are doing and who see’s what a good deal you are making, is more likely to provide you with better terms. They will see the loan as low risk, and be able to help you maximize your profits.
We buy houses in Houston
We buy houses in Houston in any situation including a divorce. We are local home buyers in Houston that pay cash for houses. If you need to sell your house fast in Houston then we can provide a fast, fair and free offer for you. Simply contact us by phone or here in our website to see how we can help you. As with any decision in real estate, it important to know all of your options and shop around. Remember to ask questions about ANYTHING you are uncertain about. Our team can help guide you through the process of choosing a lender who is right for you! To get started, simply fill out this form, or give our office a call to get started! 281-886-8644