This Zillow Lawsuit: Zillow hit with class action over alleged mortgage steering scheme got me thinking.
What's the general consensus here on using your agent's "in-house" or "preferred" lender? My experience is they're totally geared for retail buyers, not investors. The second you mention DSCR or portfolio loans, they're clueless.
Does anyone here actually use an in-house lender successfully for investment properties?
If not, what's your strategy for finding a good investor-friendly lender? Are you just attending local REIA meetups?
So done with these "in-house" lenders. (And how do you find investor-friendly ones?)
byu/Lich_Amnesia inrealestateinvesting
Posted by Lich_Amnesia
4 Comments
If your agent works with other investors or is an investor themself, then their lender is also probably pretty competent with investors. Zillow, rocket, most “big box” lenders are trying to copy and paste as many loans as possible, therefore often don’t offer certain loan products.
You don’t hire the guys out front of Home Depot to build a custom high end house, you hire a custom house builder who’s done it and is their primary business. Time and place for each
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You can always ask for a quote and do the math. Do you really care if the lender is in-house or preferred or whatever as long as their product works for you and the math works? Not every lender does DCSR or portfolio loans, that’s fine. No big deal, just move on to another. Why does it matter if they are clueless on those kinds of loans, they probably do just fine without them. It says more about your selection of an agent who doesn’t understand what you’re doing. Maybe you should be engaging an agent who understands more about what your preferences are?
What types of properties are you investing in? I’ve got an awesome investor friendly lender I use for STR and LTR properties.