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Investing in Real Estate with Clayton Morris | Investing for Beginners

780: How to Prepare for a Mortgage Loan: Complete Checklist - Episode 780

Investing in Real Estate with Clayton Morris | Investing for Beginners

Clayton Morris

Investing, How To, News, Education, Business, Business News

4.11.1K Ratings

🗓️ 7 October 2021

⏱️ 19 minutes

🧾️ Download transcript

Summary

When you're growing your real estate portfolio, you're likely to utilize a few different lending options. And if you've ever been through this process, you know that it can be quite grueling. Lenders will ask you for a ton of documents, credit checks, statements, proof of employment, and more personal information. I've been through this process personally many times, plus we sometimes see clients face some turbulence when applying for loans simply because they didn't realize what goes into the loan approval process. It really can be a delicate balance, and there are certain things you should NEVER do when you're applying for a loan.

On today's show, I'm going to run through a list of 5 don'ts that banks want you to avoid while you're going through the loan process. The sooner you know these little hints the better off you will be in the long run. I hate to see someone lose out on a deal because of lack of understanding. Press play to hear these five tips!

Transcript

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0:00.0

Welcome to the real estate investing show. Hope you guys are doing great. Today on the show I want to talk about how to set yourself up for success with a real estate mortgage loan that you're going to use

0:16.2

for real estate investing.

0:17.8

There are a number of steps that you want to prepare for before you get that loan, before

0:21.8

a bank,

0:22.7

it might be willing to work with you.

0:24.2

But I'm a big proponent of working with other people's money

0:28.1

and utilizing other people's money

0:30.0

in the form of low interest financing right now

0:33.4

to increase your portfolio.

0:34.8

So when you're growing your real estate portfolio,

0:36.7

you're likely to utilize a few different lending options.

0:39.0

And if you've ever been through this process,

0:41.6

you know that it could be absolutely grueling.

0:43.8

Lenders are going to ask you for a ton of documents, credit checks, statements, proof of

0:48.3

employment, personal info, etc.

0:51.0

I've been through this process a number of times myself and I always hear stories

0:54.8

from my team on a regular basis about what they go through with different lenders.

0:58.6

In fact, even today my wife and I were sitting down at a bank dealing with a closing on a property and

1:05.8

said we apologize we had this one more document that we needed to sign we forgot it last

1:10.8

week would you mind signing it and we literally had to drive 30 minutes

1:14.5

to deal with this one document said no problem we're so used to it don't worry

1:18.9

about it once we get through that process though we know the cash flow and the power of that asset right if it was super easy

...

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