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Typical Program Questions Asked of the Borrower
Smart lending recommendations are those that are on–target with you, the borrower's needs. The more we know, the better we'll be able to assist you and help you select the ideal program. In the beginning of the lending process, we'll ask you a few simple questions and discuss a few typical scenarios...all to help you make informed decisions and put you at ease.
Typical Questions You'll Be Asked:
- Is the property owner–occupied or investment?
- Is the property under contract? If you, when does the contract expire?
- Are the most current operating statements and rent roll available?
- Are your past two years of tax returns available?
- How long do you plan on owning the property?
- What is the current condition of the property?
- What is the occupancy level?
- Is any rehab or construction needed?
- Are there internal and external photos available?
- What is the balance due on the current mortgage?
- What is the history of the mortgage payments?
- Is a credit report dated within the past 30 days available?
- What is your middle credit score?
If Refinancing, You May Be Also Asked:
- When did you purchase the property, and how much did you originally pay for it?
- What do you think the property value is now and why?
- How was the value of the property derived? Is it supportable?
- How much cash–out (if any) are you looking for?
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