What is Private/hard money lending

4. Before submitting a loan ensure that both you and the client understand how the loan process will work (inspections, closing, etc..)

5. Be wary of large up-front fees. Many lenders in the industry charge very large upfront “due-diligence” fees prior to issuing a commitment (10-100K depending on the deal).

6. Ask for a formal commitment from the lender that outlines all points, prepayment penalties, rates, and other fees.

7. Be wary of lenders that try to pull a bait and switch at or near closing. Many lenders will offer a deal too good to be true only to change the deal at closing.



	Tips for Mortgage Brokers 4. Before submitting a loan ensure that both you and the client understand how the loan process will work (inspections, closing, etc..) 5. Be wary of large up-front fees. Many lenders in the industry charge very large upfront “due-diligence” fees prior to issuing a commitment (10-100K depending on the deal). 6. Ask for a formal commitment from the lender that outlines all points, prepayment penalties, rates, and other fees. 7. Be wary of lenders that try to pull a bait and switch at or near closing. Many lenders will offer a deal too good to be true only to change the deal at closing. < Back - 1 - 2 -3 - 4 - 5 - 6 - 7 - 8 - 9 - 10 - 11 - 12 - 13 - 14 -15 - 16 - 17 - 18 - Next >

Tips for Mortgage Brokers