Did any small business owners here have refinanced high-interest business loan using a HELOC, or cash-out refinance.
How was the process? Any surprises, challenges, or things you wish someone had explained earlier?
My fellow LOs and brokers.
Lets brag about which is the exception or toughest loan you handled recently which the traditional bank or credit union declined.
How did you help that business owner get a higher loan or that self employed borrower qualified?
Fellow borrowers who got helped by brokers in such scenarios can reply as well as a token of appreciation and good karma points :)
Hey all
Been exploring buying a house and some of my self employed friends have been telling me horror stories.
Would love to hear your mortgage journey and how should I prepare? Also what was the most painful part of the process
How did you actually choose your mortgage lender?
Did your realtor send you to someone, did you already have a bank in mind, or did you shop around yourself?
And what was the most frustrating or confusing part of the financing process?
Trying to understand how people actually navigate this around here because there seem to be a million options.
Also when did you start looking for the mortgage - before or after the home finalized?
Did you use ChatGPT or some other tools to research or did the LO explain all the concepts and terms uprfront?
Everyone says “get 3-5 quotes” but did you actually do that?
Did you get one preapproval first and then shop after you had an offer? And when you compared lenders, what were you really comparing - rate, APR, points, fees, monthly payment, closing speed?
Also what made you finally stop shopping and pick one?
Did you use chatgpt or some tool to compare the LE?
Trying to see where to stop. Am getting overwhelmed.