A Russ Whitney/Real Estate Tip - Posted by rw
Posted by rw on March 07, 2001 at 08:48:19:
Russ’s Tip of The Day,
My Banker told me I can only get 4 mortgages and then I’m at my limit…
Truth - Most banks sell 95% of their residential mortgages on the secondary market to instituions like Fannie Mae or Freddie Mac. Those institutions will only allow 4 mortgages to one person at that bank.
Well, all of us who are real estate investors, obviously have many more than 4 mortgages… Once you get to 4 you have to graduate from the Consumer Loan Division at Happy Bank, to the Commercial Division.
You will want to ask for the VP in charge of Commercial Loans. You will interview him to find out what type of loans their bank likes to do.
You will explain your real estate investment plan and see if they match with the bank’s. If so, you will now graduate to get what are called Portfolio Loan money, or Shelved Loan Money.
This is actually money that the bank does lend (of it’s own deposits) and earns the points and interest.
Most of the time these will be 3 year callable, or renogotiable rate loans.
Very common, don’t be afraid of them…Standard…
Look for another tip from Russ Whitney either later today (if I’m not too wore out from the nasty’s) or tomorrow.
Have a GREAT, JOYOUS & PRODUCTIVE day!!!
Whitney Education Group Inc.