Like many of you, my husband Richard and I are also real estate investors. One of the things we learned early on is just how important it is to have a great relationship with a mortgage broker.
Unlike a bank loan officer, a mortgage broker is a free spirit. He’s not bound to offering just the products offered by his employer bank. A mortgage broker looks out for you first, looking at all financing sources to find you the best deal possible on the terms that you want. A good mortgage broker can do amazing things for your investing portfolio.
Several years ago we were introduced to Aaron Van Trojen, a mortgage broker who works out of the Morgan Capital office in Arizona. Since then Aaron has become an indispensable member of our personal investing team. He’s also become an important contributor to TaxLoopholes, appearing at seminars and never failing to wow the audience with his knowledge of morgage industry secrets.
Aaron is also a regular blog contributor over at HomeLoopholes.com, a new web site I’m working on that deals with how homeowners can get the most from their homes. He has several blog entries up on this new site, including the most recent one, Creative Financing for Investment Properties. Here’s an excerpt from that entry:
The days of 100% non owner occupied financing are long over. Buying investment properties with other peoples money (mortgage lenders) on some get rich quick program left many investors with highly leveraged properties that are bleeding into foreclosure. 100% non owner financing helped propel hundreds of lenders out of business who where caught with defaulting mortgages and an undervalued asset. It was irresponsible lending at its finest; and the consumers borrowed recklessly. Now many housing markets are left with thousands of homeowners and investors alike in some stage of foreclosure. But as the dust settles, there is opportunity everywhere. Through creative legitimate financing and discount buying, purchasing investment properties with little money out of pocket is once again available.*