The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: clarkfan1979 on September 22, 2019, 11:25:33 AM
-
I have a 760 credit score and 3 rental properties.
I used the MMM link for the website credible to look into a possible re-fi for a rental property. There is an information box to indicate your total mortgage obligation. I entered it. However, there is no information box for rental income.
I ended up being denied and was not given any quotes.
Has anyone used credible? Do you own rental properties?
-
Was it due to the LTV of the loan? Why not try a different bank?
-
Your situation is unusual. Their process does not account for that.
If you look at the list of lenders, they aren't lenders I would consider. They are certainly not low cost providers. Use a broker, don't waste your time with start up lead aggregators.
Here's the less than impressive list.
Caliber, JMAC, Loan Depot, Quicken (never cheap), Stearns, UWM. Never heard of UWM.
Move on.
-
I ended up going with a mortgage broker. Based on the MMM recommendation, I thought I would give credible a chance. In the end, I was pretty disappointed with credible.