In our blog post, “Mortgage Brokers: Consider Diving into Commercial Loans,” we explained why rental loans are a fantastic loan product for residential mortgage brokers to add into their product offerings. Not only do rental loans have far less regulations, but they also typically close faster and offer more repeat business. So, if you’re now wondering where to find rental loan clients, we have good news for you. Often, residential mortgage brokers have investors in their current databases. Here are five questions you can ask your existing database to see if you can help them with rental loans:
- Do you own rental properties? This is the most basic question you can ask about whether or not your client is a real estate investor.
- Do you own vacation or short-term rental properties? This is diving a little deeper to see if they are a contender for vacation rental loans.
- Do you have any rental properties that you are interested in pulling-cash out so you can expand your rental portfolio? This question, along with the following question will help you determine if your client is interested in a purchase loan or a refinance loan.
- Are you interested in purchasing new rental properties? Another option could be a Rate & Term Refinance.
- Do you own 10 or less mortgaged rental properties? This is the most basic question in determining whether or not your clients qualify for conforming loans.
Keep in mind, your database is just a starting point to look for investors; there are so many investors that could benefit from your services. On our Broker Resources Page, we have a whole section dedicated to “Finding Investors.”
Are you a mortgage broker and interested in adding Visio’s rental loans to your product offerings? Learn more about our Broker Program.