Resource
Before you spend money
What to settle before you pay a lender for credit or an appraisal.
Ask the lender, before any fee
- What is this quote based on — my stated numbers, or something verified?
- Which parts of it can change, and what would change them?
- What are the fees, and which are non-refundable if the file doesn’t close?
- What are the next three steps, in order?
Have ready
- Realistic rent. A current lease if the property is occupied, comparable market rent if it isn’t. Optimistic numbers cost you later, not now.
- An actual insurance quote on that property. Not last year’s premium, and not the figure from a different property. In coastal and hurricane-exposed markets this is a line item worth pricing before you rely on a deal’s math, rather than after.
- A decision on title — personally or in an entity. Changing it mid-process costs time.
- Entity documents, if one is formed and in good standing, with the name matching everywhere.
- A clear statement of what the loan is for.
Know these answers
- What the property rents for, or will.
- Your timeline, and what’s driving it.
- Whether anything about the property is unusual — condition, unpermitted work, zoning, short-term rental use, a recent purchase.
When you are ready
You can find out what a property qualifies for without a credit pull and without paying anything. It takes a few minutes, and the file is there when you come back to it.