No Season ReFi

I cannot give you the name of a specific one, but to save you time when you start calling, call the small "Mom and Pop" or "Small Town" type banks. You will have more success with those.

You can also try to PM Tammy @ Zion Properties. She has been so busy that she isn't here much lately but she may know.

Karen

try direct banks online that do business in Cali; you will have to call several and ask.

Good luck!

Thank you, great suggestions. How do you find out about direct banks online?

Greg

Thanks for the suggestions.

Here is some step by step ways to find banks online.

How To Find A Bank Today!

Step 1. Go to yellowpages.com.

Step 2. Type in “your city” and the word “bank”.

Step 3. At least 25 pages of banks will come up in your city and the surrounding area. Write down all the smallest banks or banks with the word “community” in the title. If you don’t recognize the name of the bank then write it down along with the phone number.

Step 4. Make sure you write down at least 20 banks. Name and phone number.

Step 5. Call the bank and ask for someone in the mortgage department. If they ask you if it is for a commercial loan or residential loan then tell them it is a residential loan. If after you start talking to the residential loan officer (the commercial loan officer and residential loan officer might be the same person) they may refer you to the commercial loan officer which is fine.

Step 6. The first thing you say is this:

- I am a real estate investor looking to buy property in the local area.
- I am trying to find a local bank and I have a few questions to ask over the phone to see if there is a good fit.
- Ask my “10 questions to qualify a bank” and take notes on each bank.
- Within 45 minutes you will have about 3-6 banks to work with.
- Your confidence will be through the roof after about 6-8 phone calls.

The thing to remember is this. This is just like my 25:1 system on buying houses. It is a numbers game. Some banks will tell you what you are trying to do is impossible and then the very next phone call you might find a bank that says “ok, we can do that for you”. Also remember to call the banks that say “no” back every 3 months because things always change within a banks’ own financial statement. It is true that banks are in the business of loaning money but, every bank goes through stages where they can take more risk/ take less risk. It’s a pendulum. Never give up. This process has made me a millionaire and if can work for you as well. Get it done!

Here are some questions that you will want to ask banks that you do find online. These questions will help you to qualify these banks.

10 Questions To Ask a Bank To Qualify Them and Refinance Quickly

- Do not give out your S.S.N.
- Use only your first name when you are introducing yourself.
- Avoid any “call backs”. If no one is available just tell him or her you will call back later.

1. Do you have any “in house” loan products?
2. If so: What are your “in house” loan products? Explain.
3. What are your seasoning requirements for refinancing?
4. If I bought a house last month and paid cash, can I refinance it this month?
5. What is your LTV (loan-to-value) on a refinance loan?
6. Are you refinance loans based on purchase price or appraisal price?
7. How quickly can you turn around a refinance loan?
8. What are your banks aggregate?
9. Do your “in house” loans get reported to the credit bureaus?
10. Does your bank count positive cashflow as income on my financial statement?

I will start that right now.

Joe