When it comes to getting financing for the purchase of a rental (or even a personal home) there are some things that are important to keep in mind that can hurt your ability to qualify or even close on the house.
The truth is these are common mistakes that are made all the time by borrowers because they just don't realize that these small things can really impact the qualifying process. Banks want to see a stable and reliable recent financial history and if you've got crazy things happening, it will most assuredly become a hindrance in the qualifying process.
In this episode, Kirk and I talk about three mistakes that are made often by borrowers and why to avoid them. Kirk shares stories from his time as a loan officer, even one where a loan didn't close because the lady bought a brand new car on the day of closing. We share these mistakes in hopes that you won't make them in your own financing process.