Fundamentals of Funding: How to Get Approved for a Mortgage (Step-by-Step) w/Jeff Welgan Real Estate Rookie

Knowing how to get a mortgage is a crucial step in your journey to buy a rental property. Of course, the money side of things can be intimidating. How do you find a lender? What type of mortgage do you need? When should you get a preapproval? You likely have all sorts of questions…and we have answers!
Welcome back to the Real Estate Rookie podcast! In part two of our fundamentals of funding miniseries, certified mortgage advisor Jeff Welgan joins the show to share his lending expertise and equip rookies with some golden financing tips. In this episode, he debunks some of the most common misconceptions about real estate lending and shares some of the biggest red flags to watch out for in a lender.
But that’s not all. Jeff will show you an EASY way to build an entire portfolio with very little money—a lesser-known strategy that allows you to use down payment assistance programs and first-time home buyer loans to your advantage. Jeff also talks about the biggest differences between conventional and non-conventional loans, what to expect during the underwriting process, and where he expects mortgage rates to be in the not-so-distant future!
In This Episode We Cover:
The EASY way to build your rental portfolio with low money
The mortgage approval timeline and what to expect during the underwriting process
How to get 100% financing (or more!) with down payment assistance programs
The biggest red flags to watch for in a lender (and key questions to ask!)
How to get a first-time home buyer loan (even if it’s NOT your first property!)
The most common misconceptions surrounding real estate lending
Conventional loans versus non-conventional loans (and which one YOU need)
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Submit Your Real Estate Rookie Question!
Get Tips, Advice, & Support in the BiggerPockets Forums
Join the Real Estate Rookie Bootcamp
Grab the BiggerPockets Investing Books
Property Manager Finder
Real Estate Rookie 408 – Fundamentals of Funding: How to Find the Right Lender for Your Next Rental w/Joe Coleman
BiggerPockets Real Estate 939 – BiggerNews: 100% Financing for First-Time Home Buyers is HERE
BiggerPockets Real Estate 943 – BiggerNews: Can’t Qualify for Another Mortgage? Try THESE Investor Loans w/Jeff Welgan
Connect with Jeff:
Jeff's BiggerPockets Profile

(00:00) Intro
(01:09) Funding Challenges & Lender Red Flags
(07:00)) Common Financing Misconceptions
(12:10) Kicking Off the Lending Process
(17:26) Getting a Loan with an LLC
(22:50) The Lending Timeline & Credit Pulls
(28:48) Mortgage Underwriting 101
(35:23) Conventional vs. Non-Conventional Loans
(41:30) Where Are Mortgage Rates Headed?
(46:54) Connect with Jeff!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-409
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