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#26 Mortgage Brokers vs. Loan Brokers: What's the Difference with Rhonda Hutchison
Navigating the world of property financing can feel like wandering through a maze without a map. That's why we brought in mortgage broker Rhonda Hutchison, owner of Envision Home Lending, to shed light on the often misunderstood differences between mortgage brokers and loan brokers.
The conversation reveals a crucial insight many borrowers miss: working with a mortgage broker gives you access to multiple lenders instead of being limited to a single bank's offerings. This becomes particularly valuable when you don't fit the traditional borrowing profile. Self-employed? Written off too many business expenses? Have a unique financial situation? A mortgage broker can find lenders with flexible requirements when mainstream banks say no.
Rhonda shares an eye-opening strategy for would-be real estate investors: purchasing a duplex or fourplex as your primary residence requires just 3% down payment versus the 20-30% typically required for investment properties. By living in one unit while renting the others, you can begin building wealth with significantly less capital. After residing there for the required 12 months, you're free to move out and convert it fully to an investment property.
We also uncover the dangerous misconception between pre-qualification and pre-approval. Many banks offer quick pre-qualifications that only check your credit score without verifying income or calculating debt ratios. This false confidence leads countless homebuyers to heartbreak when they find their dream home only to discover they don't actually qualify for financing during the underwriting process.
Whether you're a first-time homebuyer, self-employed professional seeking financing options, or aspiring real estate investor, this discussion provides actionable insights to navigate property financing with confidence. The pathway to generational wealth often begins with real estate ownership – let us help you take that first step with knowledge and preparation.
Support the show
If you need assistance in obtaining funding, book a free discovery call at www.tdjequityllc.net. Let us know the scope of funding needed and the amount. A broker will contact you to discuss your funding needs. And remember, at TDJ Equity Funding, we do not force your funding needs into a lender's box but find a lender's box that fits you!
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By A "How to Get Funding" PodcastNavigating the world of property financing can feel like wandering through a maze without a map. That's why we brought in mortgage broker Rhonda Hutchison, owner of Envision Home Lending, to shed light on the often misunderstood differences between mortgage brokers and loan brokers.
The conversation reveals a crucial insight many borrowers miss: working with a mortgage broker gives you access to multiple lenders instead of being limited to a single bank's offerings. This becomes particularly valuable when you don't fit the traditional borrowing profile. Self-employed? Written off too many business expenses? Have a unique financial situation? A mortgage broker can find lenders with flexible requirements when mainstream banks say no.
Rhonda shares an eye-opening strategy for would-be real estate investors: purchasing a duplex or fourplex as your primary residence requires just 3% down payment versus the 20-30% typically required for investment properties. By living in one unit while renting the others, you can begin building wealth with significantly less capital. After residing there for the required 12 months, you're free to move out and convert it fully to an investment property.
We also uncover the dangerous misconception between pre-qualification and pre-approval. Many banks offer quick pre-qualifications that only check your credit score without verifying income or calculating debt ratios. This false confidence leads countless homebuyers to heartbreak when they find their dream home only to discover they don't actually qualify for financing during the underwriting process.
Whether you're a first-time homebuyer, self-employed professional seeking financing options, or aspiring real estate investor, this discussion provides actionable insights to navigate property financing with confidence. The pathway to generational wealth often begins with real estate ownership – let us help you take that first step with knowledge and preparation.
Support the show
If you need assistance in obtaining funding, book a free discovery call at www.tdjequityllc.net. Let us know the scope of funding needed and the amount. A broker will contact you to discuss your funding needs. And remember, at TDJ Equity Funding, we do not force your funding needs into a lender's box but find a lender's box that fits you!