I’m buying an investment property. What should I know?
Whether you’re planning to use it for rental income or fix it up to sell later, buying an investment property in today’s recovering market can be a smart business decision.
Still, lenders tend to be stricter when it comes to investment properties. The way they see it, you already have obligations on your primary residence, which makes you a risk. That’s going to mean slightly higher interest rates, larger down payments, and a few special requirements to meet.
To learn more about our requirements, chat live with a mortgage professional now.
Which loan type is the best?
That depends on what you want to do with your property. Here are a few of our most popular options:
A fixed rate mortgage is always a good option, especially in today’s low interest rate environment. You may hear about the 30-year term most often, but there are also 15 year routes for those who want to pay off their mortgage faster.
A jumbo mortgage is your only option if your mortgage value surpasses the conforming loan limit. The conforming limit starts at $417,000, but may be as high as $625,000, depending on where you are looking to purchase.
A hybrid ARM starts with a very low, fixed interest period, and then adjusts each year. It’s perfect for properties you don’t intend to keep for very long.
Why choose Total Mortgage?
Since 1997, we’ve done nothing but mortgages. That means:
- We have some of the lowest interest rates in the country, which can save you money over the course of your loan.
- No worrying about tight move-in schedules. We’ll close your purchase loan in thirty days or less, guaranteed.*
- Our mortgage experts educate you as you move through our process, so you’re not left with questions.
- No pre-payment penalties—promise.
*terms and conditions apply https://www.totalmortgage.com/30-day-guarantee/