LoveToKnow Mortgage:AllComments

From LoveToKnow Mortgage

Comments

Have you considered using a mortgage broker or seeking out a private lender/investor? You don't have to limit your search to traditional lenders, especially when you are buying homes as investments.

-- Contributed by: Tamsen Butler

I have 4 mortgages to my name all rented with + cash flow. Im trying to buy f.closed properties and I have cash to put down but banks dont want to lend me because of income/ratio. I've tried through an LLC but its too new. Any advice

-- Contributed by: E.J Ojito

Jason, you can expect that the interest rates on an equity loan for an investment property will be higher than an equity loan for a primary residence. Some lenders won't even do equity loans for investment homes. Check with your preferred lender and then branch out into an Internet search to see if you can find a lower rate, but be sure to disclose in the application that it's an investment property.

-- Contributed by: Tamsen Butler

There are many restrictions on Investment Property financing and interst rates are alot higher. Does anyone have a recommendation on a bank that offers a low rate? I have an investment property that is paid off and would like to take out equity on the property for a rate lower than 6%.

-- Contributed by: jason

Celange, you will want to check with various lenders to find the best deal for your investment property. You should go into it aware that the lower the down payment you are willing to make the harder it may be to find attractive interest rates.

-- Contributed by: Tamsen Butler

Celange, you will want to contact some lenders to find out what your options are for financing. It will depend upon several factors including your credit score, but you should know that finding 100% financing for an investment property may not be easy.

-- Contributed by: Tamsen Butler

I was inquiring about 100% financing for an investment property priced at $62,900

-- Contributed by: Celange Kieff

thanks for the info!

-- Contributed by: Lisa Rettie
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