Rental property mortgages pretty much speak for themselves: you buy a property that you rent out to tenants. You are in luck – this is my specialty! If this is your first time venturing into rental property mortgages I have plenty of valuable experience to help guide you in the right direction. Whether you want a rental property mortgage or an income property mortgage for a residential or commercial rental property, you’ve come to the right place.
Rental property mortgages can also appeal to those who own other properties and want to re-finance and acquire more. A bank will typically only support one or two properties, so this is where finding a mortgage broker can really help. I will sit down and review your entire profile with you in order to get you properly positioned. In other words, I have a holistic approach to property investment, and will offer competent guidance on the best course of action in managing your multiple mortgages and maximizing your return on investment.
What You Should Know About Rental Property Mortgages
Because this industry is riddled with fraud, lending rules in the industry tend to be hampered. Whether you are looking for your first property or trying to re-mortgage an existing rental property, you should consider the following:
- Minimum equity or down payment should be 20%;
- More documents are likely required for the lender;
- Every dollar of your rental property mortgage should generate at least $1.10;
- The more properties you acquire the less options available to you for lenders.
Self Evaluation for Rental Property Mortgage Eligibility
Want to know where you stand with regard to eligibility for a mortgage? A Strategy Session is your best bet. Mortgage Delivery Guy will review your situation in depth, explain aspects of the business less known to consumers, and provide a clear overview of your options.
You can start with the graph below to get an estimation of where you stand. Go ahead and choose the scenarios that best describe your situation from the table below.
To find out more on specialty products, call to arrange a Strategy Session today.