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First things first — what is an investment property? It’s property that you own to generate rental income or profit upon resale. And oftentimes, getting a mortgage on an investment property is a little different than securing a home loan for a personal or primary house.
If you’re looking at buying a home as an investment property, first determine how this property will be used.
Many people purchase investment properties to rent out to people looking for a vacation spot, or to students on a college campus, while others are looking to take advantage of the “Fixer Upper” and HGTV phenomenon and flip houses to make money. Ultimately, it’s important that you make smart investments, and always have a short-term and long-term plan to ensure you’re getting this most bang for your buck.
Bottom line — know your goals for your investment property before starting the home loan process.
If you’re ready to buy an investment property, use these steps to set yourself up for success during the home loan process.
When you buy an investment property, you have access to a lot of the same mortgage private programs as those who are buying their primary homes.
Interest rates and terms available will vary based on the property, the loan amount, and your personal financial information. To find out today’s investment property interest rates, reach out to one of our experienced Home Loan Specialists.