Why are interest rates higher for a rental property? Is it that they're afraid you're more likely to default on the loan?
If I refi my current mortgage to buy another rental property, do I have to tell them what I'm taking the money out for and if so, can I take it out to buy rental property?
Why are interest rates higher for a rental property? Is it that they're afraid you're more likely to default on the loan?
If I refi my current mortgage to buy another rental property, do I have to tell them what I'm taking the money out for and if so, can I take it out to buy rental property?
My current mortgae is almost non existant and we have one rental that is paid for 100%. We need a tax write off and since we are both self employed, this is our 401K
With a credit rating of 785, do you still think we'd have a hard time getting cash out
My current mortgae is almost non existant and we have one rental that is paid for 100%. We need a tax write off and since we are both self employed, this is our 401K
With a credit rating of 785, do you still think we'd have a hard time getting cash out
If you've paid off your real estate, go for it. you can get equity out but sounds like you'd be getting an equity LOC instead of a second. interest rates on LOCs are 200-300 basis points higher.
are you going to make the new house your primary residence and rent the old one?
check the tax code for the best write off options.
When I borrow for rental the 15-30 year Fixed comforming rate is usually .5% higher that owner occupied loan, same point structure. FYI now lenders generally require 30% down on non occupied, but loan limits increase with each unit in the 2-4 unit range.
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