How much higher is the interest rate for a rental property mortgage? - rental property mortgage
Looking to buy a property for rent to tenants ... I know that interest rates will be higher than the rent, but how? Moreover, the cost of the insurance is higher or lower than the regular house insurance?
Friday, January 15, 2010
Rental Property Mortgage How Much Higher Is The Interest Rate For A Rental Property Mortgage?
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3 comments:
Interest rate will depend on the amount you put down, but expect to pay 1.5-2% higher rate.
You need to make sure you get a Landlord insurance policy - this may cost 40% more than a owner occupied policy but is worth it
The price depends on the credit rating, income, debt to income is usually about 1% higher than for the majority of funding for the complete. And insurance will be higher initially, and after the closure until you find a tenant to be very high because it is not yet occupied, and must be assured to be free.
The price depends on the credit rating, income, debt to income is usually about 1% higher than for the majority of funding for the complete. And insurance will be higher initially, and after the closure until you find a tenant to be very high because it is not yet occupied, and must be assured to be free.
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