Submitted by Anonymous on Sat, 07/19/2014 - 13:30
morgage for a rental property
morgage for a rental property
we are thinking about buying another rental property. We have one now that is paid off. My home will be paid off in 5 years and my husband and I make about 150,000 a year. would it be better to refi and take money out of our home to by a rental or to get a non owner occupied loan for a rental
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You will need at least 20% down for an investment since PMI is not readi;ly available for non owner occupied properties
You should get with a solid loan officer and look at all of your options
You will get a better rate and easier guidelines for your primary home but it may make more sense to just get enough for a down payment and then put a new non owner loan on the rental?
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender