Posted by James Strange on December 16, 2002 at 19:08:18:
What you would need to get is a loan for a non owner occupied property. They have a higher rate than property that you will occupy. Expect to pay 1/2% to 3% more depending upon the lender and loan to value.
newbie question about rental properties - Posted by rob
Posted by rob on December 16, 2002 at 11:45:41:
Last year I purchased a luxury townhouse for myself for which I applied for a 30 yr mortgage. Since then I noticed a steady rise in value of my property. I also noticed that the townhomes in our group that are for rent, tend to be rented within a week, and net more money than the mortgage payment. How would I go about getting another mortgage just to buy a rental unit? Is there a special mortgage that I can qualify for?
Thanks