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Updated about 7 years ago,
Question on mortgage for investment property
I am fairly new to investment properties and have a question on the complication of getting approved for a mortgage. My first investment property is my condo that I lived in for several years and decided to rent out. I have been renting this for 2 years. I also have a primary mortgage for my current home. I want to look at buying another condo/townhome as a rental but I don't know how complicated getting this mortgage will be.
Will I need a larger percentage down vs. my primary mortgage, what interest rate can I expect vs. primary mortgage. I have good credit (770+) and minimal debt outside of the mortgages. If anyone has some insight as to how complicated this 3rd property will be to get please let me know. I am happy to provide more detail about assets/liabilities if someone wants to PM me.
Thanks for your time,
Chris