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Updated over 7 years ago on . Most recent reply

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Chris Yenter
  • Longmont, CO
5
Votes |
5
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Question on mortgage for investment property

Chris Yenter
  • Longmont, CO
Posted

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

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