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Second home or investment mortgage... Please help
Good afternoon,
I am looking at getting my first investment property out of state this summer. I do not own a property yet but the company I am getting my loan through said that I should use a second mortgage loan and put 10% instead of the 20% I would need for an investment loan. They said to do this even if I plan to rent it out.
Can anyone give me advice on whether this is actually a good idea or should I just go ahead and put the 20% and get a regular investment loan?
I am new to this and very confused.
Thanks for any help or guidance you may be able to provide.
David