Rental property mortgage terms
I am looking at purchasing my first solo rental property with 20-25% down. My other properties with a business partner had a 15 year amortization on a 5 year term. I didn't think anything about it because the business plan had them paid off in 3 years anyway. Now that I am looking for a solo run, I am finding the 20 year amortization on a 5 year term is standard. (Or at least what is being offered on first look)
Is it possible to get a longer term mortgage on rentals? It seems crazy that so many would be leveraging houses on 5 year mortgages so how are the homes being mortgaged safely? After the 5 years can they get a more traditional mortgage or is it 5 year after 5 year after 5 year mortgage?
I searched the forums and it seems the 5 year is pretty standard, I just want to get an idea of what comes next.