Second Mortgage Vs. Investment Property Mortgage

[David Carbajal]

Hi BP!

I am currently comparing mortgage options for my first rental property that I plan to purchase early 1st quarter next year and I have come across some controversial approaches with the type of mortgage.

I have a mortgage officer that I used to purchase my primary residence in California (note: the loan is ONLY under my Wife's name and we jointly hold title, so I "technically" do not have a mortgage at all), that has provided rates for a investment property - which Is what I understand is the best (safest/honest) way to go....

I also reached out to another lender who said its better to apply for a "second home" type mortgage, and that "the mortgage police" will never know the difference - this feels wrong, but I would like to know what you all think....??