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Updated over 16 years ago,
Quick Financing question
I am a newbie (as I have stated numerous times in other posts) here in the very expensive realestate market of Connecticut.
I am looking at several properties that have 4 to 16 rental units in each. The properties range in price from $400,000 - $925,000.
SO I guess the question is how do you approach your mortgage broker to explain that the property is an investment when you are looking to pre-qualify for a loan? Is the process the same as when you are purchasing your primary home? Does the income the property is currently generating help to get you qualified?