The following may help you get a more realistic expectation on a rental mortgage program and how you can speed up the process and benefit sooner from the investment of that second home (not owner occupied) or third or even fourth home.
Purchasing a second home is not the same as buying your first home, yet, the investment on real estate may be worth the difference.
The rental mortgage program’s terms may vary among lenders, so it is advisable that you check with your mortgage agent the details of your mortgage.
One of the variants between your first mortgage on your owner-occupied property and your non-owner-occupied property might be the lower loan-to-value offered on the first mortgage of your non-owner-occupied property.
Another variant could be the higher net worth of the borrower needed on the rental mortgage program.
The percentage amount of the rental income that can be added to the borrower’s income might also a variant in the mortgage process.
Consulting your mortgage agent saves you time speeding up the mortgage approval process so that you can enjoy the benefits of your investment
Credit, income and down payment affect rates and affordability in any qualification process.
