If you’re looking for a solid investment, thinking about diversifying your portfolio, or just want to make some extra money as a landlord, it might be time to take the plunge into investment real estate. There are a variety of mortgage lenders who can help you get the funding you need to purchase an investment property, but before moving forward, you should consider the following information.
Does Investment Property Make Sense for You?
Before making a big purchase, you should always crunch the numbers, and investment property is no exception. First, you need to look at the rental market in your area. You need to know how likely the property is to rent and how much you should charge for the space.
Generally, when mortgage lenders review your application for investment property, they take into account some projected rental income when deciding whether or not you can afford the mortgage. However, they tend to take into account a rental income for only a portion of the year. That ensures if you don’t have a renter all year that you can still make the payments.
Do You Have Time for an Investment Property?
Once you’ve crunched the numbers, you also need to think about your time commitment. Investment properties can be hands-on, and some people even take on multiple properties, making it their full-time job. You have to screen tenants, collect payments, handle upkeep, and juggle other tasks.
If you don’t want to do those tasks or don’t have the time, you can hire a property management company to help you, but you need to ensure you budget for those expenses as well.
Which Mortgage Lenders Are Best for Investors?
Numerous mortgage lenders offer loans that are perfect for real estate investors. Unfortunately, you can’t get the exact same loans that you can when you are buying a primary residence, but there are ways to work around that situation.
For instance, an FHA mortgage lets you purchase a property with very little money down, and it has a low interest rate. You can only use these loans for primary residences, but you can also use these mortgages for duplexes, triplexes, and fourplexes as long as you also live in the property. That can be an effective way to start investing in property, especially if your loan options are limited.
Why Should You Choose Bright Path Mortgage Solutions?
With so many mortgage lenders out there, it can be hard to know which one to choose, but BrightPath Brilliant Mortgage Solutions should be on your list. Here are just a few of the advantages of working with BrightPath:
- Easy online application
- Fast pre-approval to make shopping for a property easier
- Looks at the big picture to help increase acceptance rates
- Multiple mortgages available to meet a range of financial needs
- Expert customer service to answer all your questions
- Helpful connections to professionals such as credit repair specialists, real estate agents, home inspectors, appraisers, and more
To learn just how easy it is to work with BrightPath Mortgage Solutions, start the application process online today, or give us a call directly at 888-222-6003 with your questions.