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Mortgage Loans for Investment Properties
If you have ever considered adding investment property to your portfolio, you may have wondered what is the difference between an Income Property mortgage loan and a Commercial mortgage loan. Both types of property produce income, right? Yet, they are two very different types of loans.
First of all, Income Property Loans are much easier to get approved for than Commercial Mortgages. Income Property loans are loans for smaller investment properties such as Duplexes, Triplexes and Four-plexes. These investments may be Owner Occupied and they might not. In general, they are residential properties. The process for qualifying on an Income Property mortgage loan is very similar to the process you experienced on your last home purchase.
This type of financing is somewhat more difficult to attain than your last home mortgage but, the requirements to qualify are very similar to what you are accustomed to on a home loan. The rental income can be used to help qualify for the loan as long as lease agreements can be provided. Taxes and insurance can be added into the mortgage payment for your convenience just like your home loan.
The loan programs available for income properties are what you have been accustomed to with your principal residence. 30 year and 40 year terms can be attained. Interest only financing options are also available.