Updated over 18 years ago on . Most recent reply
So, I need a mortgage...
Ok, this forum and many of you expert members have really helped me getting started. Still not ready to jump in, but I'd say it's helped me to not pay too much and look for a better deal for a rental/rehab.
The question is, when the time comes where I'm ready to buy, a general question would be, since I have a mortgage on my current home (close on monday), will the bank give me a traditional 30 year loan on a rental (2nd property), or do I have to get a different type of loan? I just got a 6% 0 point 0 orig. loan on my current house.
IN doing the paper analysis, I was just curious if I could count on the same type of conventional rate, or would I have to pay a higher rate?
Interest only or traditional loan? I easily have 20% to put down.
As far as my current home, this is my third time moving in about 10 years, putting about $35 in equity into the next home. When all is said and done (old house sells), I will be able to pull roughly another 80k-90k in cash out to go along with about 50k sitting in a money market now.
Thanks again for all the help and support.