Looking for correct type of funding!
I am finally at the point to start my serious search to move on properties when I find them. However, I am trying to setup any pre-approved loans if at all possible.
However, my question is what loan or what type of lending should I go after for the situation I am in which is:
I have good+ credit with very little DTI ratio and have saved up a good chunk of change saved up approx (20k) and I own my own home.
What I would like as far as a loan and what might be "real possibilities" probably are completely different, but that's why I am turning to the community. My preference would be to not have a traditional mortgage for any REI's because I would be paying 90% to interest on the front end, as it isn't until the second half of the life of your loan does majority of your mortgage payments go to principle. I say that because, if worst come to worst (inability to sale, financial problems..ect) then I would still be pay a portion off of the principle. This is the one I said might not be possible.
However, if that’s not possible, I was thinking about a "interest only" type of loan which could possibly keep my monthly payments down though, none would be going to principle.
Again, I am open for any suggestions for any type of loans, traditional or non-traditional.
Thanks in advance