Top 3 things to look for in deciding a mortgage for rental

7 Replies

Hi Guys,

I have finalized a deal with a rental property in Hockessin Delaware and planning to close out by end of September. I am in the process of deciding the lender for Mortgage on my rental property. Can you guys list me 3 things I should look for in a mortgage to decide a lender? The interest rates around Mid 5 and if you can recommend any bank who can provide me a bit lower, I am also for it.

Buyan

I would make sure you get a quote on closing costs.  Note that costs may significantly differ because of accruals, but those are all estimates anyways, so I would only look at other costs (e.g. title search charge, point fees, etc.). Some may sneak in points fee and seems like giving you better interest rate but at a higher closing price so doesn't hurt to be careful about it!