Hi , I’m thinking about buying my first investment property and I was wondering if it’s a good idea to ask for a personal loan so I can use that as a down payment?
Most lenders won't allow the down payment to be borrowed money. I would talk to a couple lenders and tell them what you plan to do.
@Yisel Trujillo personal loans have high interest rates that you’ll be paying back along with the Mortage and interest on the loan. I’d steer clear. Definitely speak to a lender to find out your options.
@Tim Johnson Thank you . I certainly going to talk to a few to see if someone is willing to do it.