All Forum Posts by: Alex Roter

Do you live at this property or is it a rental? If it's a rental, there are lenders who do not consider your monthly recurring debts and personal income. They qualify you based on how much money the rental property pays you (rental income).

If it's your primary home, then either pay off some low-balance credit cards/car loans/other loans to lower your monthly debt--or explore strategies to increase your income (feel free to message me for more info on this).

Rates are at all-time lows, so it's a great time to refinance. What price range are you looking at? 

Mortgage brokers can be a good source for financial advice specific to real estate. A retirement plan may include restructuring your current mortgages to reduce the years in the loan term (i.e. going from a 30yr loan to a 15 year). This will ensure you are on track for paying off your mortgage in a timely manner and saving money on interest payments.

A great start is to contact a mortgage broker and assess your financial situation. Obtain a preapproval letter including the maximum loan amount you qualify for based on your income and debt.

Multifamily properties have more cashflow potential. Single family properties may  be easier to manage compared to multifamily.