THINKING ABOUT BUYING AN INVESTMENT PROPERTY OR SECOND HOME?
Whether you’re looking for paradise or profit, we can help.
Smart Investment Matters
We’ll evaluate your short-term needs and long-term goals
There are many things to consider before diving into having two mortgage payments. For starters, you want to make sure you can qualify for another mortgage loan. A second home buyer has to carry the entire new mortgage payment without the benefit of rental income. If you are buying an investment property you can generally use 75% of the current or expected rental income to help you qualify. Also, you will need to be able make a down payment of at least 10-25% of the home’s cost (10% minimum for second homes and 25% for investment properties) and come up
with some significant closing expenses as the property transfer tax for second homes and investment properties is higher than for primary residences.
If you’re considering purchasing an investment property or second home, make sure to talk to a qualified mortgage professional to better understand the options and avoid the potential pitfalls. No matter what you’re looking for, we’ll evaluate your short-term needs and long-term goals to find the perfect fit for your individual situation.
All loans are subject to credit and property approval. Other restrictions and limitations may apply.
The holiday season has arrived, and our jolly team at Draper and Kramer Mortgage is here to help you with your gift giving. Just follow these 12 tips we’ve collected to assist you in finding the perfect presents without breaking a sweat or the bank. Interview your...
Home values have been rising and mortgage rates are low, making now an attractive time to get a cash-out refinance. If you’re a homeowner with equity in your home and you need cash for a large expense, project or investment, a cash-out refinance may be the answer....
If you’re like many people, there’s a business or several where you shop regularly. Maybe it’s a big box store, your local grocer or a fashion retailer. Because of how much money you spend there, it may seem smart to get a store credit card for promotions and savings....