Investment Property Mortgages Brooklyn NY

Obtaining investment property mortgages is essential if you want to grow your property management business in Brooklyn and become a successful landlord. Fortunately working with a mortgage lender doesn't have do be an impossible challenge as long as you prepare well and know what to expect ahead of time.

Local Companies

Platinum Resources
(516)222-4942
600 Old Country Rd
Garden City, NY
Apex Mortgage
201-998-4900
Kearny, NJ
Wells Fargo Financial
(718)335-1206
9131 Queens Boulevard Suite 412
ELMHURST, NY
Guaranteed Home Mortgage Company
(718)319-9845
3111 East Tremont Avenue
BRONX, NY
A Plus Mortgage Service
(516)593-1031
146 East Dover Street
VALLEY STREAM, NY
Capital One
718-706-2901
807 Manhattan Ave
Brooklyn, NY
Helen Beichel
1133 Park Place
Brooklyn, NY
Masuko Realty
(201)585-7500
158 Linwood Plz Ste 303
Fort Lee, NJ
Security Home Mortgage
(718)322-6889
106-21-A 97
OZONE PARK, NY
GCS
(212)545-9201
319 5th Avenue
NEW YORK, NY
Data Provided by:
  

Provided By:

Snag Your Investment Property Mortgages Quickly and Easily Today

Author: Teo Zhenjie

Obtaining investment property mortgages is essential if you want to grow your property management business and become a successful landlord. Fortunately working with a mortgage lender doesn't have do be an impossible challenge as long as you prepare well and know what to expect ahead of time.

Here are some time tested things that you can do to ensure that you get the best possible deal when it comes to investment property mortgages.

Find Out What is Your Credit Score and Improve it

Your credit score is an important factor when a lender is considering your application. This is why you should apply for a mortgage loan only when you have a clear knowledge of where you stand. Start by ordering copies of your credit reports from the three major credit reporting bureaus.

Comb through the reports carefully and look for any errors that may cause your score to be lower than it otherwise would. If you spot any errors, contact the credit bureaus to correct them.

Avoid taking steps that might lower your credit score before applying for your investment property mortgages. For example, don't close old credit accounts that are in good standing, don't take out additional credit and don't obtain loans from another bank.

Choose the Right Down Payment and Loan Duration

Lenders often require a larger down payment for investment property mortgages than they do for residential loans. This is because rental property investors tend to default on their mortgages more often than home owners.

In general, you can expect to make a down payment of 20 to 25 percent of the purchase price of the property, with a loan duration that ranges anywhere from 10 to 30 years.

If you pay less than 20 percent down, you can expect that a lender will charge you a higher interest rate. This may not seem like a big deal at first, but in the long run it will easily run up to thousands of dollars. Likewise, a shorter loan term means that your monthly mortgages will be higher but you will actually spend less over the life of the loan.

Prepare All Your Important and Relevant Paperwork

If you can afford it, the best strategy is to make a sizeable down payment and choose the shortest loan term that you are able to afford.

If you cannot afford a large down payment, don't worry you still have any options to choose from. For example if you own other properties or a home of your own, you can apply for a home equity line of credit and draw money from it to make a down payment on your investment property.

In some cases, you may be able to take advantage of zero down financing. However, fewer and fewer lenders are offering the option. Plus, this loan option will result in the highest interest rate and you have to fork out a lot more money in total.

Once you decided on your options, make sure you have all the necessary paperwork and documentation for the lender to show that you are a trustworthy borrower. You should prepare written records of your income, bank statements and any self-employment documents, such as a business license and income statement.

By scoping out your options ahead of time and being prepared with the right document, you will have an excellent chance at obtaining your investment property mortgages at the best rates and terms.

Teo Zhenjie has been showing landlords how to manage their tenants and rental property effectively on Propertydo http://www.propertydo.com/ - To learn more important tips on investment property mortgages , visit his website today for step-by-step real estate guides, free resources and forms.

About the Author:

Teo Zhenjie has been showing landlords how to manage their tenants and rental properties effectively on Propertydo.com http://www.propertydo.com/ - Visit his website today for step-by-step real estate guides, free resources and forms.

Article Source: http://www.articlesbase.com/mortgage-articles/snag-your-investment-property-mortgages-quickly-and-easily-today-948749.html

Related Articles
- Penny Stocks Brooklyn NY
Here is information about Penny Stocks, Companies, Stock Brokers, Stock Listings and Trade Penny Stocks.Contrary to the "facts" that NYSE, NASDAQ and AMEX have "virally" spread on the internet, penny stock trading isn't really that bad of an investment.
- Forex Trading Analysis Brooklyn NY
- Beginner Investment Guide Brooklyn NY
- Income Property Transaction Brooklyn NY
- Reverse Mortgages Brooklyn NY
- Making Use of Commercial Loans Brooklyn NY
- Creative Real Estate Investing Brooklyn NY
- Personal Mortgage Loans Brooklyn NY
- Great Property Investment Brooklyn NY