09:01 09 August 2013
When buying a real estate property as an investment, it makes sense to always find the best, lowest mortgage rate as this would mean huge savings and more profit for you.
When looking for the best investor mortgage rate, there are some things that you need to consider and these include your investment goals and available funds.
If you’re buying a real estate property to flip it and sell it ASAP, you don’t need to find the lowest mortgage rate. This is because you won’t have the mortgage long enough for the rate to make an impact. Remember, you’re going to acquire, remodel and sell.
The best mortgage for this is a no closing cost mortgage. Rates for this are higher compared to regular mortgages but then again, you’re not going to keep it long enough for it to matter.
If you’re planning to buy a property and rent it out, the lowest mortgage rate is your best option. As you’ll be paying for this property for say at least 15-25 years, you would want to reduce the interest rate even by one per cent as that would mean huge savings for you.
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