Feature post by Tim Horr, Thomas Louis Mortgage
As a mortgage broker I come across people who eager to invest in properties and take advantage of the current real estate values. With mortgage interest rates currently at a 40 year low and home prices so reasonable. It makes sense to invest in real estate because it really is a great time to buy Brevard County investment properties. It’s a no brainer if you plan to pay cash, but if you want to leverage and obtain financing there are parameters to follow. Here are the top 5 things you need to know before you move forward on financing an investment property.
- You will need a relatively high credit score 680 at a minimum. Investor financing is the most credit scrutinized of any loan.
- The optimum purchase is with 25% down. You can get in with just 20% down but I highly recommend 25% down. Once you see the numbers you will agree.
- You will have to qualify with your current monthly debt and the new mortgage. The new mortgage debt will include principle, interest, taxes, insurance and any homeowners association fees.
- Avoid trying to secure financing for condominiums in Florida. Hopefully this trend will end in a few years. But currently condo’s are real hard to secure financing.
- Use a local mortgage professional like myself to help you with your financing. And most importantly , once you own the investment property I highly recommend you hire Karen Gunn Bardot and her team to manage your investment property.
I have been a licensed Mortgage Originator since 1997 and have helped many investors who were new to investing and those who are pros. I can say confidently, now is the time to invest in real estate, the real estate opportunities are ideal to expand and diversify your portfolio. . . and Brevard County is excellent choice.
Tim Horr | Thomas Louis Mortgage | 321-698-0417 | firstname.lastname@example.org | TimHorr.com