Let’s begin the understanding of this loan by a simple example, you take out two mortgages one on a residential house and the other one on a rental or a house you intend to use as an investment purpose what are the chances that you will fall back on the payments of your residential house?
Slim, right. This is because you can’t risk your place of residence but somewhere you don’t reside won’t bother you much if you’ve missed out one or two payments and this is a risk associated to an Investment Property Mortgage Loan which leads to very high interest rates and a shorter time period of reimbursement unlike a traditional residential mortgage. The perilous nature of this loan requires you to make at least a 15% down payment on one-unit investment property; 25% down on a two- to four-unit investment property. Putting lenders in hot waters is the mere fact that in the end it’s a business transaction not a home you intend to build for your family.
Set guidelines and a streamlined underwriting process make closings happen swiftly. As fast as 48 hours
Correspondent lending gives us the ability to bring wholesale rates to the consumer
Start with some basic info about your assets, credit profile, income. As a result – amount to borrow and the rate
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