Investment Property Mortgages

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Investment property mortgages are usually taken out to finance a structure that the borrower does not reside in on a permanent basis. The interest rate can be higher than on a standard mortgage loan, and the down payment amount may also be higher. Once you know the monthly payment for your loan, you can use that figure to help arrive at an amount to charge the occupants for rent.

Investment Property Mortgages

Most lenders require you to have excellent credit and a solid employment history to qualify for an investment property mortgage. If you are hit with a vacancy, rent payments will no longer cover the mortgage loan. Many lenders want you to have excess capital available in case you happen to suffer from a temporary shortfall in rental income.

Ask your lender the down payment amount they require for the purchase of your investment property. You will also need to determine the amount of rent to charge, which should cover the mortgage loan payment and include an allowance for potential repairs needed on the property.

Consult with your accountant to determine the tax benefits from your investment property mortgage. This may help you decide on the rental amount to charge your tenants.