Upside Down Mortgage

Mortgage Help In Pa

Question: Hello, I am shopping for a mortgage for an investment property in PA.?

I would like to know:
1. Are there differences in rates between mortgages for primary living and investments? what are they?
2. What is the best rate for investments right now for fixed with 0 points?
3. What could be the hidden charges that I need to be aware of or to ask about?
Thanks!

Answer: 1. Yes, there are different rates between primary and investment properties. What they are depends on the lender, but they are always higher than primaries. Generally, the maximum LTV on investment properties is 90%, so you'll need 10% down. This will also depend on your credit.

2. You sure you want a fixed rate on an investment property? Most people I deal with that are looking for investment properties are looking for the low teaser rate to maximize profits, knowing they'll have to refinance in 2 years. As far as what the best rate is, there's no way to tell you based on the information you gave us.

3. RESPA requires that all charges be disclosed on a Good Faith Estimate within 3 days of application. In addition, all charges must be disclosed on the HUD settlement form at closing.

Help we need a mortgage loan

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!