Investment Property Mortgages
- Investment Property Mortgages California - Investment Property
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Investment Property MortgagesInvestment property mortgages (also referred to as "non-owner occupied mortgages") are designed for property owners who own investment property that is 1 - 4 units, single family homes, condo and town homes. If more than 4 units this is considered a multi-unit or apartment loans. Investment property mortgages are available up to 90% of the investment properties value. Investment property mortgages can be used for mortgage refinancing and refinancing existing mortgages to a lower rate to increase cash-flow. There are many different types and terms of investment property mortgages. Investment Property Mortgage Loan TermsInvestment property mortgages will typically carry a slightly higher mortgage rate than an owner occupied property due to the higher risk (due to vacancies) of the investment property. Below are some of the most common terms of investment property mortgages:
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California Department of Real Estate Broker:
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A customer must provide a complete, system generated Good Faith Estimate,
listing a specific lender's name, that is dated the same day as the rate quoted
by us. If such Good Faith Estimate indicates an equivalent or lower interest
rate and closing costs package, for the same loan program that is offered by us
and we have verified the accuracy of the rate and fees listed then we will have
the option of beating that lender's total loan costs by $100 or paying the
customer $500 ($750 for properties located in California) when they close with
that lender and provide us with a copy of the signed Note and Final HUD-1
Settlement Statement.