
	Home
	Types of Loans
	Refinance mortgage
	Debt consolidation
	Types of Properties
	Loan Term
	Lenders
	LTV (Loan to Value)
	Prequalification
	Buy-Downs/Discount Points
	Closing Costs

Property Types

What are the differences between getting a mortgage for a home you will occupy vs. getting a mortgage for an investment property? The type of property you are trying to get a mortgage for has a significant impact on the terms and availability of that mortgage rate. If you are a first time home buyer you may be able to get a better mortgage quote on a home than the average home buyer. The federal government offers a variety of programs and grants to first time mortgage home buyers. Mortgage brokers look favorably on first time home owners for home mortgages because they know it is the first house and that the occupants will take care of the home. A mortgage specialist can help you find one of these broker.

If you are attempting to get a home mortgage for any second home you will not get as favorable treatment from the mortgage broker you are dealing with. If the home is not going to be your residence, the lender will see this as a bad sign because you do not have as much of an incentive to not default on the mortgage. If the property is not your primary property, a home mortgage will probably give a higher rate. You will also miss out on the opportunity to take advantage of first time home buyer programs offered by the government.

Types of Properties

First Home
Federal governments mortgage programs and grants are available, generally you can get a lower rate
Second Home mortgage
Generally will carry a slightly higher mortgage rates because it is not your primary residence, unless you can prove that you are going to occupy the house.
Investment Property

To qualify for certain investment property mortgage , it helps to be in the rental business for 2 years to get a fixed rate mortgage . If you have not been in business for 3 years, you may need to do an ARM (find out about this in the next section). Investment property does also carries a higher interest rate.
A mortgage specialist can help you determine the best quote to help you maximize your investment money and generate a HIGH RATE OF RETURN.

What should your mortgage Term be?

Find out about Refinancing Another type of property that mortgage are issued for are investment house. These mortgages generally carry higher interest mortgage rates than owner-occupied home mortgages. The main reason for this is that the borrower is not living in the house, and there is not as much of an incentive to maintain the property at its current condition. This makes the broker a little wary when it comes to lending the money. If you have not been in the property business for more than one year, you may get an even higher rate. Note, commercial mortgage are not the same as investment property mortgage. Commercial mortgage apply to properties with more than 3 units, while investment property mortgage apply to properties with 3 or less units.