How to Get an Easy Rental Loan in 3 Steps
If you want to close a real estate deal fast and easy, then you need an Easy Rental Loan.
But to take advantage of these loans—and their affordable, long-term fixed rates—you need to study up a little bit with 3 easy questions. If you can answer each one, then you’ll be able to get a loan that’s perfect for you—and your cash flow!
Does your rent cover all of your costs?
It’s time to pull out your rental property calculator and add up your costs. These include your mortgage payment, taxes, insurance, and any HOA fees. You should aim to charge a rent that covers these monthly expenses. If it does, then it’ll help lower your rates and obtain higher loan-to-value products.
Do you have a good credit score?
Sure, you can get an Easy Rental Loan with a score in the low 600’s, but it’ll cost you. Dearly. We’re talking about adding a point or more to your interest rate. That extra cost can suck your cash flow dry by adding another $200 to $400 a month to your payment.
If you need some tips to raise your credit score, check out some of our other videos on our YouTube Channel!
Are you working with a lender who offers many options and programs?
Why is this important? Because every mortgage company has an ideal client, and you want to make sure your real estate lender has an option for you. Something that’ll fit your needs at the lowest cost so you can keep more money in your pocket, pay less at closing, and boost your monthly cash flow.
That’s it! Those are the 3 key questions you need to answer before you dive into an Easy Rental Loan. And if one of them caused you to stumble, no worries. Our team is always here to help.