Get Rich Education 365: Mortgage Rates Drop Full 1% For Income Property with Caeli Ridge
Learn how to qualify for an income property loan today.
We discuss what just made mortgage interest rates for investment property drop 1% overnight.
First, I discuss the difference between adequate safety vs. too much safety for tenants in investment properties.
Too many safety regulations have a cost that gets passed onto tenants and even increases homelessness.
Caeli Ridge, President of Ridge Lending Group joins me.
A few weeks ago, mortgage interest rates for income property fell a full 1% due to the suspension of added risk layers that were added back in March.
For an income property loan, you need: 1) 15-20% down payment and ~4% closing costs. 2) Credit score of 680 or better, 3) Show sourced & seasoned liquid assets, and 4) 50% maximum debt-to-income ratio.
There are pros and cons of paying monthly PMI.
Today’s “typical” income property interest rate = 3.75%.
What happens when you try to get more than 10 income property loans? We discuss the terms, called “non-QM” loans.
Get started on your income property loan at: www.RidgeLendingGroup.com
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