An investment property is a property that is not your primary residence and has been purchased with intent to generate revenue, either through the future resale of the property, rental income or both.
An investment property can be a long-term project or an intentional short-term where real estate is purchased, remodeled or renovated, and sold at a profit.
Yes. In comparison to homes purchased as the primary residence, taking out a loan for an investment property often comes with higher interest rates and a larger down payment. It can be difficult to receive a loan on an investment property, particularly in Orange County, San Diego County, and Los Angeles County, so the borrower must be prepared to put down at least 20% of the home price as a down payment and be able to prove good credit scores.
It is important to be patient and well-informed about the market value of the property you wish to purchase. Selecting real estate that is more likely to increase in value is the most important decision you will make, therefore, buying at the right price is crucial.
Before you purchase the home, have a professional building inspector perform an in-depth inspection of the property to find any potential problems as this may hinder your profit potential. Thereafter, it is recommended to do an in-depth inspection annually.
Loans for investment properties usually accompany a higher interest rate. Be prepared to put down at least 15 percent of the property price as a down payment on the loan and ensure that your credit is in good standing.
Contact CostPro Lending Team today for any interest in becoming involved with investment property or investment property loans!
This communication is for informational purposes only, this is not a commitment to lend. Individual buyer's financial circumstances may be different and may result in different interest rates, costs, and payments. All programs are subject to change or cancellation at any time and without notice. Please consult your licensed Loan Originator to learn more about mortgage products, your eligibility, and ask for an official Loan Estimate before choosing your loan.
We recently had the distinct honor and pleasure to work with Mike Zamani (of CostPro) to refinance our home mortgage. Mike made our journey through today’s finance world a smooth process and actually somewhat easy. He was always available to answer questions, offer explanations promptly, patiently, and competently. Mike’s communication style and even his voice, which is crisp, succinct, yet calming helped us feel we were in very good hands. Beyond Mike himself, his team were also very efficient, competent, and worked with us to assure things happened smoothly. We highly recommend Mike Zamani! A gentleman and scholar indeed, with a great personality to boot!
Thanks again Mike!
It's the day after I closed on my Re-Fi and I still can't believe it! I was contacted by a bank and after looking at my file, they said I needed to get a co-signer! I forgot about doing it until I got a call from Tony. He looked everything over and thought it was doable. They put Tony through the wringer. No matter what we gave them, they wanted more. Finally, they ran out of things to ask us and said YES! If anyone but Tony had called me I would not of had the same result. I will be forever grateful!!Liz S.
To whom it may concern,
this is to confirm that Brian Mays, Lee Garoutte, and their team are some of the most dedicated people to work with, they went out of the way and bent over backwards to make sure that my loan went through. They went over and above to get the task completed. I highly recommend Brian, Lee, their team to anyone who is trying to get their loan approved.
Dear Tony Christensen, I just wanted to say thank you for all your help refinancing my home, you were very helpful and explained every detail so that I could understand every step we were doing. Thank you very much for all your help and I am very happy that I chose to refinance with you. I will recommend you to any of my friends that want to refinance. Thank you again for all your help, You Were Great!!!!Ofelia L.
I am very glad to say, when I called Costpro and Michael answered my call. Great personality and experience working with him. I totally recommend working with him.Sia
Mike Z at Costpro Lending was a pleasure to work with. We called him on a few issues we wanted answers to and would always get back to us in a timely manner. A couple times we wondered how thing were progressing through the holiday and the next day we received an update from him. Great customer service. We would definitely recommend. Thank you Mike Z…:)Betty Chow