What’s the Best Kind of Loan to Get for My MN Investment Property?
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I would absolutely love to answer this question for you, but the truth is I can only tell you to find a great-lender, who will help you to answer this question for yourself. The real answer to this question, is that each person is unique and different.... Everyone has a different credit-score, a different income-level, a different debt-load, and different-needs. |
A lender will look at all these factors, along with how much cash a person has on hand (checking, savings, etc.) for down payment and/or closing costs.
After looking at these factors, a lender can make recommendations as to which loans may fit best in your scenario. If the lender does not automatically do so, ask him or her to see the loans side-by-side. This way you can compare the terms directly.
Look at the interest-rates on the different loans, look at the terms. How many years is each loan and what is your bottom line monthly payment. Consider what works for your budget.
If you have a spouse or partner, ask their opinion as well - because the truth of the matter is, at the end of the day only you can say, which loan is right for you.
