Can I get a mortgage on an investment home after purchase?
I'm looking at purchasing an investment home, and it is a short sale which specifies a cash transaction. I plan to pay cash for the property.
I would like to have a mortgage on the property to use the cash for other purchases.
Is it possible to get a conventional mortgage on a property after purchase (I suspect yes), and are the terms generally the same? Is there any major disadvantage to getting a mortgage on a property after purchase?
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Answer by linkus86
I have known people to arrange the financing to close on the following day they make the original purchase. The major difference between the mortgage on the investment house will be the higher interest rate and higher insurance costs associated with non owner occupied property.
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2013-05-16 Russell Investments Center
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2013-05-16 Russell Investments Center
Orignal From: Can I get a mortgage on an investment home after purchase? and 2013-05-16 Russell Investments Center
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