How many years would a bank finance on an investment property?
I found several duplexes in my area that are around 20k. I have the 30% to put down but not the full 20k. Would a bank finance this as a mortgage and if so for how many years? I would like to put the mortgage on 5 or 10 years. I am hoping to obtain just a conventional mortgage. Would the interest rates be higher since it's will be used as an investment property?
Investment best answer:
Answer by JR
Interest rates are usually a little bit higher for an investment property as opposed to a person's primary residence, but if you're looking at a 5-10 year mortgage, then you'll be able to get a lower rate than your standard 30 year mortgage.
Good luck with the project!
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