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Rental Property Mortgage Rates – Florence, SC

Homebuying 2 min read

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Owning a rental property is a popular way to build some equity, qualify for tax benefits and earn some easy cash.* In Florence, SC, competitive rental property mortgage rates can be found at our First Bank locations on West Evans Street and Loop Road.

Tips for Finding Great Rental Property Mortgage Rates in Florence

Data from the National Multifamily Housing Council shows that one-third of all American homes are rented out, creating a wealth of opportunity for homeowners. But, securing a mortgage for a rental property is a little bit different than a traditional home mortgage and finding the best rental property mortgage rates is only one small step in the process. Some of the things to consider when seeking a rental property mortgage include:

Down Payment: Rental properties often require a minimum down payment of 20% and typically have higher interest rates than a regular home mortgage.

Tip: Save enough money to cover six months of the mortgage yourself in case your property does not rent out right away.

Insurance: Private mortgage insurance is not available for rental properties like it is for a typical home mortgage.

Tip: Seek out renter’s insurance to protect you from liability.

Flexibility: Smaller banks such as First Bank can often offer greater flexibility and better local market knowledge than big banks.

Tip: Sign up for a free personal mortgage consultation with a Florence, SC First Bank specialist.

Experience: Customers with no rental property or landlord experience may have a more difficult time qualifying for a rental mortgage.

Tip: Join the Florence, SC Rental Property Owners Network to gain valuable knowledge and experience that can support your case for getting a rental property mortgage.

Stop by First Bank for competitive rental property mortgage rates and join the scores of Florence residents who are taking advantage of property rental business opportunities in South Carolina today.

Loans subject to credit approval. Investment and Insurance Products are NOT Bank Deposits, NOT FDIC-Insured, HAVE NO Bank Guarantee, NOT Insured by any Federal Government Agency, May Go Down in Value. * Talk to a tax professional to confirm what might be applicable.

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NMHC: https://www.nmhc.org/research-insight/quick-facts-figures/quick-facts-resident-demographics/#RentOwn

https://www.thelpa.com/lpa/associations/south-carolina.html

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