Rental Property Mortgage Rates – Florence, SC

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.

———

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

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

Share:

Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.

First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

4 Reasons to Consider an Energy-Efficient Home If you’re buying, building, or remodeling a home, here are 5 reasons to consider putting energy-efficient features high on your priority list. 3 min read

holding up paper cut-outs of a family and a house

3 Questions to Ask Yourself While House Hunting House hunting is fun but it is also difficult if you're not fully prepared. Here are 3 questions you should always ask while looking for a new home. 3 min read

FHA Loans 101: 3 Major Requirements If you have a strong understanding of the FHA loan requirements, you’ll experience a quicker and smoother loan application process. FHA loans provide homebuyers of all income levels the opportunity to purchase a home with lenient qualifying terms and lower down payment requirements. There are, however, three major requirements that prevents people from purchasing an unaffordable home. Three Major Requirements Debt-to-Income Ratio:There are two debt-to-income ratio requirements that FHA lenders will look at in order to determine if a buyer can afford a home: Mortgage payment expense to effective income: Add your total mortgage payment and divide it by your gross monthly income. The maximum ratio to qualify is 31%. Total fixed payment to effective income: Add your total mortgage payment and all recurring monthly debt and divide it by your gross monthly income. The maximum ratio to qualify is 43%. FHA Credit: FHA loans are more lenient when it comes to qualifying terms, but there are still certain credit requirements applicants must meet. If you have no credit history, filed for bankruptcy, have a history of late payments, been foreclosed on, or sent to debt collections, it will be harder to get approved for a loan. Application: Aside from financial requirements, there are a few FHA loan application requirements buyers must meet and present to their loan officer: Address (past two years) Social Security number Names and location of your employers (past two years) Gross monthly salary at your current job(s) Information for all checking and savings accounts Information for all open loans Complete information for other real estate you own Approximate value of all personal property Certificate of Eligibility and DD-214 (for veterans only) Current check stubs and your W-2 forms (past two years) Personal tax returns (past two years), current income statement, and business balance sheet for self-employed individuals If you understand the FHA loan requirements and are ready to apply for a loan, you can apply online with First Bank.* Have more questions about FHA loans? Visit the FHA’s website, or contact your local First Bank branch to learn more. *Equal Housing Lender. NMLS #474504. Loans subject to credit approval. ——— Sources: http://www.fha.com/fha_requirements_debt http://www.fha.com/fha_requirements_checklist http://www.fha.com/ 2 min read

Mortgage Basics 101 Understanding mortgages can be difficult, which is why we’ve put together some information to guide you through the mortgage basics. You don’t need an advanced degree in economics to understand the financing of your home. A crash course in mortgage basics will suffice, and First Bank has the resources to help you learn the ins and outs of a mortgage. Mortgage Basics 101 What is a mortgage? According to Investopedia, at its most basic, a mortgage is a loan used to purchase a house. While this definition may seem simple enough, home loans are complex. There are many different types of home loans and each can have varying terms and interest rates. Types of mortgages. Mortgages can be broken down into two main categories—fixed-rate and adjustable-rate—and each category can include different loan types. Fixed-rate mortgages are popular because the interest rate stays the same throughout the life of the loan and they typically have less complicated terms. Adjustable-rate mortgages are loans in which the interest rate can change. Adjustable-rate mortgages typically have lower initial interest rates than fixed-rate mortgages, which means your initial monthly payments will be lower. Getting a mortgage. Before you apply for a mortgage, it helps to understand the types of mortgages available to you, how much house you can afford, and what you will need to apply. And one of the best ways to find out this information is to use mortgage tools from First Bank, from mortgage calculators to application help, we make the process of purchasing a home as simple as possible. Help from First Bank’s Mortgage Center By visiting our Mortgage Center, you can get the benefits of a crash course in mortgage basics through a host of services, including: Mortgage Know-How. This is a collection of blogs, articles, tips, and guides for first-time or experienced home buyers, builders, or refinancers. Calculators. Use these tools to calculate how much house you can afford, determine whether you should refinance or not, decide to buy or rent, or figure out how much you can save by increasing your mortgage payment. Application Help. We give you the opportunity to fill out a mortgage application online to expedite the process, but if you need help with the application, simply contact one of our home loan experts. Loan 3 min read

Rental Property Mortgage Rates – Florence, SC

Ready to talk to an expert?

Tips for Finding Great Rental Property Mortgage Rates in Florence

Ready to talk to an expert?

You may be interested in...