Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9

Important Information: We’re here to help, click here for important information on our coronavirus response.

Back
Scroll to top

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 from First Bank 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

Trending Topics

Small Business Loans for Women in South Carolina

First Bank in South Carolina is dedicated to helping women entrepreneurs get their businesses up and running. That is why we offer a variety of small business loans with competitive rates. According to the National...

Banks With Mobile Service In Sanford, NC

Mobile banking makes check deposits and other basic banking transactions convenient. In Sanford, NC, First Bank offers our customers a full suite of online and mobile banking capabilities. Mobile Services at First Bank...

Checking Account Offers – High Point NC

High Point, North Carolina is home to over 100,000 people and is considered the “Home Furnishings Capital of the World.” In addition to High Point’s rich history of furniture manufacturing, they have...

Workers’ Compensation Insurance 101

If you’re starting a business and are unsure of the purpose of workers’ compensation insurance or how to acquire it, then you’ve come to the right place. This kind of state-mandated insurance covers...

College Savings Account in Wilmington, NC

Whether you’re a parent looking to put away money for your child’s university tuition or a high school student trying to save some spending money for college, a savings account with First Bank in Wilmington,...

Lowest Mortgage Rates High Point NC

Getting the lowest mortgage rate in High Point, North Carolina involves more than just shopping around. First, you need to know how to shop for the best rate. Shopping for Lowest Mortgage Rate in High Point, NC There are...

High Yield Savings Account – Lillington, NC

When the unexpected happens, it can help to have a little extra money put away. If you aren’t prepared, unexpected medical bills, job loss, or repairs can put a dent into your bank account and cause financial stress....

What is Personal Finance?

Are you ready to get a handle on your finances and prepare for your future? The first step is understanding personal finance. According to Investopedia, “Personal finance defines all financial decisions and...

Need Help Financing a Wedding in North Carolina?

If you need help financing a wedding in North Carolina, just seek out one of 100+ First Bank locations scattered from Asheville to Kill Devil Hills. We offer a variety of loans that can help you finance the wedding of...

Finding the Best Personal Loans in Asheville, NC

Personal loans can help you pay for home improvements, weddings, medical bills, and many other large expenses. Consolidating debt is another reason to seek a loan. If you’re in need of money—for any...