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

What is Required to Open a Business Checking Account?

It’s standard for a business to have a business checking account. After all, a business needs to handle cash and pay bills. If you’re just starting a business, or even if you’re moving your business bank...

Find the Best Savings Account Rates at First Bank in North Carolina

Finding the best savings account rates in North Carolina can be beneficial for many reasons. Whether you want to save money in the case of an emergency or start a fund for your child’s education, having the right...

Best Small Business Bank – Florence, SC

Florence, South Carolina boasts one of the best business climates in the southeast. The city of Florence is bustling with shops, restaurants, festivals, farmers markets, and much more. If you’re looking for a great...

5 Ways to Get the Lowest Mortgage Rates

If you are looking for some of the lowest mortgage rates in North Carolina or South Carolina, First Bank might be able to help. Choosing a mortgage option can be one of the most confusing aspects of the home purchasing...

Financial Institution: Definition and What to Look For

The definition of a financial institution typically describes an establishment that completes and facilitates monetary transactions, such as loans, mortgages, and deposits. Financial institutions are a place where...

Checking Account Comparison – Asheville, NC

Learn what to look for when comparing checking accounts and see how First Bank in Asheville, NC stacks up. Before committing to a checking account, it’s important to know what you’re getting yourself into by...

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...

Student Checking Account Asheville NC

First Bank in Asheville, NC, makes it easy for students to manage their funds with Campus Checking, our student checking account. Campus Checking is open to all qualified and currently enrolled undergraduate or graduate...

High-Interest Savings Accounts in South Carolina

Why should I settle for a regular savings account when I can take advantage of a high-interest savings account? If I’m going to store my money away, I may as well get the highest interest on it that I can. While the...

Savings Account Interest Rates – Asheville, NC

If you’re looking to save for your future, First Bank is here to help. A savings account can be a useful tool for planned future projects, as well as a means of preparedness for unexpected expenses. We offer some of...