Answer: Choosing the lowest mortgage rate often means agreeing to a host of unfavorable terms. Here are six components to watch out for that can sink even the best laid-out investment plans. This can include a fully closed mortgage, add on insurance premiums, equity traps, payment limitations, teaser offers or simply the wrong lender for your portfolio!
The objective is to obtain the best financing terms on as many properties as possible through proper planning and structuring of financing. A lender who is offering the lowest rate for a current deal might not be the right lender for your portfolio from a strategy standpoint. The wrong lender could limit the number of properties you can finance down the road at favorable terms or have an implication on the type of financing you can get from your next deal.
Dalia Barsoum
www.streetwisemortgages.com
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