Useful Tips For Obtaining First-Time Investment Property LoanUseful Tips For Obtaining First-Time Investment Property Loan

If you are one of the many first-home buyers who have been working hard over the ensuing years to pay down your mortgage as quick as you can, there is good news. With an increase in the value of your property, you now have access to a significant amount of equity sitting in your current home. This accessible equity can provide you with the perfect springboard to becoming a first-time investment property buyer.

So, if you are considering taking your first steps into the property investment market, you may find that you are:

>> Looking at the second property as "doubling your commitment" to servicing your ongoing debt, or

>> Unable to muster up enough courage to start the first move into an investment property market

Useful "Tips" for First-Time Investment Property Buyers

Don't worry if you worried about your financial situation. If you are serious about being financially independent by the time you retire and you have been considering investing in property for the first-time, here are some useful tips to help you become successful in obtaining investment property loans:

Find a Suitable Property - Have a clear idea of the type of property you want to buy and its location

How much you can Borrow - You will need to assess the amount of debt you can take on. You can use a suitable "Borrowing Power Calculator" to help you determine the amount you can borrow

Budget - You will need to establish a personal budget, which involves adding up all your income as well as working out all of your expenses. You can use a "Budget Planner Calculator" to help you determine the amount you can borrow

Rental Income - You will need to make sure the rental income you receive from your investment property will cover the total costs of your investment property

Tax Deductions - There is a range of property investment tax deductions you can claim. So, it is important you seek tax accounting and legal advice from your tax accountant and solicitor Loan

Purchase Costs - Buying your investment property does come with a range of costs. Some of the typical costs include loan establishment fees, conveyancing costs, stamp duty, and Lenders Mortgage Insurance (LMI) premium (i.e. payable if the total amount of your borrowings is more than 80% of the total security value of your properties)

Investment Loans and Options - The type of loan you obtain should depend on your individual situation and should reflect your investment goals. There are also numerous home loan options with a range of features and benefits to choose from.

Loan Pre-Approval - Before you go looking for your first investment property, you should arrange to get your loan pre-approved. Because, a pre-approved investment loan will give you the peace of mind and surety when you are bidding at an auction.

I hope these tips will guide you in obtaining a better investment loan deal and make you a successful first-time investor. If you are overwhelmed with the amount of work that you will have to do for making investment in a property, it is best to seek help and guidance from a professionally qualified finance broker.

Having a specialist finance broker on your side will save you lots of time and heartache because he/she will negotiate on your behalf with numerous lenders/credit providers and secure your eligibility for a first-time investment property loan. So, don't take tension of the loan process, employ a specialised finance broker and let him/her find the best investment property loan deal that suits your needs.

by Frank Zelasko
References and Bibliography
Singh Finance - You can even enquire online for obtaining low rate investment property loan for first-time investors or easy property development finance.
Rated:NR/0 Votes
3 Views
Add To My Article Reading List
Add To My Article Reading List
Print Article
Print
More Article By Frank Zelasko
More Article by Frank Zelasko
Share
More Articles From Real Estate
More Articles From Real Estate
Related Articles and Readings
Top 3 Tips on Buying a New Home-Use the First Time Home Buyers' Stimulus By: Tony Mandarich
Top 3 Tips on How to Buy a New Home-Use the First Time Home Buyers' Stimulus Buying a house is a stressful experience There is an enormous amount of information bombarding new home buyers regarding credit report scores, loans, mortgage rates, down ...
Selling A House - What Buyers Are Looking For By: Matthew Larsen
Ever wonder what buyers look for when they are searching for properties This is a great place to begin thinking through the eyes of potential buyers who may be interested in your property for ...
Success for the Sell and Rent Back Real Estate Scheme By: Allison Clarke
In real estate, many opportunities exist for making money but one in particular was devised in 2006, known as the sell and rent back scheme, as a means of helping out homeowners at risk of losing the property The concept was to get away from ...
Realtors Pros and Cons to Working With Second Home Buyers By: Marc Rasmussen
Pros of working with second home buyers Second home buyers are usually in a higher price range. People looking to buy second homes tend to be wealthier individuals and are typically looking for higher priced real estate. This is great since we are compensated more for higher priced ...
Real Estate - First Time Home Buyers Before Grabbing Your $8,000 Pot Of Gold By: Claude Cross
Wow The stimulus package is sure ...
The information provided in this article and/or the comments is the sole responsibility of their respective authors and does not necessarily reflect the opinion of ezinepost.com. ezinepost.com  does not endorse any article and/or comments published by our web users unless otherwise noted. 

Member Panel

login to submit articles and more

StatisticsEZINEPOST.COM

  • » Active Categories: 419
  • » Active Articles:252096
  • » Active Authors:32163
  • » Active Members: 35787
  • » Statistics Updated:
    - Sat Aug 11th, 2018 01:04PM EST