Mortgage Q&A:

I want to buy income property - is it the same process as applying for a regular mortgage?

Yes the basic process is the same to obtain a mortgage for a primary home, second home, or an investment home. However, the documentation required for each situation may be different. For example if there are leases involved with the investment property, a copy of those as well as a copy of your Federal tax returns will most likely be needed. If you have expenses that you claim on this property those expenses will be figured into your annual income reducing them appropriately. The best thing to do with all mortgage transactions is to talk to your reliable, trusted loan officer who can direct you through the system the proper way.

Can I refinance again? I just refinanced my house 3 months ago but the rates have gone down, so I want to refinance again. Is there any reason I can’t?

In most cases a refinance can be done at anytime without penalty to the consumer. However, there are some lenders that have pre payment penalties on some of their unique or special products. It is important to know if your loan carries a pre payment penalty for if you refinance before the penalty period you could owe the bank a substantial payment. Secondly, the lender you work with may also incur some penalty fees if the loan that was closed is refinanced within a certain time period. Please check with your current mortgage professional before you move too quickly on another refinance.