What is a Fixed-Rate Mortgage Loan?
Who Should Consider a Fixed Rate Loan?
Because your monthly P&I payment is constant, this loan works well for those who plan to stay in their home for an extended period of time.
If You Own or Finance Numerous Properties…
Don’t worry. You can own a total of four financed, 1 – 4 unit, residential properties, including your subject property – no matter the occupancy.
However, any financed properties aside from the subject property require six months of principal interest, taxes and insurance (PITI) or reserves for each property.
You can own, but not finance, an unlimited number of properties.