Investment property loans are mortgages used to buy, build or improve second homes and investment properties – essentially any property other than the borrower’s primary residence. They may come in the form of a primary mortgage used to buy or refinance the property, a HELOC or a home equity loan.
To use a home equity loan to purchase an investment property, you have to have enough equity in your home. The maximum loan-to-value (LTV) on a home equity loan varies by lender but typically tops off between 80 and 85 percent. If you need $150,000 to buy your investment property and your lender has a maximum LTV of 80 percent, your house needs to have a minimum value of $187,500, assuming your home is paid off.
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A home equity loan allows you to borrow against the equity in the property. Not every lender offers home equity loans on non-owner occupied properties. That’s because a home equity line of credit.
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Equity represents the value of your rental home minus any existing liens, such as a first mortgage. If you default on a loan, your lender can sell the home and use the sale proceeds to pay off your loan debt. If your property has dropped in value, one or both of the lien holders may lose money during the foreclosure sale.
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If you have built equity in your property, this type of loan allows you to refinance your mortgage for a larger amount. You’ll receive a sum of cash equal to the difference between the old and new loans.