Salt Lake City, UT (PRWEB) September 19, 2013
RANLife Home Loans, a Utah based mortgage lender, is reporting that now could be one of the best times to invest in real estate nationwide.
"It’s the right time to invest in property because anything you buy right now is going to have value in 5 to 10 years," according to Lisa Mabey, a senior loan officer at RANLife Home Loans. Home values are on the rise and the market is set to pick up vastly over the next coming year.
According to the National Association of Realtors, existing-home sales rose strongly in July and August, with the median price maintaining double-digit year-over-year. "Sales are up and there are a lot of good deals out there on homes right now," commented Mabey. "New build properties have become a lot less expensive and there are still some short sales are available as well.”
Mabey advises speaking your local real estate agent right away to get started. “Your agent will be able to provide you with all of the information you should need to know about the home sales, prices, and what’s available in your market.” Paying close attention to housing trends and the local economy will also help give a buyer a good insight of the market.
RANLife’s program for investment property loans has the same requirements and qualifications as a standard loan. “The main difference with an investment home is the down payment amount,” according to Lisa. Most lenders require 15% to 25% down, as opposed to the standard 3.5% to 5%. It’s also recommended to have at least six months of principal, interest, taxes, and insurance (PITI) payments seasoned away.
With this unique program, each client of RANLife has the ability finance up to 10 mortgages into their name, with only 1 of them having to be their primary residence. Additionally, each client that purchases as home with RANLife is enrolled into their Customer For Life Program, enabling them to receive substantial discounts on their closing costs for any additional loans done with the company.
There are two other main benefits associated with buying rental properties. The first is a mortgage interest deduction that most homeowners qualify for when filing their taxes at the end of the year. The second is rental income that can be used as qualifying income in the next home purchase.
“Rates and home prices won’t stay this low much longer so if the timing is right, act quick,” according to Lisa. Any good investor knows a good rental property won't make them rich overnight but it will perform well over time.
For more information on RANLife’s programs for buying investment properties, please apply online by clicking here.
About RANLife Home Loans
At RANLife Home Loans our experienced mortgage professionals view a refinance, or purchase of a home loan, as more than just a onetime transaction. We believe it is a start of a long term relationship that can save the homeowner thousands of dollars over the life of their loan. To find out more information please visit them at http://www.ranlife.com
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