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The following article was published in our article directory on July 25, 2014.
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"THINGS YOU SHOULD KNOW ABOUT APARTMENT LOANS"

Article Category: Real Estate

Author Name: Matt Brockman

Buying an investment property or apartment building will be one of the biggest financial commitments you will ever undertake. During your Apartment Loan seeking process, you'll be exposed to thousands of mortgage options from reputable and not so reputable mortgage companies.

Who do you trust? Who is offering you the best mortgage options? Who has your best interest at heart? These are critical decisions thousands of Apartment Loan seekers have to make each and everyday, which makes finding the perfect apartment loan for you and your family very challenging.

With each wrong decision you make, you are literally risking the chance of flushing thousands of dollars right down the toilet, leaving you with a financial burden that will drain you for many years to come.

Fortunately, there are companies that will assist you in finding the solutions you'll need to find the best service at the lowest rate. 4apartmentloans.com has put together an absolutely must have FREE ebook for Apartment Loan seekers looking to get that perfect loan.

It will teach you "The 10 most critical things you must know before getting an Apartment loan". Visit their website at 4apartmentloans.com for your FREE eBook!

These 10 things will give you the knowledge you need to make educated decisions throughout your entire mortgage process. They will allow you to find, and decide on the perfect loan for you and your family.

It is important to work with a reputable company who can access direct funding at the lowest rates and prices, as there are scammers out there who will promise you a loan, but then fail to produce any such funding at all, wasting your time and possibly your money. This is why we highly recommend 4Apartmentloans.com.

Once you find a reputable mortgage professional, here are some of the essential documents you'll need to provide, and some of the factors you'll need to consider to acquire your apartment loan pre-approval:

What Do You Need to Provide?

Applying for an apartment loan is different than applying for a home loan, in that the property's ability to pay for itself is more important than your personal financial position. You'll need to provide the following:

• Personal financial statement or Fannie Mae Form 1003 (mortgage application);
• The property's current rent roll (List of all tenants and the amount of rent they pay);
• Two years' worth of Schedule E Taxes for the property or two years of operating income statements;
• A year-to-date operating income statement;
• Month-by-month income breakdown of the past 12 months;
• Photos of the property; and
• A copy of the purchase agreement.

With these items, your mortgage professional can submit your loan application for pre-approval. Once your loan has been pre-approved, your mortgage professional will provide you with rates and terms upon which they can fund your apartment loan.
Most lenders will require you to provide your up-front appraisal fee, and a small processing fee, in order to process your loan application, and acquire your final loan approval. The typical funding time to complete your loan is 30-45 days.

You will also have several loan program options available as an apartment loan seeker, such as the FULL DOC loan, which requires full documentations for your loan, and the STATED DOC loan, which will require limited documentation and NO Verification of assets.

Typical LOAN TO VALUE (LTV means a certain percentage of the property value will be loaned to the borrower) on apartment loans is 80% LTV on FULL DOC loans, and 70% LTV on STATED DOC loans. In some cases a lender will allow for a COMBINED LOAN TO VALUE (CLTV) up to 90% LTV. This will be in the form of a 1st Mortgage and a 2nd Mortgage combined.

The obvious advantage here is that the borrower is required to put up a smaller down payment of only a 10% down payment, as opposed to a 20% down payment.
These are all options your mortgage professional should go over with you, to make sure that the loan fits your family and financial needs perfectly. Also, be sure to compare your customer service, pricing and rate quotes, to make sure you recognize a good quote when it is presented to you.

Finally, we cannot express enough, the importance of good and reliable customer service, which 4apartmentloans.com specializes in, and will be the key to having a FAST, SIMPLE, and EZ apartment loan financing process and experience.

Keywords: APARTMENT LOANS, COMMERCIAL LOANS, MULTI FAMILY LOANS, INVESTOR LOANS

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