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Investment


Have you been toying with the idea of purchasing a second home? Maybe you have been thinking about retirement or purchasing an investment property to generate income. Perhaps you are considering a vacation home to enjoy with your family on weekends and holidays. At George Mason Mortgage we are pleased to extend several mortgage options for investment property financing.

Here are some important factors to consider:

  1. Check out the market. Research important factors like property tax, local amenities and how others have fared in the local market. Don’t be afraid of considering a home that needs updating or renovations. George Mason Mortgage offers rehabilitation loans that factor the costs of upgrades and renovations into the loan amount.
     
  2. Can you afford a second home? Factors like distance, taxes, insurance, and maintenance costs can be an unpleasant surprise if you are not prepared to budget for them. Ask yourself important questions like how long you plan to keep the property and what you will do if you run into unexpected maintenance costs. Consult a tax professional about how owning a second home or investment property could impact your taxes. And, be sure to consult an insurance agent for typical Hazard Insurance costs in the area, especially if the property is in a flood plain or you plan to rent your new property.
     
  3. Get a pre-qualification. The more proactive you are with your information gathering and planning the better equipped you will be for a smooth, hassle-free transition into second home or investment property ownership. Ask your George Mason Mortgage loan officer to pre-qualify you before you start shopping for a property. The benefits of this are two-fold. First, you will know exactly how much house you can afford and/or if financing a fixer-upper could expand your options and perhaps give you a better return on your investment. In addition, owners and real estate agents know that you are a serious buyer who is ready to close a deal.
     

Contact your George Mason Mortgage loan officer to determine if a second home or investment property is right for you.

Financing Your Home

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4100 Monument Corner Dr., Suite 100
Fairfax, VA 22030

Toll Free: 800-867-6859

Email Us: info@gmmllc.com

Our Mortgage Loan Originators are registered and comply with the National Mortgage Licensing System (NMLS) and Registry. NMLS Consumer Accesssm, nmlsconsumeraccess.org, is a free service for consumers to confirm that the financial-services company or professional with whom they wish to conduct business is authorized to conduct business in their state. George Mason Mortgage's NMLS ID is 153400.

This is not a commitment to lend. All loan applications are subject to credit and property approval. Annual Percentage Rate (APR), and program, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required. To be eligible, buyer must meet minimum down payment, underwriting and program guidelines.


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