Investment Property Loans

Rental income can give your finances a new lease on life.

A low-cost loan could punch your ticket to checks from tenants

    We are allowing refinances/purchases on investment

    Here’s how a Coastal Investment Property Loan could help you bank better:

    • You can borrow up to $548,250 to purchase condos, single-family homes or other investment properties.
    • Flexible terms allow you to borrow up to 80% of the property value. That means a down payment of only 20%.
    • Choose from 10-, 15-, 20- and 30-year fixed-rate mortgages. A fixed rate means your rate will never increase over the life of the loan.
    • The rental income from the property being purchased may be used for loan qualifying purposes under certain circumstances.
    • Coastal charges a low underwriting fee of $600. You receive substantial savings because there are no charges for document prep or credit reports.
    • Your loan will always be serviced by Coastal. If you have questions in the future, you’ll never have to deal with a far-off megabank.
    • This loan is eligible for an annual Loyalty Bonus payout.

    Rent checks are no fun to write. But you might like them more if you’re on the receiving end.

    Across North Carolina, people are looking for more financial security for their families. But there are only so many hours a day that anyone can work. That’s why many of our members are warming to the idea of buying investment properties in North Carolina and elsewhere.

    The concept is simple. You borrow money, buy a property, and then rent it out. The monthly checks from your tenants cover the loan repayment costs and net you a tidy profit. Coastal can start you off on the right foot, offering low interest rates, low fees and low down payment requirements. From there, the success of the venture is up to you. When it comes to generating new income, we wish you the best outcome.

    Frequently Asked Questions

    With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest rate can change periodically based on the ARM program chosen, in relation to an index. While the monthly principal and interest payments made on a fixed-rate mortgage are stable, payments on an ARM loan are likely to change.
    A pre-qualification is a basic review of your finances to determine if you would qualify for a mortgage. In general, a pre-qualification is based on unverified information you provide and does not include a credit check. This is only an estimate of the amount you would qualify to borrow based on stated income and debts and is not a firm guarantee of a loan. You will need to submit a formal application to obtain a pre-approval letter to be able to make an offer on a home.
    A pre-approval is a conditional commitment, in writing, for a specific loan amount issued by a lender. Unlike a pre-qualification, a pre-approval requires a completed loan application as part of this process for the lender to check your credit, verify your income and employment, and confirm the amount you qualify to borrow. A pre-approval can show sellers that you're serious about buying a home. Once the lender has pre-approved you for the loan, a formal letter will be provided with the terms of the loan to submit with your offer
    We offer competitive rates on all our products. Current purchase rates can be found on our Coastal 24 website at https://www.coastal24.com/Resources/Information-Tools/Rates/Mortgage-Rates. For refinance rates, please visit our Mortgage Rates page and click on Get Your Refinance Rate Quote to submit a form for a custom rate quote.
    An individual who has not owned a principal residence in the last three years is considered to be a first-time homebuyer. If there is a co-borrower, only one occupying borrower is required to be a first-time homebuyer. An individual who is a displaced homemaker or single parent also will be considered a first-time home buyer if he/she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-year time period.

    For a $250,000 loan for a tem of 30 years with a 4.50% APR, the monthly payment is $1,267.00.  Taxes and insurance are not included in this payment example and that the actual payment obligation could be greater.  All loans are subject to approval.

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