How to Get a Mortgage for a Rental Property (Step-by-Step)

How to Get a Mortgage for a Rental Property (Step-by-Step)

Knowing how to get a mortgage is a crucial step in your journey to buy a rental property. Of course, the money side of things can be intimidating. How do you find a lender? What type of mortgage do you need? When should you get a preapproval? You likely have all sorts of questions…and we have answers!

Welcome back to the “Real Estate Rookie” podcast! In part two of our fundamentals of funding miniseries, certified mortgage advisor Jeff Welgan joins the show to share his lending expertise and equip rookies with some golden financing tips. In this episode, he debunks some of the most common misconceptions about real estate lending and shares some of the biggest red flags to watch out for in a lender.

But that’s not all. Jeff will show you an EASY way to build an entire portfolio with very little money—a lesser-known strategy that allows you to use down payment assistance programs and first-time home buyer loans to your advantage. Jeff also talks about the biggest differences between conventional and non-conventional loans, what to expect during the underwriting process, and where he expects mortgage rates to be in the not-so-distant future!

Join BiggerPockets for FREE 👇
Join the Real Estate Rookie Facebook Group:
Find an Investor-Friendly Agent in Your Area:
Find Investor-Friendly Lenders:
Property Manager Finder:
Real Estate Rookie 408 – Fundamentals of Funding: How to Find the Right Lender for Your Next Rental w/Joe Coleman:
BiggerPockets Real Estate 939 – BiggerNews: 100% Financing for First-Time Home Buyers is HERE:
BiggerPockets Real Estate 943 – BiggerNews: Can’t Qualify for Another Mortgage? Try THESE Investor Loans w/Jeff Welgan:
Work with Jeff on Your Next Home Purchase:
Connect with Ashley and Tony on BiggerPockets:
Connect with Ashley and Tony on Instagram:
Ashley: @wealthfromrentals or
Tony: @tonyjrobinson or

Show notes at:

00:00 Intro

01:09 Funding Challenges & Lender Red Flags

07:00 Common Financing Misconceptions

12:10 Kicking Off the Lending Process

17:26 Getting a Loan with an LLC

22:50 The Lending Timeline & Credit Pulls

28:48 Mortgage Underwriting 101

35:23 Conventional vs. Non-Conventional Loans

41:30 Where Are Mortgage Rates Headed?

46:54 Connect with Jeff!

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