Figure you will spend appx $500 oer $100k borrowed.
Yes, banks will take into consideration the rental income you will receive on the property. You need to speak to a mortgage banker and get yourself pre-qualified to find out what you can do. In order to do that the right way, you would have the banker run your credit report and review your income and assets. Then they will tell you what you can do, how much you can borrow and how much the loan will cost you every month.
If I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
I'm always available to meet buyers face-to-face in Brooklyn.
Sterling National Bank