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Additional Details
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Lost I | Are mortgage rates usually higher on investment properties? |
Are mortgage rates usually higher on investment properties. I want to make sure that i'm gettin the right information. Right now if i go onto bankrate the interest rate is 6.27 on a fixed 30 year. My mortgage broker says that on investment properties that they add a point.
The rate I'm getting on on a 30 year fixed on the investment property is 7.5. Is that sounds right or is that too high?
Thanks!!! |
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godged
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Yes it is. Commercial loans can be even higher.
7.5% doesn't sound too high, good luck on your venture. |
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frankie b
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7.5 on an investment property sounds good to me. |
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EvilWoman0913
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This has been my experience also. 7.5 sounds high considering how low rates have been recently, but that's probably about right. Doesn't seem fair does it? |
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thelucidmonkey
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Normally yes. Try checking with a few different lenders for assorted loan package options. If you are getting stuck on this question you should really brush up on investment property knowledge with some book reading, classes, seminars, etc. If this is in your personal name and not under a protective company you have formed, you stand to lose a lot of money, or put a foreclosure on your record very easily. |
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Home Selling Pro
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Generally speaking, rates on investment properties are slightly higher.
The reason being is that the lenders have a higher perceived risk. They assume that if finances got tight and you had to choose between making a payment on an investment property vs. your personal residence, you would choose your personal residence.
Most lenders give you the option of "buying down the rate". This means for a fee you can decrease the interest rate. The costs for this varies but I've found that 1 point (1% of the purchase price) for each 1/4%. Check with your lender or mortgage broker though.
I will encourage you to have at least 2 mortgage brokers compete for your loan. The mortgage business can be very rutheless and having 2 people compete for you will ensure you get a better deal.
Best of Luck,
Luke Hoppel
info@supercheappropertywebsites.com |
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Dr. Deth
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yes, they will be higher on an investment property AND will require a much higher downpayment (maybe20%) compared to buying a primary residence. Talk to a real estate agent or mortgage broker to get exact details |
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