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Investment Property Question

S

spliffstar69

Golden Member
Is the rate on investment property higher?
I have excellent credit and the loan company is trying to get me in on a 3 year ARM at 6.85%.
The place is brand-new I have offered 127k and I?m putting 50k down the place has appraised at about 135k.

A problem is this Condo was built in an area where no condos have been sold in a long time so other lenders are saying they wont take my loan because it might be hard for them to sell the loan,
So this lending company I?m dealing with now is willing to take this loan at the jacked up rate above.

Just looking for any input

Thanks
 
I am a real estate semi-noob, having bought one house.

But I wouldn't touch an adjustable rate with a <insert witty long length> pole now with rates climbing.

Shop around for a better loan company.
 
Yea i should but it wont be owner occupied and i have been told i can't expect rates to be comparable to normal ones you see advertised all the time.
 
The rate on an investment property is higher generally. That of course, assumes that they know it's an investment property. 😉 If you have good credit, you should be able to find another lender who'll give you a decent fixed rate loan. Try some of the online ones (i.e. Everbank).

EDIT: Hopefully Vic will see this and respond as he's the mortgage guru in these parts.

EDIT2: Try Everbank's quote calculator. Click on Home Loans, then Mortgages.
 
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