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Old 03-10-2013, 03:35 PM
 
Location: Castle Hills
1,129 posts, read 2,284,381 times
Reputation: 605

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Was wondering if anyone has the current approx. interest rate on an investment property. Credit scores are in the 800's. 20% down, plenty of reserves etc. Also, an idea of what the appraisal fee would cost. Is $650.00 too high? I got a GFE about 2 weeks ago with a rate of 4.25% and just wanted to see if that was a good rate etc.
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Old 03-10-2013, 04:17 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
20,785 posts, read 37,451,783 times
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um... What type of investment property???

A chemical storage dump or industrial park has quite a bit different requirement than a strip mall, or motel.

$650 will not buy much of an appraisal, maybe a duplex.

4.25% seems pretty fair. LONGER terms are your friend. I had many investor friends who lost EVERYTHING during the crisis when the investment property lenders called their $2-3M loans, that were secured with up to 50% equity. Not everyone has a spare $3million in thier piggy bank, but something to consider if you get the std 5 yr terms on investment property..

Most of these properties flowed to equity hedgefunds managed by the lenders... (how to execute your customer and reap his gains). Good gig for bankers... BE SMART.
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Old 03-11-2013, 06:39 AM
 
Location: Castle Hills
1,129 posts, read 2,284,381 times
Reputation: 605
It's just another house that I will be leasing out.
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Old 03-11-2013, 11:29 AM
 
3,317 posts, read 7,253,255 times
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Quote:
Originally Posted by ufcrules1 View Post
Was wondering if anyone has the current approx. interest rate on an investment property. Credit scores are in the 800's. 20% down, plenty of reserves etc. Also, an idea of what the appraisal fee would cost. Is $650.00 too high? I got a GFE about 2 weeks ago with a rate of 4.25% and just wanted to see if that was a good rate etc.
If you could help with a few details:
  • Credit scores they pulled (the mortgage company)
  • State you are buying in
  • # of units
  • They might have over-quoted appraisal fee to cover themselves in case it does come in high, I'm seeing a wide range across the country, anywhere from $400 to $650, depending on the state and property and loan type.
  • Talk about the loan fees you have been offered as well. Not so much title as the top section with Processing, Underwriting, etc
  • Thanks!
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Old 03-11-2013, 01:22 PM
 
4,480 posts, read 7,937,629 times
Reputation: 6404
Quote:
Originally Posted by StealthRabbit View Post
I had many investor friends who lost EVERYTHING during the crisis when the investment property lenders called their $2-3M loans, that were secured with up to 50% equity. Not everyone has a spare $3million in thier piggy bank, but something to consider if you get the std 5 yr terms on investment property..
Yep, I know people that happened to in the 1980's too. Millions of dollars in real estate foreclosed on in the blink of an eye.
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Old 03-13-2013, 10:00 AM
 
Location: Castle Hills
1,129 posts, read 2,284,381 times
Reputation: 605
Thx for the attempted help. I got a rate of 4.25% on an investment property and locked in at that rate. All I had to pay was an appraisal $605.00 and title fee. No others fees. Feel like I got a fair rate and love that there were no fees.
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Old 08-16-2013, 07:24 AM
 
1 posts, read 10,475 times
Reputation: 10
Default Investment Rates

Anything under 5% sounds like a great deal. I'm currently looking myself or information myself.

Thanks for all the posts.

Security Cameras Atlanta-http://www.cfasecurity.com/security-cameras.html
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Old 10-21-2013, 06:09 PM
 
1 posts, read 9,096 times
Reputation: 11
Default A little more info?

Quote:
Originally Posted by ufcrules1 View Post
Thx for the attempted help. I got a rate of 4.25% on an investment property and locked in at that rate. All I had to pay was an appraisal $605.00 and title fee. No others fees. Feel like I got a fair rate and love that there were no fees.
Can you share a little more info? What was the term, and who was the lender? I'd love to get a low rate on a small duplex we are looking to buy right now.
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Old 10-22-2013, 10:20 AM
 
Location: Southern California
4,350 posts, read 4,931,746 times
Reputation: 2129
Quote:
Originally Posted by ufcrules1 View Post
It's just another house that I will be leasing out.
The appraisal would be higher than just a primary residence appraisal. If you are buying as an investment, they will probably also do a rental survey as part of the appraisal.
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Old 10-22-2013, 10:32 AM
 
Location: Southern California
4,350 posts, read 4,931,746 times
Reputation: 2129
Quote:
Originally Posted by ufcrules1 View Post
Thx for the attempted help. I got a rate of 4.25% on an investment property and locked in at that rate. All I had to pay was an appraisal $605.00 and title fee. No others fees. Feel like I got a fair rate and love that there were no fees.
As an investment property, I try an get the most reasonable rate now and don't plan on refinancing it. Those other fees are just hidden into the rate, you probably could pay some money to even get a lower rate.

Since you are an investor, here is an easy question, IF you could pay $3000 to save $25 a month would you? What ROI are you looking for with your cash?
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