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Old 08-27-2009, 09:09 PM
 
250 posts, read 898,857 times
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Hi all!

I'm very excited that we are about to ink a deal to purchase our first investment residential single-family property in Cary. We have found BB&T to have what appear to be competitive investor rates at 20% down. But I wanted to ask the y'all for any other recommendations. What are other banks/mortgage companies you would recommend as having good rates/APRs for investment properties?

I appreciate the advice!
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Old 08-28-2009, 07:27 AM
 
156 posts, read 269,276 times
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My interest was just piqued although I have no answer to your question. I have a question to add for those in the know. Will you get a different interest rate if the property is considered investment rather than your actual residence? We are looking at property Labor Day weekend just to get a feel for where we want to settle when we retire next year. There is a chance that we may find something we really love and decide to purchase now and rent it for a year. Would that be considered at the investment rate since we will continue to live in current home for a year? I don't mean to take over your post Cary_NC but it seems to be something that could be answered by whoever knows the answer to your question.
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Old 08-28-2009, 08:26 AM
 
229 posts, read 663,828 times
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Quote:
Originally Posted by Nonna2trips View Post
My interest was just piqued although I have no answer to your question. I have a question to add for those in the know. Will you get a different interest rate if the property is considered investment rather than your actual residence? We are looking at property Labor Day weekend just to get a feel for where we want to settle when we retire next year. There is a chance that we may find something we really love and decide to purchase now and rent it for a year. Would that be considered at the investment rate since we will continue to live in current home for a year? I don't mean to take over your post Cary_NC but it seems to be something that could be answered by whoever knows the answer to your question.
Yes there will be a difference in interest rate if the property you purchase is not your primary residence.
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Old 08-28-2009, 10:31 AM
 
Location: Wake Forest, NC
834 posts, read 2,383,097 times
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The rate does not have to be higher, you can choose to have a lower rate with higher fees of course. The rate is usually higher to absorb these fees but that is a choice not a requirement.
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Old 08-28-2009, 12:07 PM
 
Location: Raleigh NC
2,244 posts, read 4,133,586 times
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Compare Mortgage Rates | CD Rates | Credit Cards Home Equity Loans Mortgages Best Rate Calculator Bankrate.com
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Old 11-08-2009, 07:52 AM
 
13 posts, read 18,713 times
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hey guys..

going back to the original question..any answer on best bank in Raleigh/Cary area for investment property?
We are in the same situation as cary_nc....
Will also look at BB&T

thanks

MnG204
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Old 11-08-2009, 08:51 AM
 
Location: Chapel Hill, N.C.
26,456 posts, read 17,788,424 times
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what about 2nd homes. Can't you just tell the bank it is a second home and you will eventually move into it and don't mention anything about renting it?
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Old 11-08-2009, 12:37 PM
 
6,370 posts, read 10,456,897 times
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Originally Posted by no kudzu View Post
what about 2nd homes. Can't you just tell the bank it is a second home and you will eventually move into it and don't mention anything about renting it?
Sure if you want to go to jail

FWIW a guy I know who has bought 14 units in the past year or so told me now is not the time to be buying investment property - the banks want too much money down and commercial rates are higher. The combination isn't to his liking.
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Old 11-08-2009, 02:04 PM
 
Location: Southeast US
1,236 posts, read 3,320,989 times
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Quote:
Originally Posted by no kudzu View Post
what about 2nd homes. Can't you just tell the bank it is a second home and you will eventually move into it and don't mention anything about renting it?
A second home still might carry a higher rate than a primary home. Remember that interest rate is supposed to reimburse the bank's risk of never being paid back. The thought process is that in tight time when there isn't enough money for debt service, a borrower will pay his primary mortgage before paying the mortgage on investment and/or secondary property. Thus the reasoning behind the second mortgage and investment property mortgage being higher than on a primary.
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Old 11-09-2009, 12:27 PM
 
Location: NC
2,352 posts, read 2,641,139 times
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Try Wells Fargo - I have been using the same guy there so long, we have become friends. He is nothing but honest and helpful. The poor guy has young kids at home and sometimes doesn't come home until after midnight. Here is his info:

Scott McCorkle
Home Mortgage Consultant
Wells Fargo Home Mortgage
5540 Centerview Dr. #415
Raleigh, NC 27606
919.816.4814 Direct

I would post his e-mail here but I don't want him to get spam (picked up by search engines, etc).


I haven't financed an investment property in a few years, but the last time I did, the APR was roughly 0.75-1.50% higher than for a primary residence. With the shake-up in the industry, I'm not sure how that has changed, if any. And as someone else mentioned, they do require 20% down to avoid paying a lot higher rate than it already is.
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