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Old 07-26-2007, 02:10 PM
 
11 posts, read 159,224 times
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with mortgage rates going up, can any recommend any mortgage lenders or banks with competitive interest rates?

also are interest rates even higher for rental properties? is this always the case?

any tips would be greatly appreciated thanks
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Old 07-26-2007, 02:50 PM
 
Location: NC
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Today's rates are approx 6.125% for the standard 30 year mortgage. Use that as your standard when you rate shop.

And yes, mortgages on rental properties carry higher rates and it's explained simply. The rate you get is a matter of risk to the bank. Rates are lower when the borrower will live in the property as opposed to when they won't. This is because it's less risky to the lender for the simple reason that if the borrower runs into financial difficulties, which property dio you think that borrower be more inclined to keep paying on? The one where his family and himself is living in or one that's not so personally important?
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Old 07-30-2007, 02:56 PM
 
Location: Wake Forest
7 posts, read 15,588 times
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Chip is correct. Generally rates will be higher on an investment property. However, I know of at least one program where they are not. It depends on a myriad of different factors, such as credit score, loan-to-value, etc.

In some cases the difference is very negligible, while in other cases it is a fair amount. I would certainly do some comparison shopping, especially if you are seeing rates that are substantially higher than a primary residence and you have a nice down payment and good credit. Happy shopping.
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