Are you buying with your LLC or personal name? If it’s an LLC then that is common / standard.
Otherwise if your buying as a 2nd residence with your personal name for rental you may be able to do better but depends on many factors
Thanks for the response @Chris Seveney I am buying in my personal name. Also, I am currently renting but this will be my first investment property. I agree there are other factors influencing this rate. Thus, with a good credit score and a good paying job (Salary) for the market I am looking into, Is there something I should be saying or presenting to show I should be getting a better interest rate or that is just the norm?
@Fisayo Ijamakinwa Who are you dealing with in Columbia?
@Will Gaston My real estate agent referred me to someone at movement mortgage. I am looking to buy in the West Columbia area. I am open to any suggestions or recommendations you might have. I am working on building my base team out there as well (Property manager / Lender / Contractors).
I don't know what is your loan amount. If its small loan amount its not bad interest rate but if its average loan amount you should shop with other lenders.
@Fisayo Ijamakinwa I'm not a good source for recommendations if you're looking for a traditional residential 30 year mortgage. However, I do think it's worth a few phone calls to find what else is out there.
I wouldn't limit yourself to the Columbia area, either. I'm sure there are plenty of statewide/nationwide area lenders that could do it for you.
So far the lowest interest rate I’ve found for 30 year fixed is 4.75 percent. My other interest rates are 4.875 and 5 percent. The 5 percent was for a very low amount though so that’s to be expected.
Depending on loan amount, that small difference may not make a huge difference. Although I would be more concerned with the 25 percent down (assuming single family) more than the rate. If it’s residential multifamily then 25 percent is more common
Thanks for the feedback all. My loan amount is going to be less than 100K after putting down a 25% down payment so maybe that is why I am not getting anything less than 5%.
@Will Gaston hopefully things will work out as planned on this deal or the next good one. I will keep you posted and would love to catch up in Columbia at some point in time if you will be out there as well.
Thanks again all.
I don’t think it’s the loan amount. I got a loan for 28k at 5 percent. I also got a loan for 60k at 4.875 and 4.75. Both well under 60k.
If you want lender names, just PM me. Most of them are larger or national lenders so they’d probably work for you too.
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