Hey guys! I am looking for some advice on where to get the best rate for my 3rd property. The property has 3 units. I have 740 credit score and was quoted at 4.5% with 25% down. I am fine with the 25% down but the rate seems high. My vacation home I bought earlier this year was 3.75.
I am currently in the process of contacting other lenders but would appreciate some advice here! Thanks!
Investment properties have higher interest rates than primary/secondary homes. On top of that multis have higher rates than singles. The rate you were quoted, being about .75% above your vacation home is right about what the market bears for good credit individuals.