Financing Question & Interest Rate to Expect as New Investor
Hi BP!
I am a beginning investor in the Bryan/College Station/Houston area. I reached out to 3-4 different lenders and received appraisals for interest rates and loans. I have two questions.
1. I am being quoted anywhere from 4.75%-5.25% (and even up to 6%) for a conventional, 20% down loan. Are these rates that I should expect as a beginning investor and first-time home buyer? I have a couple of credit lines, but not a long history of credit. I have no debt and quite a bit in cash/investments.
2. I am looking to purchase a home strictly for investing. I am not looking to house hack or use an FHA loan. Is conventional the best route to go?
Any thoughts are much appreciated!
Hunter Beck