Bank terms & rates

[Patrick Keely]

We're in the process of securing a loan for our first rent house in Texas. All the local banks are only offering 5 yr terms at 6% give or take. Is this normal? I thought I would be able to find 15-20 year at market rates with our good down payment and credit history.

[Kyle J.]

@Patrick Keely That's definitely not the norm. That sounds more like commercial loan rates/terms. You should definitely be able to find conventional loans at under a 5% interest rate for 15 and 30 year terms. Keep calling around.