I’m closing on a place in Cleveland in about 2 weeks and it was 5.25%
I got 5% conventional in Iowa and 5.5% commercial in Alabama.
Commercial loans with 20% down, 4.79%.
About 3.5% residential and 4.10% commerical.
Been using Commercial Loans getting 5.1% for 21 years. Lots less questions asked overall but they don’t escrow Taxes or Insurance.
4.25% interest with a 25 year amortization and a 10 year fixed rate. The LTV allowed was 75%
@Liz C. are you doing a conforming FannieMae/FreddieMac investor loan? (seems likely with a 30 yr amortization) I'm getting ready to close on one in Cleveland at 4.5% with a half point. cash-out refi at 65% LTV could have gone as high as 75% (I got a good appraisal for once)......I think there are rate adjustments (up) for condo and multi-family but even with those, >5% seems quite high to me. I may be wrong but I don't think there should be that much rate adjustment across the US on conforming.....
Before going with the conforming loan, I got commercial quotes that were 5.25%-5.5% with one or two points 15-20 year amortization. The advantage with those was that I could have closed in my LLC name......but the benefit of the 30 yr amortization coupled with the fixed rate outweighed that enough for me to deal with the mounds of paperwork and putting property back in my name for refi. The commercial lenders were quoting either 5 yr adjustments or balloons.
Multi-family 4.5% fixed for 5 years then goes to 5.5% for an additional 5 years. Ballon at 20 years with a 25 year amortization. 30% down.
Thank you all! I see there is a lot increase recently !
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