I have a good credit score (700+). Looking to purchase an investment duplex in Florida and a local bank is asking for 30% down with 5.625% interest rate. Is that a bit too much??
Just wanted to get idea of what banks other people are using...
I have also read in another forum of using American Internet Mortgage. Any thoughts on that?
Hello @Carmen Chow , I have a few referrals in Florida that I can direct you to.
I use a handful of local banks. Up to 80% LTV. 5% 5 year fixed 5-10 year term.
I've been using the same little local bank for 30 years. Last 6 investment properties 5% down, 4.75%, 30 year, no PMI in house loan. Just closed a construction loan on Friday for 300k, 0% down, 5%, 12 months, no points, no prepayment fee's. I tell new investors all the time to stop chasing banks and build a relationship.
I agree with you 100%- to stick with one bank and build a relationship. My last 4 investment properties were thru this lender and I am surprised they gave me that rate.
If you don't mind, would you PM me the name of this bank you deal with?
Carmen my bank is in a little tiny Texas town and they only work with local investors. I have banked with them for 30 years and as of last Friday have closed 43 loans. When I sold my first portfolio in 2007 I parked $250k with them in different investments. They are really tiny compared to other Banks that's why you have to have a local relationship with them to get such good loans. But I still believe anyone can build a relationship with their local little banks or credit unions.
thanks for your input!