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Updated over 6 years ago on . Most recent reply

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452
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Scott Passman
  • Rental Property Investor
  • Batavia, IL
672
Votes |
452
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Conventional loan rate variability

Scott Passman
  • Rental Property Investor
  • Batavia, IL
Posted

What kind of rate range are people seeing right now for conventional loans on SFR? I worked with a lender when buying my primary residence and she was fantastic. Very prompt, personable, and despite the fact my wife and I were both in the midst of moving to a new area and changing jobs the loan process was very smooth. I just contacted her about quoting a preapproval for my first investment property and the rate came back at 6.5%. I have an 800 credit score and a well paying salary position so this rate seems to be a bit high. I really like and trust this lender based on my previous experience with her. Is it worth shopping around to find a better rate or are rates pretty consistent for conventional loans? I know building relationships is key, but I just want to make sure I'm not settling for a significantly higher rate and thus monthly payment just to stay with this lender.

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