I'm buying my first house, using US Bank as a lender. During the preapproval process the guy told me my interest rate would be in the low 4's. Now that I sent in the actual property and he's saying it's 5.5%!! Which is WAY more per month than 4%.
Is this typical? Is it like a "bait and switch" technique or am I overthinking it?
My credit score is about 760, so I thought I'd get a much better rate than that.
Thanks, and I'd appreciate any input you have on this,
Hey @Zachary Schimenz ! Rates are always about 1 point higher with investment properties compared to primary residence rates.
I wouldn't work with US bank to finance an investment property. What I did, I sat down and spoke with about 5-10 community banks and credit unions, told them what I needed and listened to what they could do for me. They are a lot more flexible and often offer different rates/terms.