Rental Property Investor · Minneapolis, MN · Member since 2019 · 85 posts · 22 votes
As the corona virus 🦠 continues to disrupt industries, it has affected mortgage rates for the “bad”. last month I got a property at 3.5% on 30y. Currently at 4.0 investment property @30y. I’m closing on a triplex and my banker called to tell me rates went up by 1% of what we were anticipating in just 4 days!.... should I hold off? Take it as is? Is it going to go higher? Lower?
New to Real Estate · Richmond VA · Member since 2018 · 2 posts · 2 votes
6y
I think it depends on the deal. Is this triplex a good deal? Will 1% more in interest affect your monthly payments in a way that significantly lowers cash flow? If it's still a deal with the 1% increase I would proceed!