Current mortgage rates gut check (buying in Idaho)

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Current mortgage rates gut check (buying in Idaho)

Kelly A.
Investor · Oakland, CA · Member since 2017 · 27 posts · 14 votes

Can someone give me a gut check on current rates? I'm looking to buy duplexes to fourplexes (won't occupy), 35-50% down. My current lender is offering 4%, no points (great credit, good W2 income). Is this reasonable, or should I start working the phones? If so, any recommendations?

Thanks!

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Nick BelskyBusiness Member
Residential and Commercial Broker · Member since 2021 · 1k+ posts · 704 votes
4y

@Kelly A.

4% on that is great right now.  Lock that in while you still can.  Many portfolio lenders are beating conventional right now for investments.  The lowest I still have is 3.75% but those can go up anyday...  Many lenders are up to 4.5% at prime already..

Cheers!

[email protected]
Belsky Mortgage, LLC522 Reviews
WebsiteView Page
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  • Don SpaffordPro Member
    Investor · Idaho Falls, ID · Member since 2016 · 935 posts · 629 votes
    4y

    @Kelly A. For right now that is still a great rate. Rates have been rising so I would lock that in. You can get lower by paying huge fees for paydown, but may not be worth it.

    1Reply
  • Todd Rasmussen
    Rental Property Investor · Clarksville, TN · Member since 2016 · 1k+ posts · 1k+ votes
    4y

    @Kelly A.

    Seems right in line. Go for it. You might be able to find better but squeeze might not be worth the juice.

    2Reply
  • Nick BelskyBusiness Member
    Residential and Commercial Broker · Member since 2021 · 1k+ posts · 704 votes
    4y

    @Kelly A.

    4% on that is great right now.  Lock that in while you still can.  Many portfolio lenders are beating conventional right now for investments.  The lowest I still have is 3.75% but those can go up anyday...  Many lenders are up to 4.5% at prime already..

    Cheers!

    [email protected]
    Belsky Mortgage, LLC522 Reviews
    WebsiteView Page
    4Reply
  • Carini Rochester
    Investor · Rochester, NY · Member since 2016 · 576 posts · 358 votes
    4y

    Why is the down payment so high? That's the banks requirement, or your preference?

    0Reply
  • Kelly A.
    OP
    Investor · Oakland, CA · Member since 2017 · 27 posts · 14 votes
    4y

    Thanks all for the info -- very helpful!

    Down payment is my preference right now

    0Reply
  • Michael S.
    Rental Property Investor · Gilbert, AZ · Member since 2015 · 49 posts · 56 votes
    4y

    At the end of January 2022, my lender is offering just below 5% on mortgages 8 thru 10.  I was looking for sub 4% since some of my mortgages are at 4% already from a few years ago.

    Is this unrealistic, is anyone finding sub 5% mortgages rates for more than 7 mortgages?

    Thanks!

    0Reply
  • Nick BelskyBusiness Member
    Residential and Commercial Broker · Member since 2021 · 1k+ posts · 704 votes
    4y

    @Michael S.

    For conventional loans? That will be tough. Many at adjustments for 4+ loans. It varies by lender.

    Most portfolio lenders don't care how many loans you have or have a generous limit. I am easily seeing 3.75-4.5% right now on 1-4 unit investments.

    Cheers!

    [email protected]
    Belsky Mortgage, LLC522 Reviews
    WebsiteView Page
    2Reply
  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    4y

    What’s the loan amount? That seems like a good rate in these days. 

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
    WebsiteView Page
    0Reply
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