Mortgage rates for 30 year loan for a property in Texas

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Mortgage rates for 30 year loan for a property in Texas

Ronak Bajari
Member since 2020 · 8 posts · 3 votes

Hi,

I m in the process of buying an investment property in Texas. I have excellent credit score. What mortgage rate can I expect? Any referrals would be appreciated

Thanks,

Ronak

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Ronnie Galindo
Realtor · Napa, CA · Member since 2018 · 112 posts · 77 votes
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Hey @Ronak Bajari, it all depends on what loan product you are using (i.e. Vacation home loan, DSCR, conventional, etc). Rates for conventional purchases are between 4-5% but DSCR rates can be anywhere from 6-10% so it all depends. Best case is to contact a broker to help you. I have a guy in TX that has helped me out on several deals! Shoot me a message and i'll send over his contact info!

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  • Ronnie Galindo
    Realtor · Napa, CA · Member since 2018 · 112 posts · 77 votes
    4y

    Hey @Ronak Bajari, it all depends on what loan product you are using (i.e. Vacation home loan, DSCR, conventional, etc). Rates for conventional purchases are between 4-5% but DSCR rates can be anywhere from 6-10% so it all depends. Best case is to contact a broker to help you. I have a guy in TX that has helped me out on several deals! Shoot me a message and i'll send over his contact info!

    1Reply
  • Matthew CrivelliBusiness Member
    Lender · MA · Member since 2021 · 1k+ posts · 1k+ votes
    4y

    @Ronak Bajari I agree with Ronnie, you need to narrow down what type of product you want or can use before you worry about the rates. Generally the easier it is to get the loan, the more expensive it will be. Less stringent underwriting = high rates in most cases. So if you are bankable, they will have the best pricing. Yet banks are the least convenient, everything in life is a trade off. 

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  • Frank Ygarza
    Investor · Dallas, TX · Member since 2015 · 14 posts · 3 votes
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  • Timothy Hero
    Lender · United States · Member since 2020 · 1k+ posts · 499 votes
    4y
    My private lenders are averaging around 6.6%, but I have seen 5.7%. With private lenders their rates are based on credit and cash flow. You can also buy down points.
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  • Steven Goldman
    Lender · PA · Member since 2019 · 535 posts · 461 votes
    4y
    Quote from @Matthew Crivelli:

    @Ronak Bajari I agree with Ronnie, you need to narrow down what type of product you want or can use before you worry about the rates. Generally the easier it is to get the loan, the more expensive it will be. Less stringent underwriting = high rates in most cases. So if you are bankable, they will have the best pricing. Yet banks are the least convenient, everything in life is a trade off. 


    This is good advice. The key is to know which lender concentrates on the type of product you are looking for. It also depends on the type of collateral you are purchasing. Everyone has a niche and so a 1-4 might go somewhere different than a mixed use or retail. The banks are always the best if you can stand the hassle, have the necessary reserves, and DTI. Most bank are 5-20 or 10-20. Only a few are 30 fixed. Good luck.

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  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    4y

    As everyone mentioned rate can vary between 5-10%. I can recommend a loan officer. Please message me for more information. 

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  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    4y

    Depends what kind of loan and what the property is. Primary? Investment? Do you have 2 years worth of W2 income? All this plays a factor in your interest rate 

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