Can an Ohio Lender Beat a 6.75% on an Invetment Property?

Question

Hey,

(Posting again as I sign today so it is urgent)

Is there any cheaper lender than a 6.75% for an Ohio investment property.

No brokers fees, 110k, no points, 760+ credit score, 20% down, 140k value, no realtors, single family, rent covers mortgage, 30 year term fixed.

Thanks for the help! I assumed this would be the cheapest out there.

Henry Clark · Answer

Don’t chase rates.  Pick the lender you want to scale with.

Brandon Croucier · Answer

That’s a killer loan if they are actually offering that.

Seems extremely below market value as even primary mortgages are higher than this right now.

I would beware of a bait & switch on this.

Patrick Roberts · Answer

lol right? especially since he's closing today on a fed reserve holiday...but hey, "the other guy's offering a better rate.."

Nicholas L. · Answer

@Aj Green

i have questions for you. how many lenders have you talked to?  can anyone you know in person vouch for this lender?  have you met anyone there in person?  are they asking for up front fees?  are you closing with a title company?  is the title company in touch with the lender?  do they have any concerns?

there's no way anyone on BP can you tell you anything about this with the information you posted... how could we vouch for them?and finally - i know this wasn't your question but i have to ask.  you said "rent covers mortgage." you need it to be significantly higher than the mortgage to cover all the expenses you are going to incur.

hope this helps...

Marc Rice · Answer

I have some great local portfolio lenders, DSCR lenders, conventional lenders, and commercial lenders who are competitive and should be able to beat 6.75%. I can shoot you a PM with their info.

Erik Estrada · Answer

Do you have a banking relationship with the credit union?

Aj Green · Answer

I signed my purchase agreement, the rates came down today to 6.625 which I locked in for. I shopped all of my state's CU last time so I only called the top few this time around, it does seem like the best way to go about things. Many of the properties I have been looking at have issues but in this case I'm working with the seller to let me get it up to conventional appraisal standards before they inspect it. The hard money 10% plus additional thousands in closing costs was too much to swallow.

Camden Lowrance · Answer

If you don't want this loan I will take it, those are great terms right now.  I need to go talk to some credit unions..

Tom S. · Answer

@Aj Green  Did you sign and close it?

I was going to add, as posted above, it's a great rate and stick with that local credit union for the future business.  I did all of my loans with small local banks in my area and was always happy with the rates and service.

Can an Ohio Lender Beat a 6.75% on an Invetment Property?

Most Popular Reply