Hello BP community,
Looking to buy my first investment property (it's an attached row house) and I got my rates for a conventional 30 yr loan from my LO:
Rate for 20% down is 5%
Rate for 25% down is 4.375%
Should I pay the 20% to save capital for my next deal or pay 25% to decrease my monthly payment?
Seems like your rate is within a tolerable range? Why didn't he offer you 15% down? I would have offered you that as a 3rd choice?
15% down payment may have higher interest rate and you have to pay MI also.
My LO didn't mention the 15% down option. I didn't think about it before since I would be paying MI. Unless I can avoid that?