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Private Lending & Conventional Mortgage Advice

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Tom Cotter
  • Rental Property Investor
  • Northern Virginia
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5.375% Interest for Conventional loan on Investment Property??

Tom Cotter
  • Rental Property Investor
  • Northern Virginia
Posted Jan 20 2018, 06:59

Hello All,

I'm in the process in buying a second home for the purpose of renting out. I plan on going with a conventional loan at 20% down, the loan officer I'm working with has me pre-qualified and has the interest rate at 5.375% (not locked in). I was told by him the only way to get the interest rate down would be to put down a bigger down payment.

Is 5.375% normal interest rate for an investment property? 

Would there be any other way to bring it down, besides a bigger down payment? 

I'm located in Virginia and my credit score averaged at 790.

Any help would be much appreciated!

Thanks!

Tom

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