Typical mortgage rates for San Antonio SFR properties
A lender quoted a 5.5% interest rate for a 30 year fixed conventional (20% down) loan for a first investment property- SFR rental in San Antonio. Is this a good investment rate? Towards the typical low or high end for aforementioned terms?
If it's not great, anyone have recommendations on small local investor friendly lenders/unions/banks?
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That seems high. Are they an investment focused lender? Are they trying to get you on buy-down points? I assume that if it's 30 year fixed it's a Fannie/Freddie loan. Six weeks ago I was getting 4.625% and now am getting in the range of 4.875% because I've got >6 properties. With good credit and your first rental you can do much better.
In fact, 5.5% is Wall Street prime + 1% as of today, that's in the range of a portfolio loan. PM me and I can give you the names of people I've worked with and have done well.