New investor with excellent credit...looking for financing recommendations in the Evansville, IN area.
I have contacted one local bank based on RE Agent recommendation and they are saying they only do adjustable rate mortgages for investment properties. My agent is also saying it is uncommon to have 30 year fixed mortgages in the area. I'm from Idaho and a 30 yr fixed is the norm for investment properties. Is that not the case in Indiana?
If so, should I consider a larger national bank instead of local?
Any recommendations would be appreciated.
Thanks - Darius
Are you talking to commercial lenders? If so, adjustable rates are the norm. If not, you should be able to obtain a 30-year fixed conventional investment loan from nearly any lender. It just has to be in your personal name, not an LLC.
Try searching for non-owner occupied conventional rates. ETFCU is a great local bank, and talking to Jared Ziliak would be a great start, although he is on the commercial side of things.
Thanks Bo - that was exactly the problem...I was only talking with Commercial banks and didn't realize it...Noob. Thanks for the tip and pointer to ETFCU.
Thank you. DM Sent.