Interest rate 6.068% too high?
Hello. I plan to buy my first rental and received a pre-approval from a mortgage broker for a loan of 6.068%. I understand that the interest rate is higher when you buy an investment property, but I have really good credit so not sure why the interest rate is so high. This is affecting me from getting good cash flow deals. Every deal that I analyze gives me a negative cash flow and it's due to the high P&I and low monthly gross rent. Does anybody have any suggestions? Thank you.