I am looking for financing options on an investment property. This will be my 4th investment property but only the 2nd one where I have direct mortgage obligation The others are only under my wife's name. However, I am on the title for all 4. Besides that, I also have my primary residence's mortgage that's under my name only.
In looking at financing options, the lender that I typically deal with can only offer arm rates that's fixed for 3, 5, 7 or 10 years with 25% down. I am okay with 25% down payment but prefer a 30yr fixed rate mortgage. Does anyone have any recommendation for banks/institutions that offer 30yr fixed rates in my area (Grater Boston Area). Also, is this fairly standard in other areas?
@Account Closed You are well below the 10 property limit that most lenders follow (I can go beyond that). You should be able to get a conventional investment loan with 30 yr fixed.
PM me if I can answer specific questions.
Thanks Upen. I thought most lenders sell their loans to fannie/freddie and hence can offer up to max of 4 or 5 30yr fixed per person. Beyond that would require portfolio loans which are typically arm. What you are saying is that you can get more than 10 30yr fixed rates per person? How would owner occupancy below 50% as well as one individual owning more than 10% of the units affect this? How much more would the rates be from the standard rates - for instance, what would a 30yr fixed rate go for right now given good credit, satisfactory income, etc? Apologies for all the questions but I just wanted to get a sense.
I appreciate your help and look forward to building a relationship.
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