Mortgage Interest rate question

[Chad R.]

Quick question, we are in the process of purchasing a property in FL for the sole purpose of STR, I have a question on the rate we are getting from our broker, hes quoting us 5.3% with 20% down (loan 228, 0000) this is in my wife's name (credit score 800+), I was hoping to get something in the 3's but hes saying as this is not primary residence we cat get anywhere near that.. Thoughts / Feedback?

[Melvin List]

@Chad R. I would shop around.  Sounds like there is a lot of margin built into that rate so I am not sure you are actually dealing with a Broker.  Also another 5% down get rid on some of the Loan Level pricing adjustments.