Hello everyone - longtime browser, first time poster.
I am in the process of purchasing my 3rd investment property. I currently own two single-family condos, one in DuPage County and one in Cook.
For my 3rd property (also Cook County), I started the process with the lending company I used previously. The broker, who I always deal with, quoted me at 6.6 interest rate. I was shocked at the high rate. He assured me that this is typical across the board with any bank loan on an investment property in Cook County and the rate will be the same no matter what bank I go to. Can anyone confirm or deny? It’s not a deal breaker, but certainly want to find a better rate if one is available.
@Travis Pirtle send me a PM for a broker I have used many times.
I cashed out a portfolio loan at 6.875 in Nov, 30 year fixed. 2 points.
You should be able to get better terms and rate since you've not hit 10 yet. PM me if you need another bank to shop around.
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