BRRRR Interest Rate - Seeking Guidance

[Lev D.]

Could be a silly question. I'm doing a BRRR in Birmingham AL. Working with a local bank on the refinance. I was quoted a 4.35% interest rate. The bank is saying that it is a higher rate due to me being an investor. Is this common/normal? Or am I doing something wrong here?

Seeking genuine guidance.

Thanks!

[Seth Hochberg]

That is very standard. My partner purchased a home to live in last year and got 3% interest. I bought an investment property in Baltimore around the same time and managed a 4.25% interest rate. I also believe a cash-out refinance on an investment property will be a slightly higher interest rate than a standard mortgage on an investment property. I think 4.35% is pretty standard for what you're looking for, especially as interest rates are ticking upwards from the rock-bottom rates a year or two ago. Hope that helps! Best of luck =)