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Investment property mortgage rate is too high?

Started by buyahome
over 13 years ago
Posts: 2
Member since: Mar 2012
Discussion about
I am about to buy an investment property. I own a home in Hoboken NJ, but work in Manhattan. A broker told me it could be seen as a home cuz I am working in Manhattan, so my property mortgage rate will be lower...I don't really believe it since I have to rent it out... I don't know how it works. Also, if it is an investment property, Citibank told me that my mortgage rate will be 5.0%~5.25%. does anyone have better rate? Thanks!
Response by jimmcp
over 13 years ago
Posts: 58
Member since: Jul 2009

4.625% with one point. (assuming 417,000 loan amount, 80% LTV, 740 credit, SFR)

Jim McPartland
Sales Manager, The McPartland Group
PrimeLending, A PlainsCapital Company
270 Madison Ave. 18th Floor
New York, NY 10016
Office: (212) 257-7549
Direct: (347) 852-3756
NMLS ID: 614743
jmcpartland@primelending.com

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