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Coach
Im buying a rental but it won’t cash flow until rates drop. Might be stuck with little appreciation, break even for 1-2 years. But right now we can negotiate price down. When rates are down I probably can’t negotiate price. I got 22k off asking. In my case I can live there for a year, or try to get an exception with the lender sooner to rent it. My rate is 7.12%, 30 year, no points. Hoping to refinance in 24 months at 5.x% I won’t break any rules, I’ll actually move in for the lower rate.
Cashcall. Assuming you're well qualified, they'll beat any rate and close in under 30 days
Subject Expert
Bankrate or find a local credit union in your state.
There’s almost no chance of getting under 7% for an investment property. But you can refinance when rates come down after the economy finishes tanking
30 year fixed
OP: is this loan for 3 or fewer residential units? It sounds as if this is a mortgage loan as opposed to a straight up commercial loan. I’m refinancing a commercial property because I have to (loan maturing). I’m seeing 6.6%, 5-year term with 28 year amortization. (It was 4.75% in 2019.) Even then I just missed the initial COVID rate collapse, but no one could’ve predicted that. Or the way the government responded to it, causing interest rates to soar.
Kindly contact me if there is need for funding.
jacewilliams.sbc@gmail.com