Does my father carry a better mortgage rate if I live at Duplex?
We are thinking about buying an investment property - a duplex - that I am going to live in for the subsequent 3 1/2 years or so. My father is the one actually purchasing the duplex (I dont have ample money or risk tolerance to buy it) and I was wondering what kind of rate he should expect to catch if I live there. Will it be about equal as a home mortgage or higher (if so how much higher?)?
Answers:
It would be investment property so the rate would be greater. He will also need at least 20% down because the PMI companies are not covering investment properties.
Here's another opportunity - you go on the loan with him & attain an FHA mortgage. Better rate, 3.5% down.
Related Questions:
Do mortgage interest rates swing by state?
For example I currently live in Washington state and the rate I qualify for on any given day is in the region of .5% over the lowest rate available. If I moved to California should expect basically the same rate. The rate I qualified for ending Friday...
Answers:
It would be investment property so the rate would be greater. He will also need at least 20% down because the PMI companies are not covering investment properties.
Here's another opportunity - you go on the loan with him & attain an FHA mortgage. Better rate, 3.5% down.
Related Questions:
Do mortgage interest rates swing by state?
For example I currently live in Washington state and the rate I qualify for on any given day is in the region of .5% over the lowest rate available. If I moved to California should expect basically the same rate. The rate I qualified for ending Friday...