What are you seeing for interest rates on a duplex?

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@Marco G. @Zach BarteltWe are newbie investors as of this year. I used AIM loan for the first property we purchased which closed in September, a duplex. They beat everyone's rates by 1/2 point offering 4% and low closing costs (don't remember exact amount, but it was very low) for a 30 year fixed. AIM was easy to work with, and prompt at responding to emails and calls. I really appreciated that they sent frequent emails outlining each step of the loan process and indicating what step we were at and what to expect next. A couple weeks ago we found another place to purchase, this time a single family home that we would owner occupy. I contacted local lenders and AIM. Once again, they beat everyone, this time with 3.75% for a 30 year fixed. The lowest I found was 3.875% locally (and that was only after I showed him what AIM would do, his first offer was 4%). And we were lucky to get closing costs of only $182.00! They have a system where rates and closing costs (or actually the rebate that they offer on closing costs) are tracking the bond market (I'm pretty sure that's what she said)...so they will send you a live rate sheet that you can go and check as often as you want and see the closing costs change throughout the day. For example, this morning the closing cost listed for our rate was around $1200, but a couple hours later it dropped to $182. This is an unusually big drop and big rebate according the person I'm working with, but not unheard of. Even last Friday the closing costs were only $580, and I thought I had missed my best opportunity...then then $182 showed up and we locked. Another thing I really like about AIM is that I was immediately connected back to the same agents when I called about this second loan - I haven't had to send much new info, just updated pay stubs and bank accounts. Even though we are working together at a distance, I feel like I'm building a relationship with the two agents who have assisted me on both loans.Now we are considering doing a cash out refi our current home, also with AIM. I should have done this first before starting to buy a new primary, because now I am refinancing as a rental. 20/20 hindsight. In any case, they are very clear about my options on rates and points, and they always send a live rate sheet with a wide range of loan types represented (30, 20, 15, and 10 year fixed, as well as 10/1, 7/1, and 5/1 ARMs). Everything seems very transparent. When I ask them how they can offer such good deals, they explain that they deal in quantity and have low overhead. They just have one office in San Diego and everyone that I've dealt with seems to work very efficiently. As you can see I'm really happy with their service and products.

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@Zach Bartelt interest rates are still low with conventional lenders. We are seeing anywhere between 4.75 - 5.35% on 30yr fixed. Lender closing costs in the ball park of $2.6K - $3.2K. All the best

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@Zach BarteltWe closed on a detached duplex ($442K purchase price) in late Oct with a 4.625%, 0 point loan but at a 75% LTV. We usually do 80% LTV but the loan conditions were enough better at 75% LTV that we took that option. 5% seems high and at 75% LTV. Your closing costs also seem high for that size of loan as mine where not much higher for a significantly higher loan amount.I would check out the AIMLoan.com but that is not who I used. I used Brett at Casa Financial Services. I have used him quite a few times (probably over a dozen times) and am mostly satisfied. You can indicate I referred you to him if you desire.Good luck.

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I just closed on a duplex at $150K with 25% down for 4.75% in metro Detroit. Closing cost $3,500.

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OP, sounds about right. In April we closed on a triplex (out of state and triplex has higher risk then a duplex?)Put about 33% down with a interest rate of 4.25 fixed 30yrs from Key bank, a few other banks/credit unions wouldn't even return our calls.

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How accurate has aimloan been for you? I checked it out and am getting loan quotes starting at 3.375% (3.82% APR) on a 15 yr which seem really low compared to what others are saying.

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I always check aimloan and amerisave (.com for both) as a point of reference. I’ve never found anyone to beat the former and have financed three with the former and one with the latter. Low rates and fees.

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closed about 8 months ago on 160k with 25% down. 4.875 and 2200 in closing costs.

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@Zach Bartelt @Shawn Ackerman is pretty much right on. Keep in mind that it's an investment duplex purchase. The fact that it's an investment purchase adds a layer of risk. The fact that it is a duplex adds another layer of risk. 5% is probably pretty decent for that purchase. Are you under contract? Costs should be about $1500 Lender Costs + Appraisal + Title Fees + Recording Fees = About $2,700.

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1 half to 1% higher than owner occupied.