Help with first Rental Mortgage in South Carolina??

[Mary Davidson]

Hello all,

We are in the process of buying our first rental property and I am a little discouraged. We just got our mortgage to sign from the lender my realtor recommended and they are charging us a 6.625% interest rate and a 7.055% APR. For the first time I am hearing that mortgages for investment properties have higher interest rates...?!? Never heard that before. Then in checking with another lender he says that because our mortgage is going to be a "small" amount (70K) there are all these adjustments ?!? (basically it's going to cost us more). Does anyone know of any lenders you can recommend who aren't going to charge me a 7+% interest rate for this situation?

Thanks in advance!

Mary