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Updated over 2 years ago on . Most recent reply
Loan Lender Shopping - DMV Area
Hey! I’m a new investor currently working on building out my team. My realtor recommended a lender and after speaking with them, I’ve been pre approved with an interest rate of 6%. That seems a little high and I want to shop around to find a better rate. My fear is that shopping around will result in multiple credit runs and I don’t want my score to drop. Any advice on how to intelligently shop around?
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#3 Private Lending & Conventional Mortgage Advice Contributor
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Quote from @Tariq Desir:
Hey! I’m a new investor currently working on building out my team. My realtor recommended a lender and after speaking with them, I’ve been pre approved with an interest rate of 6%. That seems a little high and I want to shop around to find a better rate. My fear is that shopping around will result in multiple credit runs and I don’t want my score to drop. Any advice on how to intelligently shop around?
For an investment property loan, 6% right now is not high at all, I would jump on it if its legitimate. @River Sava can quote you on another option, but itll likely be way higher coming from us