Updated over 9 years ago on . Most recent reply
Interest Rates
I found a piece of rental property with a tenant already in place. It appraised at 120K I have a contract for 82K. I'm putting 42K down on the property. The bank wants to give me a loan on the 40K. 6.5 % with a balloon payment after five years. Is this a good interest rate? Our credit scores are in the 700s. Only problem, debt to income ratio is at 66%. Any banks in the Asheville NC area that can do better for me?