Shopping Rates for SFR Investments

[Greg Scully]

I've just been preapproved for another SFR conventional loan (my 3rd, all with the same lender). The quoted preapproval is 5.750% with and approximate APR of 6.200%. I'm not too impressed with this, my previous loans are all sub 5%.

I realize rates have gone up and there are other factors involved, but generally I'm in better shape financially now than I've ever been, good credit (740), household income is up, etc.

Is it worth it to shop other lenders for a better rate?  My concern is getting too many hard inquiries on my credit, although I've heard that shopping interest rates within 90 days of an approval is not deemed as detrimental to a credit score.

Any thoughts or insight is appreciated, is this just what rates are now?

[Kevin Romines]

That's the basic rates on a non-owner occupied Fannie Mae loan these days. It sucks that rates have went up so much, but that's the basic territory. 

The 90 day clock is from the time your credit report was pulled. I have seen this make a difference on peoples credit report in the past even though it's not supposed to?. If your going to shop rates, just get quotes based on you telling them the scenario and your score. You can provide a copy of your credit report to them so they can quote you without pulling credit.