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Updated almost 5 years ago,
Mortgage rate too high?
I'm looking to buy my first rental property and I just got pre approved for a conventional loan for 100,000$ through a recommended broker in the area. Everywhere I look online I see interest rates ranging from 3% to 5% but my broker sent me an approval for a loan with 6% interest. I have good credit (700+) and no derogatory marks on my credit report. Should I be okay with a 6% interest rate or should I go back to my broker and tell him to keep looking? I've run the numbers on a deal with the different rates and it could be almost 100$ difference if I had a rate around 3-4. Let me know what you think.