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should i take a 6.5 30 years mortgage rate of 90 percent?
I feel like thats really high and im wondering if I wait another week, If I can get it at 6.0 percent 30 years 90 percent? should I wait will the rates go lower, or are they just shoot up to now?? if I go 6.5 m have to raise the rent on my investment properties from $ 2,000 month for the 2170th will my tenants agree with this? its a very nice place compared to others in the area
The reason it is high is because you are borrowing at 90%, which means that the bank assumes more risk. For example, we are in a declining market, and therefore if property loses value and you are up and down in the mortgage market, the company can not even rule out and sell the house for what you owe. I am a homeowner and a landlord, I is also a banker, so I speak from experience. Prime is 5% – you will have difficulty finding a company that offer less than p one at a 90% loan today. Just make sure for its fixed! As far as raising the rent, make sure tenants can afford it and are willing to do it if you do not risk losing a good tenant. But if you know the place is worth it, you should easily find another person willing to live there. It depends on the tenant.