Are the rates for non-owner occupied loans up 1% higher than owner occupied loans.
Banks quoting me 6.5% 0 points that seems pretty high
Bought the propery cash. My credits excellent and I was looking to cash out 80% of the appraised value.
Akeme,
Normally the interested rate on N.O.O. will be 1.5% to 2% higher due to the fact that its an investment with “More risk” to the lender.
6.5% is not bad for a N.O.O. home, @ 80% LTV.
Maybe you would like to do a buy down on points?
However yes you will see a few % increase on N.O.O. properties.