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Originally Posted by Peaches
Bumping again. Got the paperwork from the mortgage guy and they want 7.9% for a bank statement mortgage? Are rates going that high or am I being screwed over? The rates drop a percent after 5 years and another percent after 10 but I don't plan on having the mortgage that long.
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7.9 isnt bad
Looks like hes making a 1/4 plus yield spread on you,
6.5% on a no doc.. jump on it if you're serious about the property, dont do 100% fin put something down ontop of closing costs so you have some equity.
and yes land loans will get an interest rate bump over developed properties