Home Purchase Mortgage Calculators
Mortgage Program Calculators
You can use the INTEREST RATE function on FREEandCLEAR to compare interest rates and fees for non-owner occupied mortgages for a rental property. When you are on the rate table, use the "Refine Your Search" menu to customize your mortgage search based on your specific criteria for loan amount, loan type and term.
For example, a search of Florida lenders that offer a 15 year fixed rate mortgage for rental properties yields six lenders. Federated Mortgage is offering an interest rate of 2.625% with no points and $500 in fees. PenFed Credit Union is offering an interest rate of 2.750% with no points and $1,500 in fees. GateWay Capital Mortgage is offering an interest rate of 2.625% with .250 points and $474 in fees.
We encourage you to shop multiple lenders to find the mortgage with the lowest rate and fees. When you are on the rate table simply click on a lender logo or green VIEW DETAILS button to contact a lender. We recommend that you contact at least four lenders as comparing proposals from multiple lenders is the best way to save money on your mortgage.
We also provide a thorough explanation of the differences between non-owner occupied and owner-occupied mortgages on FREEandCLEAR. Non-owner occupied mortgages for rental properties usually have different borrower qualification requirements and are more expensive than owner-occupied mortgages, when the property being mortgaged is the borrower's primary residence. Non-owner occupied mortgages typically require a lower loan-to-value (LTV) ratio and have higher interest rates than owner-occupied mortgages. Based on the information you provided, your LTV ratio of 60% should be no problem plus your strong credit score makes you an attractive borrower to lenders.