Legal Question in Real Estate Law in Nevada
nevada investor interest rate
bought a house in las vegas last october 2006 as a second home. in the process of buying another property but was told that we cannot take advantage of the lower interest rate but was offered the investor rate at a higher rate. is this a nevada law or the lenders way of getting some of the money they are loosing due to foreclosures?
2 Answers from Attorneys
Re: nevada investor interest rate
There would not be a Nevada law telling lenders what to charge or what not to charge; interest rates on mortgages are subject to daily change based on world-wide supply and demand for credit. Also, since you have already taken on some debt on the first property, your balance sheet and income statement presumably look quite different at this point. If you don't like the terms Lender A is offering, negotiate with Lenders B, C, etc. until you find your best deal. It's an oriental bazaar out there; treat the lenders like merchants offering you rugs in the flea market in Istanbul.
Re: nevada investor interest rate
Ask the lender. They will probably point out that all lender give a lower interest rate to the person's residence in the notion they are less likely to default on the payments then if it is merely an investment.
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