Am I getting the best Mortgage Rate?

I am buying my 1st investment property in Atlanta (Mid-Town). A preferred lender (Countrywide Lenders) has locked down a 6.75% interest rate. Please advice if I am getting the best deal or I can do better than the 6.75% rate I have.

More information
(1) 1 Bedroom condo
(2) 820 Sf.
(3) Asking price = $164,900
(4) I put down 5%
(5) 30 year fixed
(6) Credit Rating=Excellent (720 +)
Thanks

5% down on an investment property with a 6.75% rate is very good.

Most banks would require 10% or more down, and anything less pushes rates much higher.

Investment property rates are usually at least .5% higher than owner-occupied. With 5% down, it could easily be 1% or more higher.

Take the deal and run. It's good.

If it was owner occupied, I would say you could do better. However, since it is an investment property, the risk profile is a little higher I guess 6.75% is a good rate. Also consider that you down payment is lower than the recommended 20% down payment for owner occupied residence and higher for investment properties.

I've been watching the mortgage rate for a while. It's going down. The average rate is around 5.77% today. I am not sure if the rate you can get is related to other factors, such as the amount of the loan. Better continue shopping around. Good luck!

On an investment property with only 5% down this is an excellent rate. Par rates walking out the door today on owner occupied properties with less than 80% LTV are being qualified at around 6.125% to 6.50%, so for an LTV of 95% on a home you do not plan to live in is awsome!! Good Job! Best of Luck!!