Yes, the property type affects your rate. Investment properties and second homes typically have higher rates than primary residences.
Your rate lock is specific to the property type. If you switch property types after locking, you may need a new lock at a different rate.
Property Type Impact
Patrick Kevin Fagan explains property type impact for homebuyers in San Antonio and the Texas Hill Country. How different property types affect mortgage rates and rate lock policies.
Rate Differences
Patrick Kevin Fagan explains rate differences for homebuyers in San Antonio and the Texas Hill Country. How different property types affect mortgage rates and rate lock policies.
Lock Specificity
Patrick Kevin Fagan explains lock specificity for homebuyers in San Antonio and the Texas Hill Country. How different property types affect mortgage rates and rate lock policies.
