First Time Investor wanting insight

[Kelly Jenrette]

Hello BP Family!

My name is Kelly Jenrette, and I've been a Pro Member for a little over a month.  I've been listening to various podcasts, reading books, etc.  My husband and I are new to investing and excited about the journey. We live in California and want to invest in the Columbus, GA/Alabama area. We have gotten pre-approval from my credit union in Atlanta (my hometown).

My husband and I had are wanting to know: are all lenders created equal? Are the numbers just what the numbers are, no matter who you go to? Another bank told me that going with the Credit Union may be a "better option," but these numbers appear to be the same as what that banker was offering.

These were the terms from my Credit Union:

Sales Price: $279,000 (We had to give them an exact property and amount we were looking to invest in before they would provide us with the pre-approval. So, these numbers are based on a property we were looking at but no longer pursuing. However, we still know what we're qualified for.)

Loan Amount: $209,250

Todays Rate/Term: 7.625% 30 years

Monthly Principal & Interest payment: $1,481.06

Down payment: $69,750 (25% required for Investment properties)

Estimated Closing cost: $10,898

Looking forward to learning and even receiving suggestions on truly "better options."