I find this hard to swallow - 15 yr fixed at 4% with 2.25 points?

[Diane G.]

I don't know, I feel pretty bad now.....

So I have a loan that matures soon and due to its commercial nature (TIC), I can't seem to find a new lender...

So the current lender offered to merge this loan onto another property that I have, and pay off the TIC loan that matures....

LTV - 70%

Mortage $700K

Term - 15 yrs fixed, 30 yr amort, with balloon payment at 15 yr

Rate 4% with 2.25 points up front...

I feel this is a 15 yr loan, with market rate at 3.5% today in open market... They are asking 4% with 2.25 points, is that too expensive?

I qualify for conventional loan from income, ratio, etc standpoints....