Securing Loans- % Down and Rates

[David Cox]

I have found a 1600 sq ft home in Lindale for $126,000. The schools her e are stellar and people are dying to get into the district. I have gone out to several lenders, Quicken was one but also 2 local lenders. The best rates I can get vary from 4.25 to 4.75% with 25% DOWN and about $2500-$3000 closing costs. I was hoping to only have to put 20% and get closer to 4%. I can get a 3.875 % Loan from Quicken but the fees and closing costs are through the roof. I think they're pushing "points" to buyers. The others have lower fees but higher rates. IF one is looking to hold 8-10 years-  what's your advise?  Are there lenders with low fees but also lower rates you know of ??  Thanks in advance !  David

[Shawn Ackerman]

@David CoxI'v done 3 Refi's with my lender since June and the rates were between 4.8 and 5.3.  Don't think you should get hung up on percentages going in but should be more concerned about when the property will be 100% leveraged(none of your money in the deal).  In my market I'm no money in around the 2 year mark so if I held for 8-10(which I will never do) I'd pay 10% interest if it meet's my 100% leveraged strategy.  Best of luck to you.  Great advice @JD Martin