Interest Rate/Closing costs on first property

[Sahil Relan]

Hi All,

I am about to buy my first property(2-unit) for 100k in Chicago. 

a. The interest rate quote I got from my lender was 4.875%. Sounds a bit high considering Fed interest rates at so lows.

b. The lender wants me to cover 5k in closing out of pocket. He isnt agreeing to bake the cost into loan amount. Is it normal?

Appreciate responses as always