Hi to find the best mortgage loan - my first property

[Wa Chan]

I’m looking to purchase my first investment property in the next few months, 2 to 4 units and will live in one for 1 to 2 years. I’ve spoken with a few lenders at this point and have gotten one preapproval and another was just submitted. I had a few questions I’m hoping I can get some advice on. I’m a newbie but super excited about investing in RE.

1. Is it bad to go with a lender that is out of state? I live in Oregon and a lender from California recently reached out to me.

2. What aspects of a loan should one shop around for? I understand that the interest rate and fees are crucial but is there anything else? Also, what specific fees can be negotiable? I’ve read some lenders may give a little to cover closing costs? I’ll be doing a 30 yr fixed.

3. I don’t want to disappoint lenders who I might not proceed with. Any tips on that?

Any advice is greatly appreciated. Cheers!