Portfolio loan questions

[Jessica Flint]

I'm talking to a lender about taking my only 5 rental properties and doing a portolio/blanket loan.  The loan amount is $400,000.  He quoted over $14000 in closing costs!  Is this normal??  It would be a 30 yr fixed at 5.925% interest.  I was really hoping for a 20 yr fixed.  I thought that was normal?  Also, those closing costs!!! Any advice or referrals would be greatly appreciated!

[David Robinson]

@Jessica Flint If your goal is to pay it off sooner, you could ask for the 15 yr and see what the payment would be, its usually not as high as you would think. You can also do a 30 year term and pay the

15 yr payment giving you flexibility later on if you run into a situation where the 30 yr payment. Rates are different for different terms, depends on the lender.

Does the $14,000 in closing costs include origination and appraisals for each property, and application fees?