Affordable Loans any more?

[Gloria C.]

Maybe I'm just out of touch with the current market, but I'm looking at a $245K property, putting down $61,000 (25%), have an above 800 credit score and my closing costs are $14,700+/-!  AND had to pay 3 pts to get a 6.125 interest rate....

I didn't really shop around due to urgency of having to make a decision, so I went with a highly reputable lender.

Sticker shock! Is this the new normal?  Hoping someone can make me feel better about this? Please be kind!

[Salvatore Lentini]

@Gloria C. - Sometimes money is expensive and sometimes it's cheap.  I bought a bunch of properties 8 years ago and due to my financial situation at the time I ended up with 6.99% loans.  But...I kept moving, kept acquiring, built a reputation, improved my credit score, built a portfolio and in the past 2 years refinanced all but one property (almost 200 rentals total).... averaged about 4 - 4.5% so now my properties are cash flowing like crazy.  And because I didn't let the 6.99% deter me I got into the market 8 years ago and was the beneficiary of crazy appreciation (nearly doubled the value of those properties!).  Sooo long story short, if the numbers make sense on your end with a rate of 6.125% then there's nothing wrong with it!