Is this a good loan deal??

[Pavlos Kasselouris]

This is my first essentially official mortgage.

I applied at Quicken Loans for refi of my first investment property that I had bought cash. I asked for 70%LTV. I was offered 90.000 which 4K will be closing cost at a APR 5% for 30 years.

Should I shop around? If so where?

I had been turned down by my bank Wells Fargo for a home equity line of credit 5 months ago, because of my young credit history and also because I had only 1 month with my current employer. They also started that I had too many credit inquiries but that I cant do nothing about, especially when I had to get a couple of credit cards 2 years ago when ai came to the country, a car, and now mortgage.

This loan will fund my 4th deal.

[Joe Fairless]

@Pavlos KasselourisI would find 10 local community banks and/or credit unions in your area and go in and speak to them. They can be more flexible because they are portfolio lenders (i.e. they keep your loan in their portfolio instead of selling it in the secondary market). I suspect a local bank or credit union can beat that offer. And even if they can match it, it's better to go with them from a long-term relationship standpoint.