Need LOW Interest Bank Loan

[Carlos Rodrigues]

Good morning BP. I'm looking for a bank to lend me $187,500. I'm possibly purchase a $250k multi family with 25% down. I was quoted 4.375% interest rate, I know rates went up but I'm sure I can find a better rate. Any advice from anyone in Union County NJ? Also does anyone think I can put down less then 25% on a investment property? Thank you in advance.

[Andrew Postell]

@Carlos Rodrigues is that a 15 year mortgage or something?  Is it an adjustable rate? Are you going to be living in this property?  If someone is offering you that rate on an investment property, at 30 years, and fixed please get it in writing so you can see all the fees you will be paying.  That would be by far the absolutely lowest rate in the entire country....which is why it's setting off alarms for me.