How this financing deal from Wells Fargo? Fresno, CA

[Hau N.]

Hi BP members,

I'm trying to line up my financing for my first investment property (possibly a triplex).  I'm hoping to see what you thoughts are on this financing deal provided by Wells Fargo over the phone.  I didn't expect this high of an interest given my credit score 800+ and decent income.  I didn't account for the half a point or so as it will be an investment property (not second home).  This high of an interest cut the cash flow from $500 to $250.  If you have any advice of lenders you've worked with that may provider better rates, please let me know.  

Purchase price: $260K

Loan amount: $195K (down 20%)

Closing fees: $4,235

Prepaid interest/escrow/reserves: $4,421

Interest: 4.750%

APR: 4.865%

AM: 30 year term

Principal and Interest: $1,017

Real estate taxes: $270

Insurance: $82

Total mortgage: $1,370/mo

Thank you in advance for your input.  

HN

[Account Closed]

@Hau N.   I hate Wells Fargo but you should ask @Chris Mason  about the rates.