Newbie – Shopping For Best Rate

[Michael Ricklick]

Two months has led to binging on the first 105 BP podcasts and reading real estate books, I’m now ready to pull the trigger. I have my first buy/hold duplex deal under contract.

My dilemma, I’ve asked five lending institutions what their rates and fees are. They ‘him and haw’ about the numbers changing often and low ball the rate when pressed.

I think it is pure folly to give away ‘quan’ for five appraisals and five sets of fees only to lie prostrate to the final judge, the underwriters and their denial.

Whom do I choose?

Thanks for your wisdom

[Stacy Eisenberg]

You don't say what state or city you are in.  For a duplex, it is like any other loan and the lenders should be able to give you a good estimate of most of the fees. I don't use the traditional banks (BOA or Chase, etc...) as their requirements and hoops are so much more than other lenders.  If you have a good realtor, they should be able to direct you to mortgage lenders that are competitive (and I prefer local).  Only do one appraisal after you have selected your lender.