[CA] Reasonable Rate for First Investment Property?

[Jason Tu]

I’m looking at buying my first investment property in Sacramento and I recently got a preapproval from Wells Fargo for $350000. The 30 year rate is 4.875%. I have a 750+ credit score, no debt, and my monthly expenditures amount to about 10% of my income.

I was wondering if this sounded reasonable, or if I should shop around some more? Should I chat with a mortgage broker or keep looking at banks one by one?

[Trent Stone]

Oh you should shop for sure lol. Rates are at an all-time low. Average is about a 3.5% right now? Investment loan a bit higher but I don't see any reason why you couldn't get low 4's with your credit. I'd ask a GOOD broker to shop for you, they can usually get better rates. I might also recommend shopping at a few portfolio lenders, with your low risk they would probably offer you better terms and rates as well. Good luck with your first property!!