Evaluate Financing

[Chuck A.]

Hi,

Trying to evaluate my financing offer from my bank and also sharing a bit my experience if it helps others.

1) I am working with a local bank and seems that getting a loan with the property in my personal name is easier than my LLC. The interesting thing is the bank asked if this was going to be my primary home and if so would need me to move into it within 30 days. If it is going to be a rental then it can still be in my name but the rate goes up almost 1% pt.

Question:

- What would happen if I did say it was primary but then rented it out.  I imagine the bank could recall the loan, but wonder if that actually happens ?

2) Would love to know if there are better financing deals out there, since this is my first financing deal. My bank is currently offering :  

15 yr Fixed

3.85 % with a .05% buydown

20% down.

Closing costs with Bank and Title around $2500.

Question:

-  Does anyone know of better financing deals or is this pretty standard ?

Thanks