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Updated about 3 years ago,

User Stats

8
Posts
4
Votes
Roy Bias
4
Votes |
8
Posts

First rental property

Roy Bias
Posted

Hello all. I'm a rookie investor and need some advice. I am currently in contract on my first investment property. I was using lending Company A who gave me a 4.2% on a 30 year with 25% down. Company B stated they could give me a 2.99% with the same amount down (25%), same length, and I could borrow more money. After deciding to use Company B and having a pre-approval for the same property, they came back after being in contract and said they could only do a 15 year at 2.99% because the amount I was borrowing (110k with 25% down) was too small to qualify for a 30 year. Should I go back to Company A so that I have more cashflow each month (worried about closing being delayed if I switch) or stick with Company B? I should mention that there is a $205/ month condo feeThanks in advance for the advice. 

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