First investment property - what interest rates to expect

[Pramod Prasad]

Team,

Just getting started with real estate investing and getting my first property under contract. I did a pre-qualification with a lender who provided me a rate once the property was finalized. 

The property value is $160,000 (in Kansas City). I am doing 25% down and the lender is offering a 7.625% (no points) interest for the loan amount. I find this to be higher than what I see in the market - I intend to shop around for other rates. For additional context, I have excellent credit score (770+), zero debt, savings/assets >$500,000, and have been in my same company for 4+ years.

Question for the forum:

1. Any advice on what interest rates to expect? I need to know if this lender is taking me for a ride! 

2. Any recommendations for lenders? I am not local to KC, so my other option is to look at one of the larger banks (Chase, Bank of America) or a national mortgage lender like Rocket, etc. Any thoughts on this please?