Investment / Rental mortgage
Hey BP community. I’m new to this forum and newbie investor. Welcome all.
I got my first rehab duplex this year and all worked out well.
Right now, I’m looking to buy turn key duplex for approximately $100k and to acquire get investment/rental mortgage. I called few banks around and first bank that got back to me me offered 25% down with 3.875APR, which is OK comparing to my initial analysis. However, I’m getting additional cost/points at closing of approximately $4000 (total closing cost of $8500). Is this typical for investment mortgage? What’s my best option? Should I keep checking other banks or should I just go straight to a local mortgage broker? What’s the typical (+\-) closing cost on $100k investment property? I’m in New York State (not NYC).
Thank you!