Interest Rate Seems High: 5.5% 140K SFR

[Jason Haynes]

We're looking at a SFR around $140,000 and the rate our broker is quoting is 5.5% plus $7500 closing costs. This seems pretty high, but this is our first SFR in the Dallas, TX area. We've also looked a private money, but that's coming in around 8-12%. We've got 20%+ down with excellent credit. I should also mention, this is the first broker we've spoken with (referred by our realtor). I'm learly of shopping it too much, with the risk of dinging my credit in the process. Any other ideas, or does that sound about right to anyone? Any insight would be appreciated.

[David Dachtera]

@Jason Haynes,

There's a 30 day "shopping window" for home loans. So, shop all you want within that 30 day period (calendar days, by the way).

The rate will reflect the credit worthiness of the guarantor (you? Don't take it personally). Ask to see a break out on closing costs.