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Private Lending & Conventional Mortgage Advice

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Rob Barry
  • Rental Property Investor
  • Ramsey, NJ
55
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72
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Negotiating first Residential Mortgage + Closing Fees Vs. Rate

Rob Barry
  • Rental Property Investor
  • Ramsey, NJ
Posted May 24 2017, 01:37

With my first SFH rehabbed and rented, I'm seeking delayed financing. I've already learned it pays to shop around, as I've been quoted between 4% and 4.85% for a 30-year fixed.

So far, Aimloan has the best rate at 4%, but I feel like the $4,164.52 closing cost has to be high. They have it all broken out in their live rates table:

What I'm wondering is, what is it that a lender uses to justify the higher closing costs associated with lower rates and, of course, is one able to negotiate that down?

Also might be helpful if anyone has a bearing on how working with Aimloan is in the scheme of things. Thanks!

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