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Investment Property

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My close friend found an investment property that she would like to purchase. The property is listed at $60,000. She has enough for a 10% down payment and closing costs. She has appox. $26,000 in various retirement and savings accounts to use as reserves. Monthly income from all sources is $2400. Her scores according to the broker are706, 721 and 751. She received a quote from a local broker for a fixed 30 yr NOO mortgage at 7.875% with 0.75 discount points , 1 point origination and no PPP. This will be her first investment property. Is this a fair deal?

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It's not great, but for such a small loan amount it's expected from a broker as banks are more competitive for lower (under $100k) loan amounts. Did she speak to who she banks with?

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That does not sound bad. Interest on loans under $100K are higher. You should check your credit unions locally. Or she can try Penfed. On a $60K loan with them NOO we have 6.25% with a 720 score

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