i was wondering what the highest interest rates for mortgages,and if anyone had a higher interest rate then 8%

Question

just wondering what a difference it makes to have lower interest rates in mortgages

Answer 1

Interest rates can theoretically be as high as 32% APR, I believe. This won't happen barring an economic catastrophe. If such a catasrophe occurs, refinancing your house won't be high on your priorities.

Mortgages that charge higher interest are commonly referred to as "sub-prime" mortgages. They are for people who exhibit a higher credit risk for lenders than "conventional" borrowers. Examples of what could make one a sub-prime borrower are: open collections, late payments, lack of credit history, open judgements, hard to prove income, high loan-to-value loan amounts.

***When you are shopping for a mortgage, get a rate IN WRITING from one lender and then take it to another lender. I guarantee you'll get a lower rate.

Loan officers are commission-only salesmen who are desperate to close the deal, so they'll gladly cut their commission/interest rates so they get you as a customer. Don't feel bad about taking advantage of them.

Answer 2

There are still some people out there with 10% or higher but they are people who don't know how to turn a computer on or lived under a rock as rates hit the lowest this country has ever seen. Your interest rate makes all the difference but so does the loan program you are in. Most people are jumping to a 30 year fixed right now but there is good news from the FED that rates will probably level off and stop climbing at least for awhile. If you live anywhere other than California or NY you definitely are not going to see alot of equity this year so I encourage those that are out there thinking about a low interest 40 or 50 year to think again. Stick with a 30 year and ride it out. If you get caught in an area of the country where home prices are dropping and it has become a buyers market you could lose alot of money if you aren't paying down the principal like you can in a 30 year. If you are at 10% or better good news is that the 30year fixed rate avg. is at 6.52% so don't panic you can still afford a home in most parts of the country especially when home builders are dropping prices and doing whatever it takes to get their inventory off the lot. The real time to invest is coming up soon not when all the crazy propectors are flooding the market. The time will be soon when all of the prospectos have to start offloading their properties because they don't have enough dough to pay for all of the mortgages. Watch Miami and FL, Nevada, and AZ. These markets will be flooded with homes for sale soon and it will be the perfect time for the true prospectors, the ones who waited to find the bargains after all the rookies rushed the buffet line and now can't pay the bill.

Answer 3

It all depends on the persons credit score, if they have ever been late on a mortgage before, and how many times. Someone with a 700 credit score will get a great rate in the 6's where someone with a 500 score might end up in the 9's or 10's. So yes rates can go above 8% and its not uncommon

Answer 4

There are alot of factors to consider. If you are wanting to Purchase, and get 100 percent loan. If you are wanting to refinance, and if you are only needing say 80 percent of value of your home, etc.

If you refinance, and if you have good credit - than the rate will be better - but if you have poor credit, than your payment will be higher - since rates are going up - Good credit rates are 6.5 (roughly) and if bad credit 8.99 (par) Big difference. A par rate is what a lender will give you thru a Broker, (for instance I underwrite for over 150 company’s). If you go with one lender they pull your credit, than if they can not do it, you go somewhere else, and they pull your credit. You need to see a Broker, where he/she pulls your credit one time, and the lenders will use HIS/HER credit to qualify you.. An 8 percent rate is not bad - depends if it is a - fix - 30 yr - 40 yr - 50 yr term or interest only for a set number of years - There are many many loan programs out there - and the person who is woirking on your behalf should explain in DETAIL what is happening - ok Good Luck

Answer 5

we did an 80/20 mortgage. one mortgage is 8.3% and the other is 11.2%. That is the price you pay for bad credit. But we will refinance in 2 years....so yes it can go much higher that 8% and I dont even want to know what the difference is costing me.(luckily it is only for 2 years).

Answer 6

my friend pay 10% interest I pay 6% it's going to take me 20 years to pay my house as were it's going to take her 35 for the same price home. Make sure you get a good percent rate the lower the better.

Answer 7

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Answer 8

interesting? Oh heck yeah! 10 out of 10! Informative? Bahahahahahahahahahahahahahahahahahahaha... i'm think to hearken to suggestion given right here????????????? or have faith as fact, human beings posting rubbish from countless knucklehead web pages? do no longer make me snicker. ! yet interesting as all get out!