2006-08-22 07:13:46 · 10 answers · asked by ms_fish_226 1 in Business & Finance ➔ Renting & Real Estate
go to bank and ask banker
2006-08-22 07:25:41 · answer #1 · answered by keshar s 2 · 0⤊ 0⤋
The simple answer is, what ever you agree upon.
Most of the time rates are related to your credit rating, availability of funds and the common market conditions.
If you are talking about a typical mortgage on a typical house by a typical applicant with decent credit, you can look at any bank, mortgage company or mortgage brokers website and get a good indication of what the current and local market is offering.
But again it often depens on what your specific situation is about that determines the final details, including but not limited to the rates.
In Canada an annual rate over 60 % is considered loan sharking and is therefore a criminal offence, so between current ratest and 60 % everything is possible.
It is also a good idea to consider how the rates are been quoted as far as the frequency of compounding periods per year, one is considered simple interest but in the USA most mortgages are compounded monthly, which infact is a higher than stated rate method, hiding the actual rate of interest in the method by which the interest is calculated.
Good Luck
2006-08-22 07:39:31 · answer #2 · answered by peterpfann 3 · 0⤊ 0⤋
It mainly will depend on your credit score. If you have a good credit score, 640 or higher you APR that you get will be lower than if you had a credit score under 640.
I work in Washington State and that is our standards for the banks that we work with. The going rate here is 6.25% on a 30yr fix, but rates are starting to go down.
2006-08-22 07:31:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
That depends on the usury laws of your state and the going market competition. New Mexico does not have any usury laws. It's a free for all but the market takes care of the rate. It's the poor folks that get nailed because they can't use reputable lenders.
2006-08-22 07:26:28 · answer #4 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Wow!! you may desire to have some rather damaging credit to get that form of fee on a loan!!! i could rather call that fee usury. even with the shown fact that, very few states have rules constrained quotes of interest. I strongly advise you bypass on that lender and positioned off paying for a house for some years till your credit status improves and you will sustain for an even bigger downpayment.
2016-12-11 13:16:44 · answer #5 · answered by ? 4 · 0⤊ 0⤋
It varies by state law, but usually 24% to 25%.
2006-08-22 08:15:25 · answer #6 · answered by KL 5 · 0⤊ 0⤋
check with the banks for daily interest rates, they cant go over that limit.
2006-08-22 07:22:44 · answer #7 · answered by littlebettycrocker 4 · 0⤊ 0⤋
Prime + 8%
That's 16.5% in todays market.
2006-08-22 07:44:41 · answer #8 · answered by Du Hast mich? 3 · 0⤊ 0⤋
25%, with some other factors involved.
2006-08-22 08:05:47 · answer #9 · answered by statewidecanton 1 · 0⤊ 0⤋
13.99% in New york
2006-08-22 09:23:05 · answer #10 · answered by joniannuzzi 2 · 0⤊ 0⤋