2006-10-27 09:42:53 · 7 answers · asked by wannaknow 3 in Business & Finance ➔ Renting & Real Estate
Interest rates vary widely from person to person based on the type of mortgage you have, the credit score or scores of the person or people on the mortgage, the amount of the down payment etc.
Example: Myself 730 credit score my husband 760 credit score, 6.5% interest rate on our 250,000 mortgage.
2006-10-27 09:45:10 · answer #1 · answered by jshepard17 5 · 0⤊ 1⤋
I am in the 3rd year of an ARM and am paying 4.35% Don't let the commercials on TV scare you. If you are in an ARM, hold out for a couple years. If you are in a fixed mortgage less than 6.5% than hold out as well. Don't be afraid of interest rate hikes in near term future. Yield curve indicates steady to lower rates in 3-5 year horizon so an ARM is a great investment right now.
Of course, you should consider closing costs vs. potential savings by refinancing. Closing costs will run about $3,000 (depending on house value). You should save at least $3,000 in 3 years of monthly payments to make it worth your while.
2006-10-27 16:47:38 · answer #2 · answered by holbrpa 2 · 0⤊ 0⤋
My husband and I bought our first home in June. We bought it right before the interest rates went way up. We got a 5.5% interest rate on ours. I reccommend calling around to different mortgage brokers. Usually, banks have a higher interest rate than most mortgage companies. Good luck and just do your homework.
2006-10-27 16:51:56 · answer #3 · answered by Fool in the Rain 6 · 0⤊ 0⤋
Factors that go into determining interest rate for someones loan:
Loan Amount
Loan to Value % (LTV)
Combined LTV % (this comes into play with 80% & 20% pricing)
Credit Scores (mid of all three)
Debt to Income Ratio
Housing to Income Ratio
Loan Program (FHA, Conventional, VA, ARM, etc)
(for this site) Market in the USA
Index Rate Used (Adjustable Rates only)
Just off the top of my head.
2006-10-28 23:40:42 · answer #4 · answered by Margaret K 3 · 0⤊ 0⤋
Most all interest rates are credit score driven.
2006-10-28 12:26:54 · answer #5 · answered by bigslick60 3 · 0⤊ 0⤋
If you are in the U.S., call Countrywide and ask them for a quote. You might find a better deal but not much.
2006-10-27 17:04:14 · answer #6 · answered by Anonymous · 0⤊ 0⤋
loaded question
many things go into the determination of interest
credit score primarily
2006-10-27 17:09:22 · answer #7 · answered by RandallL 3 · 0⤊ 0⤋