2006-12-11 11:11:20 · 7 answers · asked by MaJoy 1 in Business & Finance ➔ Renting & Real Estate
That is pretty good.
2006-12-11 11:13:30 · answer #1 · answered by Nelson_DeVon 7 · 0⤊ 0⤋
You need to clarify your question!
Are you saying you were offered a Home Equity Loan at 7% or you were offered a mortgage at 7%.
If you were offered home equity loan at 7% that's very good! If you were offered a mortgage at 7%, that's high. The going rates on mortgages right now are 5.75 - 5.875%.
FYI - If your credit is bad, the loan-to-value exceeds 95%, the loan is for an investment property, and/or you cannot prove income, then forget the 5.875%, as 7% might be the best you'll get!
2006-12-11 19:43:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I'm not sure. I just got an offer in the mail for 8.something. Deffinetly shop around and do what you can to boost you'r credit score, it does matter, good luck!
2006-12-11 19:17:37 · answer #3 · answered by Brad12345 1 · 0⤊ 0⤋
That's pretty good. The person who got 5.75% is probably talking about their mortgage, not a HELOC.
2006-12-11 19:42:08 · answer #4 · answered by Cardinal Rule 3 · 0⤊ 0⤋
This depends on your term and credit quality. However, this isn't a bad rate. If you have excellent credit, you may be able to get a slightly better rate.
2006-12-11 19:16:42 · answer #5 · answered by lisabmanley 1 · 0⤊ 0⤋
Check out: http://homerefinance1.blogspot.com They have good information on refinancing a mortgage and more.
http://homerefinance1.blogspot.com
http://loanconsolidation1.blogspot.com
2006-12-14 09:12:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋
NO!!!!! Really shop for your rate. every mortgage broker you can find any where. We got 5.75!!!
2006-12-11 19:20:49 · answer #7 · answered by thirsty mind 6 · 0⤊ 0⤋