my interest rate is 7.25 because i did the no money down program 30 year anyone have apr like this
2007-01-02 03:05:27 · 5 answers · asked by matt12882003 3 in Business & Finance ➔ Renting & Real Estate
im in illinois 7.25 sounds high to me im a first time homebuyer it seemsw high to me is that a normal apr for that
2007-01-02 03:15:16 · update #1
If this is 1 loan, 100% with no Private Mortgage Insurance, then it is a good rate but in most cases there would be savings by splitting that into 2 mortgages.
The bottom line is if you are approved at Wells Fargo you have excellent credit and are worthy of the best rates and cost structures available. I suggest checking with a loan broker you trust. They are almost always able to beat the rate you will get from the major banks.
2007-01-02 05:01:23 · answer #1 · answered by loanman46 2 · 0⤊ 0⤋
That sounds pretty normal. Make sure to get a few offers from other lenders in order to make sure you are getting the best deal.
Make sure to get a Good Faith Estimate from all offers so you can properly compare them. Also, if Wells Fargo pulled a credit report for you, ask them for all 3 credit scores and your Debt-to-Income ratio. These are numbers you can give to the other lenders so they won't need to pull extra credit reports for you.
Loan are different from state to state, what state are you in??
2007-01-02 11:12:28 · answer #2 · answered by MR MONEY 3 · 0⤊ 0⤋
Yes thats average for Illinois.
2007-01-02 11:27:46 · answer #3 · answered by ►►BLOGGER◄◄ 5 · 0⤊ 0⤋
That's about right for a no-down loan if you have decent credit.
2007-01-02 11:23:32 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
given your situation, it's probably correct. Wouldn't hurt to shop around though.
2007-01-02 17:29:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋