I pay 6.25. Is that too high?
2007-01-31 06:32:31 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I have excellent credit but it April it will only be a year
2007-01-31 06:49:19 · update #1
What if we were to plan on living here less than 5 years? What would have been the best option?
2007-01-31 07:02:45 · update #2
Thank you for your assistance. :)
2007-01-31 08:49:40 · update #3
You are in great shape, sit tight!
2007-01-31 06:40:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your Questions is Broad meaning that without the Loan Amount I cannot determine whether its a good rate for you. Also what is your FICO Scores and type of property. Many factor's go into determing a rate for a property but here is the cookie cutter loan and rate:
FICO score 660 above, 3/2 Single Family Home, Loan is under 417, 000. No lates on Mortgage. Loan to Value is 80% your rate would be around High 5.875.
Curve Ball
Same Scenario abobe but your loan amount is over $418,000 than your rate would be around 6.25. Why the change is because you have a Jumbo Rate which is above conforming lending.
So as I stated above you have a very vague question. But I hope this helps.
2007-01-31 08:39:24 · answer #2 · answered by Openthathouse.com 4 · 0⤊ 0⤋
i don't know that there really is an average interest rate.......your interest rate is based on yur credit score, debt to income percentage, the amount yur house is worth, and how much of a loan you took out to get the house. but from my knowledge of what most people are paying...........your rate of 6.25 is GREAT, there are tons of people paying 8% and higher.
are you palnning on staying in that house for 30 yrs? if so a 30-yr fixed rate plan is perfect. the average family stays in their home for 3-5 yrs before moving again. i suggest refinancing and getting a lower rate and payment if your not comfortable with your current rate....don't over pay for something you never plan on fully owning.
good luck!
2007-01-31 06:49:30 · answer #3 · answered by LA BORIQUA 3 · 0⤊ 0⤋
It all depends on your credit but, 6.25% is not terrible right know. As long as you don't have private mortgage insurance (PMI) on top of that rate. If you have over a 660 and loan to value (LTV) is under 80% you could qualify for around 5.875 no prob. Any other questions feel free to ask, i am a mortgage consultant.
2007-01-31 06:42:56 · answer #4 · answered by Anthony P 2 · 0⤊ 0⤋
6.25% is a good rate right now. You could lower it about .25%, but the cost to do so would outweigh the benefit from the lower rate.
2007-01-31 06:44:11 · answer #5 · answered by flamingojohn 4 · 0⤊ 0⤋
The average 30-year, fixed-rate loan now costs 6.24% annual interest,
2007-01-31 06:40:57 · answer #6 · answered by Brite Tiger 6 · 0⤊ 0⤋
That a good rate...Im Locked in with 4.75 and thats with a arm rate...
2007-01-31 06:42:37 · answer #7 · answered by Mason 1 · 0⤊ 0⤋
Check out bankrate.com
2007-01-31 07:16:37 · answer #8 · answered by Tung 2 · 0⤊ 0⤋
I think the low right now is 5.875 so that isnt bad at all
2007-01-31 06:40:05 · answer #9 · answered by condorcall02 2 · 0⤊ 0⤋
That's reasonable.
2007-01-31 06:37:25 · answer #10 · answered by Anonymous · 0⤊ 0⤋