Could the interest rate go lower than 6.5% to lower the monthly payments?
2007-02-04 09:54:47 · 5 answers · asked by jay s 4 in Business & Finance ➔ Renting & Real Estate
6.5 isn't bad.. I have seen better.. shop around at Lending Tree.com
I would think it would be 2500 -3000 a month but that isn't counting insurance and property taxes that you usually have taken out of your mortgage payment too.
2007-02-04 09:59:45 · answer #1 · answered by Tapestry6 7 · 0⤊ 0⤋
Is $500k the purchase price or the loan amount? If it's the loan amount, then the monthly principal & interest payment is $3,160.34.
If $500k is the purchase price, then we need to know how much you're putting down, as this will change the monthly payment.
6.500% is not bad on a jumbo, shop around though - maybe you can do an 1/8 better. Just make sure you're comparing apples to apples...get the rate quotes on the same day using the same product and same loan scenario. Also, make sure you are being quoted a rate with 0 points and 0 origination fee...
2007-02-04 10:21:30 · answer #2 · answered by Anonymous · 2⤊ 0⤋
There are so many programs available to people with good credit such as interest only and flex payments as well that you could obtain a better rate or payment possibly. To get the best rate, fill out the free evaluation form at
www.totaldebtsolutionsllc.com
and a loan officer will contact you within 24 hours.
2007-02-05 01:44:13 · answer #3 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋
You can google to find a mortgage estamator to see what your mortgage would be with the hinformation you provided. You can also go to realtor.com to look at potential homes and there is an option to see what your mortgage would be with the down payment, the interest and other factors. Good Luck. Also...if the interest did go down, then the payment would also go down. :)
2007-02-04 10:10:59 · answer #4 · answered by alybr 4 · 0⤊ 0⤋
http://www.1stmdloans.com/calculators.php
2007-02-04 10:28:13 · answer #5 · answered by ron d 3 · 0⤊ 0⤋