I wanted to know if the interest rate is determine by a certain day or week of the month. I know that should do some more research but I need another opinion
2007-02-17 02:10:19 · 7 answers · asked by Amanda B 1 in Business & Finance ➔ Renting & Real Estate
You have yet to talk with an agent nor a lender, its sooo obvious. First of all that price has no bearing on interest rate. Your loan to value will. Keep in mind this house might appraise for 150K but should your offer be accepted at 136K thats the highest number a loan will go to for LTV. Purchase price or appraisal value whichever is lower will be the determining factor. The appraiser will get a target number to justify. That will be a huge factor in guaranteeing the rate your quoted or locked at. That rate will be determined by your credit score, credit grade, the loan to value, loan type, loan program, reserves on hand ( this means cash in an account that can cover several months payments, they need to be seasoned in many cases which means they have been there for a few months,sometimes they arent required at all.) As you can see there is much research for you to do and many opinions left to seek. Talk to a lender first and compare their good faith quote with a second and possibly a third lender. Do this on the same day of the week. The day isnt of as much importance. Getting your quotes on the same day insures that all lenders will be looking at the same wholesale rates offered that day. Then once you have a lender you feel good about and can confidently move ahead with a mortgage loan, go see a real estate agent. It is too often people talk to an agent first and then need a horrible loan to fit the house they fell in love with. The growing foreclosure activity is a good example of such.
2007-02-17 04:44:38 · answer #1 · answered by Myron 4 · 1⤊ 0⤋
There are soooo many factors that go into a interest rate.
Federal Reserve holds the first position on interest rates.
Economy and Employment can have a effect on interest rates
Some predict Natural Distaster have a minimal effect.
No particular day that interest rates are better than others. If you have a good Loan Officer (LO) they can keep you updated on the market.
Currently a 30 year fix with 680 credit Full Doc (W2 employee) Debt to Income under 40% is looking at under 6%.
Hope this helps.
2007-02-17 02:20:34 · answer #2 · answered by Openthathouse.com 4 · 1⤊ 1⤋
No, interest rates fluctuate by the fed and changes at the bank level, not higher rates on Fridays or the 1st of the month.
Your interest rate will be the same on a house for, 40k or 500k.
It depends on many factors like income, credit score, debt, down payment amount etc.
2007-02-17 02:20:05 · answer #3 · answered by badbadboy6979 4 · 1⤊ 1⤋
The activity value is regardless of your economic business enterprise or own loan business enterprise expenditures you. you do no longer verify it -- *they* do. EDIT: what's it which you quite prefer to renowned? Your question says you prefer to verify the activity value. yet then you definately say that the activity value is 4.259% on the 30-300 and sixty 5 days own loan and 3.625% on the 15-300 and sixty 5 days own loan -- so it sort of looks such as you already know what the activity value is. So ... i assume i'm at a loss for words approximately what your certainly question for us is.
2016-11-23 14:52:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It depends on the lender. I've seen some banks change their rates daily, and some only change them when the Fed changes their rate.
2007-02-17 02:15:00 · answer #5 · answered by Vegan 7 · 0⤊ 1⤋
136,000? sounds more like a mobile home for that price
2007-02-17 02:15:24 · answer #6 · answered by canadians_are_imbeciles1 2 · 0⤊ 1⤋
You may get an idea from
http://homeloans.atspace.com
2007-02-17 17:12:48 · answer #7 · answered by Roxxy N 1 · 0⤊ 0⤋