All this talk of forclosure and sub prime loans is really scary! We got a VA loan 30yr. fixed @ 5.14%.... Sounds good right, so Im thinking we got a good thing going?
2007-03-26 08:10:25 · 8 answers · asked by ladyMcQ 1 in Business & Finance ➔ Renting & Real Estate
Yes, you most definitely got a GREAT deal on your mortgage! You can actually pay it off sooner than 30 years if you want to. For a long time, bi-monthly payments were really popular.....all it amounts to, is making one extra monthly payment a year, and drops years off of your loan. Heck, if you can pay $50 a month on the principal, in the long run it will help a lot.
2007-03-26 08:26:52 · answer #1 · answered by rocketgirl 3 · 0⤊ 0⤋
Very good deal. I am 4+ years into a 30 year fixed VA loan @ 5.875% and I thought that was the Bomb--yours is the ATOM BOMB!
2007-03-26 08:17:29 · answer #2 · answered by Silazius 4 · 0⤊ 0⤋
Yes you got a good deal.
The foreclosure issues being debated are regarding borrowers who were mostly teased with low interest rates and didn't manage to refinance to a better rate before the high rise.
2007-03-26 08:15:07 · answer #3 · answered by Venita Peyton 6 · 0⤊ 0⤋
That's an EXCEPTIONALLY good deal in today's market. Please e-mail me the contact details for your lender; I'll refinance TODAY if I can get a fixed rate anywhere near that one!
Even if you had a sub-prime loan (you don't) you'd have nothing to worry about as long as you keep your payments current.
2007-03-26 08:37:45 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes you got an excellent rate. You could get a lower rate this year with an adjustable rate mort. but it would certainly go way up as rates are increasing.
Anytime you can get a low, fixed rate loan, you're in good shape.
2007-03-26 08:18:14 · answer #5 · answered by Glennroid 5 · 0⤊ 0⤋
You two need to give your selves a big Hi-5! Yes, you have a normal loan.
2007-03-26 08:26:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋
you lucked out you got a really good interest rate! that is good more of your payments go towards your principle. even if you can send 5 dollar extra each month you will knock several years off your mortgage.
2007-03-26 08:19:19 · answer #7 · answered by kissybertha 6 · 0⤊ 0⤋
It is a really good loan!!!!!!!!
I am a mortgage broker in CA, and I haven't seen that rate lately!!
2007-03-26 08:17:50 · answer #8 · answered by yansycr 2 · 0⤊ 0⤋