Are interest rates for the primary loan less for single family than those for a townhome?

Question

I am negotiating with lenders. Need info ASAP. Thanks a bunch.

Answer 1

generally no. rates are based on buyers creditworthiness

Answer 2

Normally interest rates are based on your credit report and credit scores. Stop negotiating with lenders, find yourself a mortgage broker. You are wasting your time and perhaps comparing apples and oranges, when you should be comparing apples with apples and oranges with oranges. There are some lenders that might add .125 (1/8)because of a condo or townhouse.

A mortgage broker has many lenders that he can go to without you having to pay for a new appraiser or credit report.

You have to know what you are qualified to purchase.

So the first thing you should do is contact a mortgage broker so you can complete a loan application, after which he will run your credit report.

This credit report will give him your credit score. Get a cup of coffee or your favorite beverage when filling out the loan application this is not a 15 minute chore.

Your credit score will tell him what loan programs you are qualified for as well as the interest rate you can expect. This credit score will tell if you are able to get a 100% loan and if not how much cash you have to bring to the table as your down payment.

There are lots of documents and information the mortgage broker will need. I will give you a few to get you started.

#1 Six months of all bank statements you use currently, as well as any statements from your 401k at your place of employment

#2 One months of pay stubs from all that are going on the mortgage.

#3 Two years of federal income taxes and W-2s

After discussing the best loan program for you and agreeing on the program you want, the mortgage broker will issue you a pre-approval letter.

Now once this has been established you should connect up with a real estate agent to find you a home. Upon finding a home you like the real estate agent will then prepare a sales contract for you and the seller to sign.

The mortgage broker will order an appraisal of the house to prove the value.

Once all the documents necessary has been collected the mortgage broker will order loan docs for the program that you agreed to earlier. Again don't plan on spending a lunch hour there to sign loan docs this is a process so be prepared to be there for awhile.

Don't sign the loan docs if anything change from what the mortgage broker explained to you. Call and get an explanation.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

Well do check with several lenders Real banks if possible check with 6-8. Reason is there not all the same with there rates and charges. Some will build into the loan points but call them something else.

Yes a loan for a Single family should be less than a townhouse.