2007-06-02 06:55:53 · 5 answers · asked by Jim M 1 in Business & Finance ➔ Renting & Real Estate
if that is a fixed rate, you have done good
2007-06-02 07:00:06 · answer #1 · answered by skcs11 7 · 0⤊ 0⤋
If you pick who you will get a loan with strictly by what interest rate they promise you, then you will probably be suckered into a scam.
Even if you don't pay money up front you will feel trapped into proceeding if at the last minute when you and the seller have packed and loaded a van, you find your lender has added fees or upped the interest rate.
Pick a loan officer that two or three people you personally know has used them and been happy with them. If that can't be done then get a recommendation from someone you know.
I have seen even CPA's and bankers scammed because they found some "lender" over the internet and then at the last minute it became a choice of backing out and getting sued by the innocent seller or going forward with a stinky deal.
2007-06-02 14:13:36 · answer #2 · answered by glenn 7 · 0⤊ 0⤋
I deal with mortgages everyday and the 5.5 is great! The ones you see online are the intreset only loans! They are 4.5 for 2 years and then when the loans mature the rates go through the roof. It should be illegel, because this is one of the many forms of predatory lending. Please don' get yourself involved in this.
2007-06-02 14:02:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
That's fannie mae and freddie mac. I am a mortgage broker. You can get lower if you get a rate that's adjustable, has negative amortization, or isn't fixed. 5.5 is great for fixed right now.
2007-06-02 14:09:33 · answer #4 · answered by lesliebriskman 1 · 0⤊ 0⤋
last i noticed, the Federal government was paying 4.9% so I think a 5.5% rate, if fixed, is a pretty good deal.
now if it is a one year adjustable ARM with escalating rate because of a 'teaser' intro rate .... that's another matter altogether.
2007-06-02 14:02:30 · answer #5 · answered by Spock (rhp) 7 · 0⤊ 0⤋