2007-07-20 08:32:41 · 4 answers · asked by JOEWIL D 1 in Business & Finance ➔ Renting & Real Estate
Is it a Governement loan or conventional? Fixed or adjustable? If you're taking fixed, it's a decent rate, with as high as interest rates have gotten. Are you planning on being in the home for more than 5 years? If so, then fixed is definately the way to go. What percentage of loan did you get? If it's 100% financing, then that rate isn't bad.
2007-07-20 08:41:25 · answer #1 · answered by Heather N 5 · 0⤊ 0⤋
It depends on your credit and how much you are putting down. If your credit score is at least 680 and you are putting down five percent, you should be able to get no worse than a 6.5% rate and maybe even a 6.375 rate, as that is the current market. You will have to pay mortgage insurance on top of that interest rate and that could be another 5/8% or even higher. If FHA it would be one half a percent on top of the rate. My company could do you at 6.25 with no discount and an origination fee of one percent if your score is at least 680 or higher. However if you have had some credit issues and your score is lower a rate of 7% begins to sound about right. It pays to shop around and compare as buying a home is the biggest investment you will ever make, besides marriage, ( just kidding). Good luck and I hope you get the house, and turn it into a home.
2007-07-20 15:41:00 · answer #2 · answered by H. A 4 · 0⤊ 0⤋
Not bad but Shop around.
A half percent savings is lot over the life of a morgtage.
Always depends on you credit score and finances.
2007-07-20 15:42:04 · answer #3 · answered by ed 7 · 0⤊ 0⤋
7% interest rate sucks....Sorry to be blunt, but it does. Keep looking.
2007-07-20 15:40:06 · answer #4 · answered by Nicole 4 · 0⤊ 0⤋