I have to say that my credit score is acceptable (635) but my husband doesn't have any SS number and of course no credit.
So, I think that's the reason this interest rate is kind of high.
WHat do you think?
Should we buy a home now or wait?
2007-09-20 03:02:50 · 25 answers · asked by Ariel 2 in Business & Finance ➔ Renting & Real Estate
*** O% downpayment ***
2007-09-20 03:04:31 · update #1
*** Thank you everyone!! ***
Yeah.. that's 30 yrs fixed rate.
My husband wants to wait and save more money but I am kind of desperate to own my house. We have to little kids and they wish to have a backyard to play.
Anyhow, I am reading your answers, thank you so much for your advices.
BTW, We are living in TX.
2007-09-20 03:12:50 · update #2
That's pretty high, but even without your husband's situation, sometimes the higher rate is the trade-off for zero down. I would still shop around more before settling for that rate.
2007-09-20 03:19:11 · answer #1 · answered by Anonymous · 0⤊ 1⤋
That is way too high.First time home buyers qualify for sunny may which is a 4 or 5 percent interest rate. Anyway there are lots of plans for first time buyers. Right now it is a buyers market. Also it is not very hard to get a SS card. Drive to the federal building and get him one. It's easy. And you should be able to buy a house in your own name anyways. But you must go there drag him there if you have to and get him a SS card. Even homeless people have one. Is he an illegal alien? Doesn't matter if you're legally married he is automatically a citizen and he can still get a Social Security Card. There is no excuse for not having one.
2007-09-20 03:18:51 · answer #2 · answered by thomas m 5 · 0⤊ 1⤋
Maybe you should just buy the house in your name.
I think that is a very high interest rate. My credit score is 704 and I was able to get 6.25 % But the other day the feds just cut the rate by a half percent.
Get a copy of your credit report and clean up anything that is hanging out there. Then call the 3 lameA$$ credit companys and tell them to bump your score up .... If you can get 740 or higher the world is yours.
Make sure you shop around, you might be able to get a better rate somewhere else.
Good Luck!
2007-09-20 03:09:49 · answer #3 · answered by WhereTheBuffaloRoam 5 · 0⤊ 1⤋
That is really high. I would work on increasing your score. If you could put more money down at least 10%, it would help lower the interest rate a little. A good rate would be in the 6% range, I sure wouldn't want to be paying 9.25% for the next 30 yrs.
2007-09-20 03:06:16 · answer #4 · answered by Megz 6 · 0⤊ 1⤋
With your husband not having a social security number you are the only one they can look at for an income. It's really high and to be honest I'm 50/50 on what to tell you. Call a couple places, (banks) and ask if they will give you a quote. You can still take the 9.25, but if one comes in lower, your ahead.
2007-09-20 03:12:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
9.26% is high look at the APR on your truth in lending statement it should ge the first page after the good faith estimate ! a 635 is not a bad score its not great but there are sources for it. you are paying too much in interest!
thisis a high rate even for your score! you are probably paying at least ove 1% more. and id guess the lender is charging you at leat 2% yield spread premium inmy humble opinion
try shopping a bit it cant hurt you only save you money
www.directlendinplanet.com
2007-09-20 05:14:22 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The federal govt just reduced the rate to 4.75% .... now this does not mean you get 4.75 this means that banks when they do business they charge each other that rate, so now its lower so we the consumers are open to wreak on the benefits of lower rates to come. My suggestion look elsewhere and maybe wait and get another real estate agent and do not fall in love with a house right away. right now here in Los Angeles, CA my rate for my house is 6.75 ....and I had a 680 score when I bought my house!~
2007-09-20 03:14:16 · answer #7 · answered by kUsHmAn 2 · 1⤊ 0⤋
Wait. That is a very high interest rate, Get your credit score up to 660 and then buy. And you will have issues with the Patriot act mortgage requirements if your hubby doesnt have a SSN.
2007-09-20 03:24:47 · answer #8 · answered by Bob D 6 · 0⤊ 1⤋
http://www.score.org/downloads/Loan%20amortization%20schedule1.xls
Go to this site and you will find an amortization table.
Fill in the necessary information.
See what you are paying in interest over the life of the loan at 9.25% interest.
This is high, in my opinion.
You can change the interest rate and compare to a more reasonable %. Try 7.50-8.0%, or less.
You will see just how high 9.25% really is in comparison to lower rates. Look at your total interest paid.
Prime rates just dropped 1/2%.
If you have Excel software, you can save this. You may be able to save it anyway.
2007-09-20 03:21:03 · answer #9 · answered by ed 7 · 0⤊ 1⤋
Thats high. My husband and I are only 22 and 24 and when we got approved for a home loan in July, we qualified for like 5.6 percent. We have been out on our own for a while and have established great credit.
2007-09-20 03:14:56 · answer #10 · answered by Jessica 5 · 0⤊ 0⤋