(I live in Enid , Oklahoma)
2007-10-04 02:46:11 · 6 answers · asked by L3T TH3 G00D TIM3S R0LL 2 in Business & Finance ➔ Renting & Real Estate
depends on your credit score AND down payment.
you can have a 800.....and no downpayment..your rate will be around 6.5%-6.625%.
with a 5% down payment it can take your rate to 6.25%
Also, depends on the loan amounts.
If the loan amount is less than 120,000 most lenders will increase the rate. Same thing with less than 100k.
a good place to check is on freddiemac.com website.
they post the weekly rates...and are actual closing rates.
2007-10-04 02:50:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I agree with most of the advice here. Averages mean nothing to you. What you need is the best rate available for your specific loan scenario.
However, I disagree that sitting down with a loan officer is the first place to start. If a loan officer pulls your credit report for you, your name and personal information will likely be sold almost immediately as a "trigger lead" to multiple lenders.
So before you shop, get your three bureau credit reports and scores from MyFICO. Yes, it will cost a few bucks but I think it's worth it. (I am not affiliated with them.) That's the only place that gives you the same scores most mortgage lenders use.
At the same time call 1-888-5OPT-OUT to take your name off these marketing lists, unless you don't mind your info being sold to lenders you don't know. It will can take a week or so for the block to become effective.
Make sure your credit is as strong as possible (FICO has some great tools for this), feel free to use our engine to find out what rates are available (we're not a lender) and then you'll be much more confident about what's available.
Always make sure you are comparing the par rate (something like the "dealer invoice") and ask for a Good Faith Estimate, then hold on to it until closing to compare to the final GFE.
Good luck with your loan!
2007-10-05 09:26:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You are doing yourself a dis-service by asking this question when no one knows your specific circumstances. The best anyone should tell you is 5.75-6.50 on a fixed rate depending on where you fit... Sit down with a recommended Loan Officer, take a full application and have all 3 credit scores pulled. From there you can get an accurate quote on rates and programs you qualify for. http://www.choicerealestate.net/
2007-10-04 04:16:50 · answer #3 · answered by Anonymous · 1⤊ 0⤋
they are all correct in stating that the rates and the down payment are essential in establishing the final rate butthe bigest question is what do you want to do with the home live in it, rent it, flip it. Rates are not as important as they state or as importanty as your question but qualification programs payment options and pre payment penalties.
2007-10-04 03:19:38 · answer #4 · answered by Fabio G 3 · 0⤊ 0⤋
It depends upon your credit rating, the property, and the loan product you're using. The best risks are around 6.00% right now on 80% conforming loans.
2007-10-04 02:48:27 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 1⤋
Depending on your credit score, income, and current assets, there is a wide range of possibilities.
Average would have to be right around 6.5%
2007-10-04 02:51:10 · answer #6 · answered by Xman0076 2 · 0⤊ 0⤋