I have a very high credit score and would like to know if i should be monertering the Prime rate or the fed rate so that I get the best deal on intrest rate
2007-11-18 13:49:10 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The best interest rate that you will get is from your credit union if you are a member of one or the bank where you have your checking and savings accounts.
There is an enormous amount of dishonesty in the lending industry.
If you go shopping for rates you will probably be suckered into a contract that seems too good to be true.
At close of escrow you will be tricked into accepting a loan at a much higher interest rate than you were promised.
Stay with the lenders where you have a long time relationship developed.
They are the best deal out there. All the others are a bunch of crooks.
2007-11-18 14:10:56 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Prime rate effects short term loans. It has almost nothing to do with mortgages. Only constant drops over a long period of time trickle down to mortgages because money "becomes cheaper."
The last time the Prime rate was lowered a quarter of a percent, the mortgage rate actually went up a little.
2007-11-18 22:26:46 · answer #2 · answered by REALTOR 3 · 0⤊ 0⤋
the fed rate.
2007-11-18 22:59:19 · answer #3 · answered by !!! 7 · 0⤊ 0⤋
well 5% is good. You can read VERY interesting advice and proposals here. http://real-estate-note-buyers.blogspot.com/2007/09/first-time-home-buyer.html
taken care of and faith! Good luck!
2007-11-19 14:15:27 · answer #4 · answered by Anonymous · 0⤊ 0⤋