Home Mortgage Loan 6.5%.... Please Help?
We have been approved for a home loan... I know those fluctuate and they go down today. When I called the bank they said:
30 yr fixed - 6.5%
15 year - 8.125
The 30 yr is a colossal loan and the 15 year is a very small loan. These seem really high-ranking to me. Are they? They have gone down twice today because it was 6.85 on Friday.
My credit is 'good', but without doubt not spectacular. Is this about the best I can hope for? I really don't want to buy points.. and I hate to continue until it ends up going back up.
Is this higher than most empire are getting right now?
Thanks!
Answers:
I think 30 yr fixed at 6.5 seems a bit high-ranking, but depending on your credit score,... I'd say it should be more similar to around 6. Still it will be getting a lot worse pretty soon I think, so if I didn't enjoy a choice, I'd take 6.5. My parents bought their house on 11.5% so 6.5 is definitelly way better.
You said it yourself - your credit score is not great - well, with the sole purpose great scores get the 6.0% mortgages - 6.5 is still historically low for a 30 yr fixed mortgage and you said it already go down a third of point recently - more chance of it going rear up before it drops anymore= the 15yr rate seems opening out of whack though - usually 15 yr rates are lower than 30 yrs rates
I bought my house about a year and 2 months ago. I did the 80/15/5, which sounds resembling what you may be doing with yours. My rates are 6.25% for the 30y and 7.57% for the 15y. I bought before adjectives the mortgage crisis and foreclosure stuff started happening. I was not going to be dumb plenty to get an adjustable rate because my luck, I would be paying 50% interest by now. Those are the lone people who are being help by the bailout. You may want to check around to see if you can find a cheaper rate. I don't get all the points and amount it is means to get more money out of me somehow. Good luck, I know it is confusing. Source(s): Also, lenders are getting tougher because they weren't since and that is what lead to so abundant foreclosures. I have NEVER heard of a 15y mortgage anyone LOWER than a 30y one.
If you're not closing soon and hold some time, you can call your agent and ask if you draw docs, will they redraw for free (or for a fee) if the rates change and budge lower. It'll buy you some time in case the rates verbs to fall in the subsequent few days...
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Trying to lower monthly mortgage payment- tried a refi and be appvd, until our home appraised for smaller amount?
Than we owe on it. We paid 265 in 06 when it appraised for 275. As my husband and I both hold less than perfect credit, it is firm for us to refi conventionally. We...
30 yr fixed - 6.5%
15 year - 8.125
The 30 yr is a colossal loan and the 15 year is a very small loan. These seem really high-ranking to me. Are they? They have gone down twice today because it was 6.85 on Friday.
My credit is 'good', but without doubt not spectacular. Is this about the best I can hope for? I really don't want to buy points.. and I hate to continue until it ends up going back up.
Is this higher than most empire are getting right now?
Thanks!
Answers:
I think 30 yr fixed at 6.5 seems a bit high-ranking, but depending on your credit score,... I'd say it should be more similar to around 6. Still it will be getting a lot worse pretty soon I think, so if I didn't enjoy a choice, I'd take 6.5. My parents bought their house on 11.5% so 6.5 is definitelly way better.
You said it yourself - your credit score is not great - well, with the sole purpose great scores get the 6.0% mortgages - 6.5 is still historically low for a 30 yr fixed mortgage and you said it already go down a third of point recently - more chance of it going rear up before it drops anymore= the 15yr rate seems opening out of whack though - usually 15 yr rates are lower than 30 yrs rates
I bought my house about a year and 2 months ago. I did the 80/15/5, which sounds resembling what you may be doing with yours. My rates are 6.25% for the 30y and 7.57% for the 15y. I bought before adjectives the mortgage crisis and foreclosure stuff started happening. I was not going to be dumb plenty to get an adjustable rate because my luck, I would be paying 50% interest by now. Those are the lone people who are being help by the bailout. You may want to check around to see if you can find a cheaper rate. I don't get all the points and amount it is means to get more money out of me somehow. Good luck, I know it is confusing. Source(s): Also, lenders are getting tougher because they weren't since and that is what lead to so abundant foreclosures. I have NEVER heard of a 15y mortgage anyone LOWER than a 30y one.
If you're not closing soon and hold some time, you can call your agent and ask if you draw docs, will they redraw for free (or for a fee) if the rates change and budge lower. It'll buy you some time in case the rates verbs to fall in the subsequent few days...
Related Questions:
Trying to lower monthly mortgage payment- tried a refi and be appvd, until our home appraised for smaller amount?
Than we owe on it. We paid 265 in 06 when it appraised for 275. As my husband and I both hold less than perfect credit, it is firm for us to refi conventionally. We...