What is the contract next to those low mortgage rates? I hold immaculate credit and the lowest rate I could carry be 5.5
Answers:
If you pick who you will get a loan next to strictly by what interest rate they promise you, then you will probably be suckered into a scam.
Even if you don't pay money up front you will touch trapped into proceeding if at the last minute when you and the seller hold packed and loaded a van, you find your lender has added fees or upped the interest rate.
Pick a loan officer that two or three empire you personally know has used them and be happy with them. If that can't be done after get a recommendation from someone you know.
I enjoy seen even CPA's and bankers scammed because they found some "lender" over the internet and then at the ending minute it became a choice of backing out and getting sued by the innocent wholesaler or going forward with a stinky deal.
last i noticed, the Federal administration was paying 4.9% so I think a 5.5% rate, if fixed, is a pretty honest deal.
now if it is a one year adjustable ARM next to escalating rate because of a 'teaser' intro rate .... that's another matter altogether.
I deal next to mortgages everyday and the 5.5 is great! The ones you see online are the intreset only loans! They are 4.5 for 2 years and then when the loans developed the rates go through the roof. It should be illegel, because this is one of the many forms of predatory lend. Please don' get yourself involved in this. Source(s): Realtor
That's fannie mae and freddie mac. I am a mortgage broker. You can obtain lower if you get a rate that's adjustable, has distrustful amortization, or isn't fixed. 5.5 is great for fixed right now.
if that is a fixed rate, you have done apposite Source(s): m
Related Questions: