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mommy that work in banks or on loans for homes.. Or mommy's that know alot about homes loans I need info!

What is the highest interest rate you can get on a house? I want to start looking for a place but my husband wont do anyting about it until we know what the interest rate are and what the lowest we can get.

So we would hope for a 3% but I know that with my credit we would probably have something higher. That is why I curious to know what the highest rates are...

Answer Question
 
Anonymous

Asked by Anonymous at 5:37 PM on Jan. 14, 2011 in Money & Work

Answers (6)
  • It varies by the area, your credit, the bank, what type of house. Go in to your bank and ask to be prequalified.
    tootoobusy

    Answer by tootoobusy at 5:40 PM on Jan. 14, 2011

  • The only way to know for sure what rate you'll have is to be prequalified. There are different types of loans and that will also be a factor in the rate you get.
    how_reb

    Answer by how_reb at 6:03 PM on Jan. 14, 2011

  • I am an ex mtg processor and my husband is a mortgage originator. It not only depends on your credit but also how much your loan to value will be. Most banks want you to 20% down, not including your closing costs. So if the house you want to buy 100k house you will need 20k plus closing costs. Watch the bond and you will see how the rates fluctuate. For an A borrower (excellent credit) rates have not been in the 3% for some time. Most banks allow you to buy your rate down with discount points but it usually isn't in your best interest because it is so costly. You should also know that the average person isn't in their same mortgage for more than 2-3 years. Hope this helps!

    jen2774161

    Answer by jen2774161 at 6:03 PM on Jan. 14, 2011

  • I think you're going to have a hard time getting 3% fixed rate even with good credit. Right now the going rate for prime mortgages seems to be about 4%.

    The other posters are right though, it is going to depend on your down payment, debt to income ratio, income, and credit score. It doesn't hurt to see what you'll qualify for- but it kinda sounds like you guys might have some debt to clean up before you buy.
    Erica_Smerica

    Answer by Erica_Smerica at 6:45 PM on Jan. 14, 2011

  • We've had as bad as 9%, it's 6% at the other house we own and 5% here at this house
    Mom2Jack04

    Answer by Mom2Jack04 at 7:05 PM on Jan. 14, 2011

  • It's going to vary depending on your credit score and how much you're putting down as well as the lenght of the loan.
    HotMama330

    Answer by HotMama330 at 12:36 PM on Jan. 15, 2011

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