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...
Asked by Anonymous at 5:37 PM on Jan. 14, 2011 in Money & Work
Answer by tootoobusy at 5:40 PM on Jan. 14, 2011
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!
Answer by jen2774161 at 6:03 PM on Jan. 14, 2011
Answer by Erica_Smerica at 6:45 PM on Jan. 14, 2011
Answer by Mom2Jack04 at 7:05 PM on Jan. 14, 2011
Answer by HotMama330 at 12:36 PM on Jan. 15, 2011