What will mortgage interest rates be at in ten years?
I am purchasing a home, owner financed for 10 years, with a balloon payment. I will then need to get a federally backed loan (bank loan). What do you think interest rates will be in 10 years? I will have paid down the house so shouldn’t need 10% or 20% down.
How could we possibly know?
What is the worst case scenario in this situation?
A friend went to a Finance Co. and got a $5000 Home Equity Loan last year at a high interest rate. Well he got laid off from his job last month and probably won’t be able to make his payments. What is the worst thing that can happen? and what do you think would probably happen?
I think that, at a minimum, they’re going to sue him for it. If they can’t find him, they’ll most likely call anyone he may have used for references. I’m not positive what that particular company does, but it’s definitely going to ruin his credit if he doesn’t pay.
best way to go for home loan with a score of 578?
My credit score is 578. what is the best place to go for a home loan and what type of interest rates am i looking at?
Good luck getting one anywhere.
Your only two options are going to be VA (if your a vet) or FHA. Even then, below 620 is going to be tough.
How does the interest rate lock work in a home loan ?
I am a first time home buyer and have a quick question about the interest rate lock. (Chicago IL USA).
1) Lets say I lock a rate of 5% today(30 yr fixed) with a bank for
about 60 days. Now if the rate drops below 5% within the 60
days , will I be getting the lower rate as well ?
2) I have put an offer on a short sale property and waiting from
the sellers lender to hear about the offer. Now lets say I lock
for 60 days for 5% and if I will not hear about my offer within
this 60 days, will I be able to extend this (or) create a new
rate lock for another 60 days ?
3) Are there any pros & cons in locking more than 1-2 times ?
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home loan rate option?
I am a first time home buyer and my loan agent asked my wife and I which option we want to choose the first is 1) Lowest interest rate available with no points and a credit towards closing costs such as 3.250% rate (credit of 1.326% of loan amount)
and the 2nd is 2) A higher rate with a larger credit towards closing costs: rate at 3.750% with a credit ( credit of 3.700% of the loan amount)
and the 3rd she said is 3) Interest rate somewhere in between and (credit in between), depending on the market on the day that you lock in your interest rate.
I am totally unsure and confused which would be the best one to pick.
Loan amount = 560K
Term = 30 yrs
Type = FHA
Can someone please help and explain. Thanks in advance
RUSH: Read “Home Buying for Dummies” to learn more about the process.
In general, paying points for a lower rate is usually bad.
Best rates right now are 3.625% APR 3.625% with no points or fees for conforming loans.
FHA loans have points and fees. Ask your loan agent to explain everything.
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