Is 10.3% a good rate on a mobile home loan?
Buying a new home, and have land. Is this a good rate?
Check out an FHA loan- Rates are much better. However, home must be on a permanant foundation. Rates around 5%.
Should I lock in rate for home loan?
I’ve been pre-approved for a home loan from my credit union. However, I’m still looking at houses and haven’t made an offer yet on any of them. If I lock in the rate of 6.125 with my credit union, I’ll have to cough up $500 for the application fee. Should I wait until I’ve found a house? Also, I want to shop around to try to get the best loan so is it wise to lock in a rate when I’m not sure I even will use my credit union?
Also the $500 is refundable if I end up closing the loan with the credit union.
This rate is for a 7-Year ARM.
6.125% is an incredible rate if we are talking about a 30 year fixed rate. However, most locks are only 30 days in length so without a home- it probably wouldn’t help you to be locked in at this point. I would guess that the 6.125% WAS the rate when you initially were pre qualified for the loan as I find it hard to believe they will still honor that rate. Finally, I would NEVER pay an application fee to anyone for anything. It is a complete junk fee to get them paid if you do not close the loan with them. No money is needed on a standard rate lock. Find your home, shop for the rate with 3-4 people (be sure to ask the Credit Union if that rate is still available as I’m guessing it is not), choose your lender and go from there. Don’t compare closing costs as they are generally the same regardless of lender outside of application fees and/ or origination and broker fees.
For a conventional home loan, what is the prime rate?
As of today. When do you think the rates will change?
The “Prime Rate” is 8.25%. Which has zero bearing on a conventional home loan. It would really only matter on a home equity line of credit that is a variable rate using Prime Rate as an index. It’s unlikely the Federal Reserve will increase the prime rate any time in the next 2-3 months, unless for some reason inflation really spikes.
Going rate on a conventional 30 year fixed purchase today is between 5.625 and 5.875%, depending on loan to value, credit, and loan size.
I’m not quoting APR, so this is for informational purposes only, and is not a loan offer in any way.
What kind of home loan is best for me?
I have a HELOC that is just under 50% of my home‘s value (no other loans on house). I would like to get another loan to pay off HELOC, plus a little more to do some remodeling (would put me at about 65% of the home‘s value – it has been well over a year since I got the loan…6.9%). However, I believe the state I reside in will only allow you to borrow against 50% max of home‘s value. Is there some type of loan that I could get to achieve this? Maybe through a national lender? Thanks!
Best home loans are easy to get if you know where to look. Home loans with low interest rates can make a sizeable difference in your savings, both on a long term and short term basis. However in order to get the best interest rate on your new home loan, you need to follow some tips.
A sure-fire way to finding some of the best home loans rate is by comparing between 3-4 different lenders prior to deciding who to opt for. While most lenders have a wide range of interest rates and schemes, those who offer flexibility in terms and conditions or can customize to your preferences can work the best for you.
What is a Home Equity Loan?
Is a home equity loan a good loan to take? And what is the different in a mortgage loan and a home equity loan?
Home equity is what your home earns as the market goes up so if you bought your home at 100,000 dollars and now you can sell it at 150,000, 50,000 is your equity. Home equity loan is a loan agains the 50,000. These loans are usually low rate loans like 3.5% people use them as a personal loan.
Powered by Yahoo! Answers