lil southern girl
|
That's pretty high, but even without your husband's situation, sometimes the higher rate is the trade-off for zero down. I would still shop around more before settling for that rate. |
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Pengy
 |
Explain how he has no SS number, and how they tax his wages please. I am certain that upon purchasing this house, and the information including wages is given to the government the IRS, and the local taxing and the ICE entities will be knocking on your door to investigate these inconsistencies, in what you have documented, and what is on file. |
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kUsHmAn
 |
The federal govt just reduced the rate to 4.75% .... now this does not mean you get 4.75 this means that banks when they do business they charge each other that rate, so now its lower so we the consumers are open to wreak on the benefits of lower rates to come. My suggestion look elsewhere and maybe wait and get another real estate agent and do not fall in love with a house right away. right now here in Los Angeles, CA my rate for my house is 6.75 ....and I had a 680 score when I bought my house!~ |
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TheMom
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That is high, but you have bad credit and your husband is an illegal alien. Waiting isn't going to help unless you are going to start paying your bills and your husband is going to apply for a visa. So, you may as well take it, you aren't going to get a better offer from any legit lender. I am surprised you have this one. |
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Bogie
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That is kinda of high considering this is supposed to be a "buyer's market". Have you shopped around? |
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djnickel
|
That's seems high, but if it's fixed go for it. |
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Jessica
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Thats high. My husband and I are only 22 and 24 and when we got approved for a home loan in July, we qualified for like 5.6 percent. We have been out on our own for a while and have established great credit. |
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Retired
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With your husband not having a social security number you are the only one they can look at for an income. It's really high and to be honest I'm 50/50 on what to tell you. Call a couple places, (banks) and ask if they will give you a quote. You can still take the 9.25, but if one comes in lower, your ahead. |
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Tim O
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Yes that is about half what it was about twenty years ago. Is that interest the kind which is enacted initially on the amount of the mortage or the kind which constantly charges you interest on what is left of the mortgage still to pay? |
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Loren S
 |
THAT IS AN EXTREMELY HIGH APR. I WOULD LOOK ELSEWHERE. |
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pearlmel
|
9.26% is high look at the APR on your truth in lending statement it should ge the first page after the good faith estimate ! a 635 is not a bad score its not great but there are sources for it. you are paying too much in interest!
thisis a high rate even for your score! you are probably paying at least ove 1% more. and id guess the lender is charging you at leat 2% yield spread premium inmy humble opinion
try shopping a bit it cant hurt you only save you money
www.directlendinplanet.com |
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Carolinahomerates.com
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that's not high for someone who doesnt have a SS.
you should still try to go FHA...as they are lenient with bad credit...and flexible on income guidelines.
their rates are at 7% and lower |
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Manda J
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Oh no... that is a pretty high interest rate...When I bought a house a few years ago it was my first house and I am single and mine is 6% and I wish that was lower. |
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Bill
|
As long as that's fixed rate, jump on it. |
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saraann24
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you can always refinance later for a lower rate, atleast you got a bank to finance you, some people today can't even get that |
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Megz
 |
That is really high. I would work on increasing your score. If you could put more money down at least 10%, it would help lower the interest rate a little. A good rate would be in the 6% range, I sure wouldn't want to be paying 9.25% for the next 30 yrs. |
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ed
 |
http://www.score.org/downloads/Loan%20amortization%20schedule1.xls
Go to this site and you will find an amortization table.
Fill in the necessary information.
See what you are paying in interest over the life of the loan at 9.25% interest.
This is high, in my opinion.
You can change the interest rate and compare to a more reasonable %. Try 7.50-8.0%, or less.
You will see just how high 9.25% really is in comparison to lower rates. Look at your total interest paid.
Prime rates just dropped 1/2%.
If you have Excel software, you can save this. You may be able to save it anyway. |
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Carri
|
I don't know where you're at, but I'm in NY and am a first time buyer and my fico score was 709 and I got 6.25%. I'd shop around cuz that rate is going to make your payments VERY high. If you can't get a decent rate I would wait. |
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thomas m
|
That is way too high.First time home buyers qualify for sunny may which is a 4 or 5 percent interest rate. Anyway there are lots of plans for first time buyers. Right now it is a buyers market. Also it is not very hard to get a SS card. Drive to the federal building and get him one. It's easy. And you should be able to buy a house in your own name anyways. But you must go there drag him there if you have to and get him a SS card. Even homeless people have one. Is he an illegal alien? Doesn't matter if you're legally married he is automatically a citizen and he can still get a Social Security Card. There is no excuse for not having one. |
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WhereTheBuffaloRoam
|
Maybe you should just buy the house in your name.
I think that is a very high interest rate. My credit score is 704 and I was able to get 6.25 % But the other day the feds just cut the rate by a half percent.
Get a copy of your credit report and clean up anything that is hanging out there. Then call the 3 lameA$$ credit companys and tell them to bump your score up .... If you can get 740 or higher the world is yours.
Make sure you shop around, you might be able to get a better rate somewhere else.
Good Luck! |
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BZR
|
Where do you live? I'd say no. That's pretty high.
The way the economy is going now, there might be a little recession soon, and interest rates might be even more forgiving in order to accommodate the decrease in economic activity.
If you live where I do (central Florida) then it would be good to wait a little more. Housing prices are falling pretty fast due to overdevelopment. |
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Todd B
|
that is a really high interest rate. when I bought my house 13 years ago, my credit wasn't great but I got it for 6.75%. Check around for better rates, there are programs out there for first time buyers that can get you rates a lot better (between 7-8% in most cases) |
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tink
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Yes, it's ok, but you don't want ok, you can do better, keep shopping, don't settle because you're a first time buyer. |
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Bob D
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Wait. That is a very high interest rate, Get your credit score up to 660 and then buy. And you will have issues with the Patriot act mortgage requirements if your hubby doesnt have a SSN. |
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jose v
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Wait the market wont change for a couple of years save up the money |
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