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jrpjr421 | For a conventional 100% no money down 30 year fixed mortgage loan is a 6.5% interest rate a good rate? |
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 |
 
Mindin my own biznes
|
Wow! If you are getting a 100% loan than yes it's a good rate.
To answer the guy on top that says he seen 30 yr fixed at 6%. That is most likely based on a loan with at least 20% down payment, a fico score of 720 or higher and a debt to income ratio of at least 45%.
I am a Real Estate agent and my husband is a VP of a mortgage bank, we were not aware of any banks still offering 100% loans. Would you mind sharing the banks name. I have plenty of clients who could benefit from this.
Congratulations! |
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Pat B
 |
It is a fair rate, but as of today, I know of 30 year fixed rates at 6%. One of the things you want to know is if you are paying points to pay the rate down or if you can. Also if you are required to pay PMI (private mortgage insurance) and if so, how much. Different mortgage programs have different PMI rates and they can add quite a bit to your payments.
Also, the rate that you pay will be dependent on your credit rating, so it is impossible to say whether this is the best you can do. |
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livn4themin
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yeah, It's a pretty good rate. - you didn't say how much the loan was for. |
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thomascollinspainting
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that Is actually a very good rate. i just refied my home and I went from 8.3% to the 6.5% and I have very good credit.
I went through 12 different mortgage companys and they all said about the same apr. so if that has been offered i would check a few other companys but start some kind of paper work with them. |
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silliegirl
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Yes it is, Can you contact me? I am interested in one of those loans. You can im me if you go to my profile. |
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wh
 |
That is a good rate especially with no money down. |
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fayo
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this sounds like a good deal but make sure you read the fine prints. some times the rate applies only for a limited time and may increase later. |
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hawaii 25
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This is an outstanding rate for 100% ffinancing. You must have a great credit score and have very stable income. You are a low default risk. |
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Elliot L
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Yes, 6.5% is a great rate but there is more to it than that.
Make sure you understand all the terms of the loan. Interest rate is only one cost of the loan. Lenders do a good job disguising those costs. If you're not aware of them, you may think you're getting a good deal when you really aren't. How many points are being charged? If you're getting charged 4 points, all of a sudden 6.5% isn't so great. What about all of the other costs (i.e. processing fee, application fee, underwriting fee, etc.)? The best way to compare is using the APR.
The annual percentage rate (APR) is the effective rate of interest that is charged for the loan. The Truth in Lending Act requires lenders disclose the APR on all loans. Its purpose is to allow consumers to shop for credit by comparing the fine print. In the absence of such requirements, it would conceivably be possible for a lender to misrepresent a loan with a 20 percent effective interest rate as a 10 percent loan. However, the APR can be calculated in different ways and can sometimes cause rather than eliminate confusion.
Bottom line is, although the APR may not be perfect, it's a far better way to compare loans than just comparing the simple interest rate.
Hope this helps. Good luck to you.
Elliot Lau |
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