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SUE A | Is 3% a good interest rate on a home loan? |
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 |
 
dlobryan1
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Heck yeah. |
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Pauleen M
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Yes it is. National averarge is close to 7%. It might not be a fixed rate loan at that rate though. It sounds like an adjustable rate which can cause your payments to spike later. Be careful. |
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jassy
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Is it an adjustable arm with a start rate of 3 %?
Not A GOOD DEAL. Owner occupied start rate on an adjustable if you have good credit should be around 1.5 to 2.5 fixed for one year.
Is the rate 3% for 30 years fully amortized. Great Deal. But, that's unheard of . And I would question who's loaning you the money. Definitely not a bank or lender. |
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Rhonda
 |
Yes, it is excellent! |
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Sara
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Yes it is but it's not realistic.
Home loans are around 6-7.50 ish right now. 3% is too good to be true it's probably not a fixed rate so use caution. |
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W. E
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It is very good - but look at the fine print - ok - to see if it adjust up every month. I do not believe this is a fixed rate (look at your paper work). If it is a fixed rate, than you have gotten a very good deal. |
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victorvasq
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Well, I think you never heard of negative amortization, you are not paying the principal or the interest on the loan, do yourself a favor and find out, if that is program that works for you. |
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halina_haag
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Yes, it is very good % - I living her 20 years and I never heard about 3% - name please |
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Karen R
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Sounds like an adjustable rate to me. |
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NW_iq_140
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No, check the fine print this is probably a intro- rate , which will baloon after a month or two.
Realistically you should expect to pay about 6.5% if you have good credit. I fyou have bad or no credit then your rate will probably be higher.
Ask yourself how long do you plan to live there 1 year, 5 years? longer?
If you are trying to save a few bucks you could look at an ARM (adjsutable rate mortgage) whcih may be about a 1/2% lower than average. But if you are planning on staying for several years then look at a 15, 20 or 30 year mortgage. in the long run these usually run the cheapest. |
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Price is what you pay for value.
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3% itself is a good rate, but combining with todays' market, it may be a bad thing.
We assume you are getting an option/adjustable rate mortgage, because fix rates are over 6%. The 3% you are paying is probably introductory rate to "get you in". It may not even cover the interests, which means the amount you owe actually increase while you pay.
Options ARMs are ideal for rich people who has enough money to pay off the loan anytime, but wants to use the introductory low interests rate to delaying paying off the property.
While the loan is delayed to be paid off, he or she can use that money to invest else where.
Options ARMs, for less wealthy people, are double edged swords. If things continue to be fine, then everyone happy. If housing market continues to slump, then those home owners will face larger debt with no equity and lower housing price. The worst combination of all.
People have this misconception that paying off mortgage bills are adding equities to houses. However, mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it.
Most people who apply for Option ARMs are those who can't afford paying the principal. So, they can only pay the interests, which is like paying rent. The worst part is, .... the amount is usually larger than rent.
For example, let's buy a $500,000 condo with 0% down and apply interests only loan (just like renting a place). Mortgage payment would be $3250/month. It is a bad buy, because you can enjoy same property for $2000/month.
Please note that I assume the tax benefits from home cancel out fees from home association and property tax. For more accurate calculation, consult with your CPA or accountant. But NOT your realtor, whom will say anything to get the deal to go through.
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514 |
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insane membranes
|
its a great rate, but it sounds like its just a "teaser"
unless the lender is your parents, all loan packages will make the lender money and this home loan rate, benefits no lender.
try here: http://www.savingslife.com
you ll get a few different quotes and advice from various competing lenders to get a better feel of the home loan landscape |
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Designchc
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Yes, but it is very atypical, if not near impossible. |
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steve_dave_83
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ya |
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FreeMedicalcamps.com
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Yes if you can get
But that is a dream come true in todays market. |
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hin368
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Yes
Because some rates are being locked by 2 1/2 % so good for you that is a deal I hope your using it |
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dajuan_n_only
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3% is a good rate but it depends on what your goal is. Those rate are usually on negative amortizing mortgages which means if you keep paying that 3% you will owe more on the property than what you borrowed and usually than what its worth. Now if you are looking to just pay your mortgage thiws is not a good loan for you. If on the other hand you have an investment strategy in which the money in intrest you are saving you are emplementing it into an investment vehicle which will give you a higher return than the interest you would be paying than that is a good loan for you.
Feel free to contact me via the information below.
Jenold Freeman
C.E.O. Justgetaloan.net
jfreeman@bourdeaufinancial.com
866 530 7300
Dont forget to log onto www.justgetaloan.net Americas home for real estate financing needs. For the best in rates, loan programs and service. Remember no matter what the situation; Can't we all just get a loan? |
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S&S
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It's a great rate, but I bet you it's either an interest-only loan or an option ARM. Be VERY careful and read the fine print!! |
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Searchlight Crusade
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3% does not exist on a home loan. Not for real, not from any lender in the United States or Europe.
There are loans that allow you to make payments *AS IF* your rate is that low (I know some that go down to 0.5% nominal rate) but the real rate on them is in the mid sevens to eights - much higher than most people can qualify for on a real loan. These loans are, without exception, a recipe for disaster unless you're the Ultimate Financial Wizard - and Ultimate Financial Wizards don't accept these loans. |
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Audrey
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yes |
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allisonpeck
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very good and unheard of... isn't 6% average? |
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INACTIVE
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make sure it's a fixed rate or you could find yourself in trouble as it raises up and up and up. If you are locked in for a certain time you could end up unable to get out of it and pay 8-10%. Read the fine print!!! |
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dt
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way too high-they are trying to rob you! |
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