0
Depends on loan type, if FHA 3% of total or 3k per 100k. You should prequalify before you shop. Owners will take a lower offer from someone they know is qualified rather than risking them walking away to take a chance you can indeed get a loan.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
How does a fixed rate mortgage differ from an adjustable rate mortgage?
The interest rate on a fixed rate mortgage does not change over the life of the loan. An adjustable rate mortgage interest rate may change up or down depending on what the interest rates are, at the contracted time the loan is reviewed.
What is the current rate of California mortgage?
In California one can get 30 year fixed loan from 4.125% or a 15 year fixed loan from 3.250%. Percentages may change depending on amount of loan, down payment, bank you are loaning from, annual income, and other factors.
WHAT is the main advantage of fixed rate over variAble rate debt?
In a fixed rate mortgage you know exactly how your loan isamortized over the next 10, 15, 10 or 30 years. You know exactly what your monthly payment will be until the loan is satisfied. In an adjustable rate mortgage you will be informed as to when your rate will 'adjust' up or down and what to expect your new monthly payment to be. If you are like most who truly budget their funds, it's best to have a fixed rate unless you do not intend to be in you home for more than the ARM (adjustable rate mortgage) term- 1 yr arm, 2 yr arm, 5 yr arm...
What is the main benefit of fixed rate mortgages?
In a fixed rate mortgage, the interest rate remains the same for the entire term of the loan, which means that the payment remains the same throughout. The payment on an adjustable rate mortgage is subject to change. The payment will remain the same for the term of the first period, prior to the first adjustment. But then, if rates go up, the mortgage rate will increase, thus increasing the payment, sometimes to a level that is beyond the reach of the home owner. While an ARM could also mean a decrease in the monthly payment (if rates go down), it is a gamble that most people can't afford to take. For the purposes of budgeting, a fixed rate mortgage brings with it no surprises. Have a look at this website: http://www.mortgage101.com/
How do you use a home loan calculator?
You enter in data which generally includes: loan amount, loan term, interest rate, and down payment. The calculator determines approximately what your monthly mortgage payment would be based on the data.
How does a fixed rate mortgage differ from an adjustable rate mortgage?
The interest rate on a fixed rate mortgage does not change over the life of the loan. An adjustable rate mortgage interest rate may change up or down depending on what the interest rates are, at the contracted time the loan is reviewed.
What is the current rate of California mortgage?
In California one can get 30 year fixed loan from 4.125% or a 15 year fixed loan from 3.250%. Percentages may change depending on amount of loan, down payment, bank you are loaning from, annual income, and other factors.
How does your payment change between a 30 and 40 year mortgage?
A payment on a 40 year loan, if it is a fixed-rate loan, will be smaller, provided all other factors like loan balance and interest rate are the same. If you are talking about an adjustable rate loan, well, your payment will vary on your interest rate more than how long the loan term is. A 40 year loan will pay-down your loan slower, meaning at 10 years, you'll owe more on a 40 year loan than a 30 year loan. You may also pay more towards interest on a 40 year loan.
Can I Increasingly Draw Down Business Loan With Fixed Interest Rate?
A business loan with variable rate of interest would better suit this purpose. You cannot increase the principal balance of the Business Loan having a fixed interest rate throughout the fixed rate of interest period. If several drawing is needed as the rates are fixed for time, break costs might be incurred.
WHAT is the main advantage of fixed rate over variAble rate debt?
In a fixed rate mortgage you know exactly how your loan isamortized over the next 10, 15, 10 or 30 years. You know exactly what your monthly payment will be until the loan is satisfied. In an adjustable rate mortgage you will be informed as to when your rate will 'adjust' up or down and what to expect your new monthly payment to be. If you are like most who truly budget their funds, it's best to have a fixed rate unless you do not intend to be in you home for more than the ARM (adjustable rate mortgage) term- 1 yr arm, 2 yr arm, 5 yr arm...
What would be the payment on a Chevy Camaro 2012?
Depends on purchase price, down payment, interest rate, length of loan, etc...
What are the average loan payments for a 2012 dodge challenger rt?
Depends on the down payment (if any), interest rate, length of loan, etc...
What is the main benefit of fixed rate mortgages?
In a fixed rate mortgage, the interest rate remains the same for the entire term of the loan, which means that the payment remains the same throughout. The payment on an adjustable rate mortgage is subject to change. The payment will remain the same for the term of the first period, prior to the first adjustment. But then, if rates go up, the mortgage rate will increase, thus increasing the payment, sometimes to a level that is beyond the reach of the home owner. While an ARM could also mean a decrease in the monthly payment (if rates go down), it is a gamble that most people can't afford to take. For the purposes of budgeting, a fixed rate mortgage brings with it no surprises. Have a look at this website: http://www.mortgage101.com/
How do you use a home loan calculator?
You enter in data which generally includes: loan amount, loan term, interest rate, and down payment. The calculator determines approximately what your monthly mortgage payment would be based on the data.
What is the loan fee for a home loan of 150000?
It may be nothing,it could be a few points. It all depends on the lender and loan "program". The main purpose of points is to "buy down" the interest rate. So for example a 30 year fixed rate loan with 20% down with 0 points may have an interest rate of 5%, with 1 point a rate of 4.75%, 2 points 4.5% and so on. Other loan programs (ARMS, I/Os) may vary how points and interest rate are interrelated. What it amounts to is prepaid interest on a long term loan and a way of capping your monthly payment if you can afford the up front points.
How much is the average monthly mortgage payment in New York State?
Your monthly mortgage payment is affected by a couple factors, starting with your down payment. A greater down payment decreases the overall sum of the loan, therefore decreasing your monthly mortgage payments. The interest rate will also affect the total of the home loan and the amount you have to pay every month. If you have a high interest rate, then you will have to pay more on the total loan and every month.
What are some of the best-rated providers of home loans?
The answer to this question depends on the type of loan (e.g., Is the buyer seeking a new purchase or a refinance? A 30-year fixed mortgage rate? 15-year fixed rate), the buyer's location, the loan amount, and the size of the down payment. Some trusted companies that often offer good rates are Quicken, Green Light, RateRabbit, Amerisave.
