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What else can I help you with?
How will the current bank rate affect the terms of my mortgage?
The current bank rate is one factor to how much interest you will pay on your mortgage. If the rate is very high, your interest will also higher, limiting how much you can take out in a mortgage and what house you can buy.
What effect does a credit score have on a mortgage?
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.
What is a high and low mortgage rate?
3% or lower is seen as low and 8% or higher is seen a high. the lower you can get that better and if you can get a fixed mortgage its better then if you get an adjustable.
What questions should I ask my lender about my adjustable rates mortgage?
Your number one question is going to be about your rate cap. Adjustable rate mortgages have a rate cap to make sure your mortgage stays with in a range you can afford to pay. The result of adjustable rates that swing to high can often be foreclosure, so this is very important. Ask your lender if there are any fixed rate mortgages you can qualify for. Even if it starts out at a higher rate than the starting rate of an adjustable mortgage, a fixed rate mortgage is best. Adjustable rates can swing as high as the prime rate, and you don't want to have an unpredictable mortgage payment.
Is there a cost savings to having fixed mortgage rates?
If the rates are down when you lock into a fixed mortgage rate, than yes, absolutely there are savings. If the rates are high, it's typically better to go with a variable mortgage rate.
What was the mortgage interest rate in 1968?
Mortgage interest rates were around 1.2% in 1968. This was considered to be relatively high back then. However, the interest rate these days is around 4%.
Can you refinance an adjustable rate mortgage?
Yes, you can refinance an adjustable rate mortgage by converting it to a fixed rate mortgage or by refinancing to another adjustable rate mortgage with more favorable terms.
Fixed Rate Mortgage vs. Interest Only Mortgage?
Fixed Rate Mortgage vs. Interest Only Mortgage A fixed rate mortgage has the same payment for the entire term of the loan. Use this calculator to compare a fixed rate mortgage to Interest Only Mortgage.
Can I get a mortgage loan of I have a bankruptcy?
Yes, it is possible to get a mortgage loan after bankruptcy. Be very care though, your interest rate could be considerably high.
What is meant by the terminology fixed mortgage rates?
A fixed mortgage rate is an interest rate that will not change for the term of the mortgage. This is in contrast to a variable mortgage rate which changes frequently based on the prime rate or other benchmark rate.
What are the requirements for acquiring an low rate mortgage?
The easiest way to get a low rate mortgage is to have as large a deposit as possible. A high credit rating is also essential as this shows that the borrower is lower risk.
What was the rate of mortgage interest in 1965?
The mortgage rate in 1965 was about 6%.
