These are regular Fannie mae/Freddie Mac guidelines..... I am not talking about any usual programs. Ok, you offer $82,000 with 3% seller's concession--this means the seller is getting $82,000 for the house minus 3% ($2460.00). The seller will also have to payoff any liens on the property so you as the buyer will have a clean and clear title. You as the buyer will pay $82,000 for the home, and have a credit of $2460.00 towards closing costs. Closing costs are any and all costs needed to clear the deal. $2460.00 doesn't mean that-- 1. you don't have to have a down payment, (it depending on the program you applied for), 2. you don't have to have any of your own money at close because all programs require the buyers to have a certain amount of their own money-- and that you can prove you have had that money for the last 2 months. (You can't apply and figure you will have the money from your paychecks by the time you close. It will not work otherwise you would have already saved that money--not to mention that the underwriter for the lender will not approve your loan until everything is there; and 3. you can't figure that the $2460.00 is enough to pay all closing costs because more times than not --that $2460.00 will not be enough. Especially, when a full year of fire insurance has to be paid and escrows for taxes are needed along with an appraisal, attorney costs, the new lender's costs, inspections etc.... The mortgage amount--well, how much are you putting down? 3% your money=$79,500(rounded down to the nearest hundred)is the mortgage amount --5% ($4920.00) = $77,000 is the mortgage amt. Not putting any money down, then you are financing 100%--$82,000.
Currently the lowest interest rate offered on a 30-year fixed rate mortgage is 3.75 percent. Interest rates are historically low at the moment due to the economic downturn.
Interest rates have now been placed at 2.63 percent
According to the US Census about 70 percent of homes have a mortgage and 30 percent do not.
Abbey Mortgage rates are between 5 and 6 percent for the current year, 2011. They claim to have reduced rates, however, may naysayers are stating their rates have actually increased.
Dietech are the leading providers of mortgage loans. It is a pioneer in offering 125 percent loans, in which the borrower could get more than the property was worth.
A jumbo mortgage is an amount borrowed that is over the conventional limits. A jumbo mortgage rate is the percent interest to be paid on this inflated mortgage.
The lowest mortgage refinance rates are currently around 2 percent.
A mortgage rate refers to the percent of interest one will have to pay on a home loan. A lot factors into how high or low this rate is, including applicant's credit history, when the loan is applied for, which institution issues the loan and so on.
The answer depends on whether you are the lender or the borrower and also in the country that you get the mortgage in.
This would depend on the principal balance of the mortgage.
A good interest rate on a mortgage in 2014 is 4.2 percent. This varies greatly depending on the type of mortgage and the credit score of the applicant.
Many mortgage brokers have something called a mortgage calculator. Call your mortgage company they should be able to help you. When you find out what your mortgage is at 7% for 30 years you might consider, if qualified, to refinance into a lower interest rate.
Yes and no, mortgage protection insurance is necessary to have. According to the Private Mortgage Insurance Law lenders who put less than a 20 percent down payment on there loans are required to pay private mortgage insurance or mortgage protection insurance.
Mortgage rates have dropped over the last year by a couple percent. However, it is harder to obtain a mortage due to the current recession. The average rate on a 30-year fixed rate mortgage was 5.05 percent. Rates had dropped to a record low of 4.71 percent in December
To prepare your finances in order to start refinancing, its important to make sure that the current mortgage contract will not have any penalties or charges for cancelling that loan. Current refinancing rates are 4.33 percent for a 30 year mortgage and 3.56 percent for a 15 year.
an arm and a leg...
The lowest interest mortgage rates are reported to be at around 2.6 to 2.8 percent. Some can even go as low as 2.5 percent, but these sources are less reliable.
The current apr rate for a fixed 30 year mortgage is 4.691 percent. Some lenders such as quicken loans are offering a slightly lower 4.5 percent rate.
RBS mortgage has a two year fixed rate percentage of 3.09% until November of 2013, which jumps up to four percent for the remainder of the mortgage period.
Today's mortgage rates are very low. A 30 year mortgage can be gotten for 3.3% interest. A 15 year mortgage is 2.75% AP. Just a few years ago, mortgage rates were 5 to 7 percent, so these rates are a true bargain.
The following are some top current account mortgage rates; Woolwich has a fixed rate of 2.09 percent, Natwest offers fixed rate of 1.74 percent, and RBS offers 1.74 percent fixed rate annually.