What kind of mortgage rate could I get?
by Mortgage Rates on Friday, October 29th, 2010 | 3 Comments
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your loan amount is dependent on your income debt ratio. as for interest rate, that will depend on your preference and your ability to shop around. you can get a lower rate if you select a higher point.
6% is higher than normal. wells fargo bank offer 5.25% conventional but i suspect that is with 1-1.25 point.
p.s. get a pre-approval from a lender or a mortgage broker. this will give you a realistic idea of how much you can borrow and your mortgage payment; and this will also tell sellers that you are a serious buyer.
Conventional financing also depends on the amount you are going to borrow against the home. If you are borrowing more then 70%, there is a premium charged by fannie mae. For no points, you can probably do better then 6%, but that will depend on the rate sheets the day you lock. There is no real exact answer to your question the way you asked it.
Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.
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A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.