Sunday, August 22, 2010

What is the interest rate on your mortgage?

I want to get an idea what the average is.What is the interest rate on your mortgage?
I currently have three properties with mortgages. The rates are 6.25%, 4.25% and 5%, all of them are 15 yr. loans.What is the interest rate on your mortgage?
The things that most influence the interest rate on a mortgage are (1) the length of time you want to borrow the money (30 years are higher rates than 15 years). (2) the amount of money you want to borrow - jumbo loans are more expensive than conventional mortgages. (3) the borrower's credit score (higher FICO = lower interest rate). (4) the overall market rate for interest. (5) The amount of downpayment you have to buy the house.





My rate is 4.75% because I borrowed just $300,000, put more than 20% down, have an excellent credit score, and took the loan at a time when the overall market rates were very low.





Hope this helps.
There's easier ways to find average mortgage rates than asking random strangers on the Internet:





http://www.bankrate.com/brm/news/mtg/top鈥?/a>
5.75% on a 15 year mortgage (obtained almost 7 years ago)
zero. both homes paid in full. average is 5.5%
The rates are based on credit but do not settle for any rate of 6% or higher. It's a buyer's market right now.
5.375% on a 15 year.
As of May 14, 2009 4.86%
0% paid off my mortgage in April of 2008.





I'm debt free.

No comments:

Post a Comment