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Topic: what is a good mortgage rate
taboo365 Joined Thu 08/23/07 Posts: 2999	Fri 08/01/08 04:58 PM
11% 10% or should it be much lower?

Maureeno Joined Sat 04/26/08 Posts: 1780	Fri 08/01/08 05:02 PM
11% 10% or should it be much lower? i say no mortgage

Unknow Joined Fri 10/06/06 Posts: 4066	Fri 08/01/08 05:03 PM Edited by Unknow on Fri 08/01/08 05:04 PM
Way high!!!!!!! 5-6% 11% 10% or should it be much lower?

Jules0565 Joined Fri 06/06/08 Posts: 4485	Fri 08/01/08 05:05 PM
MUCH lower.. rates are around 6.25%-6.50% based on A credit (680 Fico or higher) for a 30yr fixed.

RKISIT Joined Tue 01/08/08 Posts: 16721	Fri 08/01/08 05:06 PM
from 8 to 10%

RKISIT Joined Tue 01/08/08 Posts: 16721	Fri 08/01/08 05:06 PM
from 8 to 10%

Jules0565 Joined Fri 06/06/08 Posts: 4485	Fri 08/01/08 05:07 PM
MUCH lower.. rates are around 6.25%-6.50% based on A credit (680 Fico or higher) for a 30yr fixed. And I should say for strictly a rate/term refinance, no cash out, no debt consolidation.

Jules0565 Joined Fri 06/06/08 Posts: 4485	Fri 08/01/08 05:08 PM
MUCH lower.. rates are around 6.25%-6.50% based on A credit (680 Fico or higher) for a 30yr fixed. And I should say for strictly a rate/term refinance, no cash out, no debt consolidation. LOL And I also should say those rates are based on Michigan rates, other states vary.. but shouldn't be too much of a difference.

MirrorMirror Joined Fri 10/26/07 Posts: 89680	Fri 08/01/08 05:08 PM
11% 10% or should it be much lower? both

ndragon Joined Wed 05/21/08 Posts: 144	Fri 08/01/08 05:09 PM
Mine is 6.5 or about that

taboo365 Joined Thu 08/23/07 Posts: 2999	Fri 08/01/08 05:10 PM
MUCH lower.. rates are around 6.25%-6.50% based on A credit (680 Fico or higher) for a 30yr fixed. And I should say for strictly a rate/term refinance, no cash out, no debt consolidation. do you know alot about this? I own my house free and clear, and i want to consolidate my debt.

MalenaC Joined Fri 12/21/07 Posts: 749	Fri 08/01/08 05:11 PM
11% 10% or should it be much lower? 6.25 with 30 years.

Jules0565 Joined Fri 06/06/08 Posts: 4485	Fri 08/01/08 05:11 PM
MUCH lower.. rates are around 6.25%-6.50% based on A credit (680 Fico or higher) for a 30yr fixed. And I should say for strictly a rate/term refinance, no cash out, no debt consolidation. do you know alot about this? I own my house free and clear, and i want to consolidate my debt. Yes I do..that's my profession I am a Mortgage Specialist (Loan Officer)

taboo365 Joined Thu 08/23/07 Posts: 2999	Fri 08/01/08 05:13 PM
MUCH lower.. rates are around 6.25%-6.50% based on A credit (680 Fico or higher) for a 30yr fixed. And I should say for strictly a rate/term refinance, no cash out, no debt consolidation. do you know alot about this? I own my house free and clear, and i want to consolidate my debt. Yes I do..that's my profession I am a Mortgage Specialist (Loan Officer) i was told by a lender today i can get 30,000 for 30 years at 11% with a 329.00 per month payment. but my friend says it's way too high.

Jules0565 Joined Fri 06/06/08 Posts: 4485	Fri 08/01/08 05:22 PM
MUCH lower.. rates are around 6.25%-6.50% based on A credit (680 Fico or higher) for a 30yr fixed. And I should say for strictly a rate/term refinance, no cash out, no debt consolidation. do you know alot about this? I own my house free and clear, and i want to consolidate my debt. Yes I do..that's my profession I am a Mortgage Specialist (Loan Officer) i was told by a lender today i can get 30,000 for 30 years at 11% with a 329.00 per month payment. but my friend says it's way too high. That is WAY high... but also know this... it's a small loan amount and most lenders require a minimum loan amount of 50k.. but there are a few lenders that will lend under that... I tell all of my clients this because I am upfront and honest.. the way a loan officer makes their money is either from the client or from the bank.... meaning from the bank.. the higher the interest rate you give a client the more points it pays on the back end to the loan officer.. for instance... rate 6.25%.. backend points .500 (you would take whatever the loan amount is 30k x's .500) that would be the amount the bank would pay to the loan officer for commission... plus any additional charges on your good faith... so the higher the rate.. the more money (points) the bank will pay. If a loan officer gives you the lowest rate.. they may charge points on the good faith to make up for their commission because the bank isn't paying anything to them... make sense?? But be sure to also watch closing costs. (application fee's, points, origination fees)

michiganman3 Joined Mon 10/29/07 Posts: 14521	Fri 08/01/08 05:26 PM Edited by michiganman3 on Fri 08/01/08 05:27 PM
5.5 on a 30 yr fixed, OH YEAH But I don't get to live in that house But when it sells in 3-4 yrs. It will be good.

Jules0565 Joined Fri 06/06/08 Posts: 4485	Fri 08/01/08 05:27 PM
5.5 on a 30 yr fixed, OH YEAH LOL you got that loan like 5 years ago

taboo365 Joined Thu 08/23/07 Posts: 2999	Fri 08/01/08 05:34 PM
MUCH lower.. rates are around 6.25%-6.50% based on A credit (680 Fico or higher) for a 30yr fixed. And I should say for strictly a rate/term refinance, no cash out, no debt consolidation. do you know alot about this? I own my house free and clear, and i want to consolidate my debt. Yes I do..that's my profession I am a Mortgage Specialist (Loan Officer) i was told by a lender today i can get 30,000 for 30 years at 11% with a 329.00 per month payment. but my friend says it's way too high. That is WAY high... but also know this... it's a small loan amount and most lenders require a minimum loan amount of 50k.. but there are a few lenders that will lend under that... I tell all of my clients this because I am upfront and honest.. the way a loan officer makes their money is either from the client or from the bank.... meaning from the bank.. the higher the interest rate you give a client the more points it pays on the back end to the loan officer.. for instance... rate 6.25%.. backend points .500 (you would take whatever the loan amount is 30k x's .500) that would be the amount the bank would pay to the loan officer for commission... plus any additional charges on your good faith... so the higher the rate.. the more money (points) the bank will pay. If a loan officer gives you the lowest rate.. they may charge points on the good faith to make up for their commission because the bank isn't paying anything to them... make sense?? But be sure to also watch closing costs. (application fee's, points, origination fees) thanks Jules

Jules0565 Joined Fri 06/06/08 Posts: 4485	Fri 08/01/08 05:35 PM
MUCH lower.. rates are around 6.25%-6.50% based on A credit (680 Fico or higher) for a 30yr fixed. And I should say for strictly a rate/term refinance, no cash out, no debt consolidation. do you know alot about this? I own my house free and clear, and i want to consolidate my debt. Yes I do..that's my profession I am a Mortgage Specialist (Loan Officer) i was told by a lender today i can get 30,000 for 30 years at 11% with a 329.00 per month payment. but my friend says it's way too high. That is WAY high... but also know this... it's a small loan amount and most lenders require a minimum loan amount of 50k.. but there are a few lenders that will lend under that... I tell all of my clients this because I am upfront and honest.. the way a loan officer makes their money is either from the client or from the bank.... meaning from the bank.. the higher the interest rate you give a client the more points it pays on the back end to the loan officer.. for instance... rate 6.25%.. backend points .500 (you would take whatever the loan amount is 30k x's .500) that would be the amount the bank would pay to the loan officer for commission... plus any additional charges on your good faith... so the higher the rate.. the more money (points) the bank will pay. If a loan officer gives you the lowest rate.. they may charge points on the good faith to make up for their commission because the bank isn't paying anything to them... make sense?? But be sure to also watch closing costs. (application fee's, points, origination fees) thanks Jules I'd be happy to go over any figures someone gives to you.. just give me an email, also if you have any more questions feel free to ask..and you're very welcome.

michiganman3 Joined Mon 10/29/07 Posts: 14521	Fri 08/01/08 09:06 PM
5.5 on a 30 yr fixed, OH YEAH LOL you got that loan like 5 years ago Yep 5 yrs ago in July