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Guest
0.10 Dollars($)
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 Posted: Wed Jul 09, 2008 3:44 pm Post subject: why/did i get a high interest rate? |
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i just closed on my house may 9 of this year,
credit scores:
him 754 hers was in the 690's
we did a interest loan
our rate is 7.0% does this sound high? i live in st. louis and hear on the radio/ tv of rates in the 5's and 6's. whats the deal?
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Guest
0.10 Dollars($)
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| Posted: Wed Jul 09, 2008 3:46 pm Post subject: |
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| i'm sorry correction: her credit score was 720 |
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Guest
0.10 Dollars($)
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| Posted: Wed Jul 09, 2008 3:47 pm Post subject: |
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i'm sorry, her credit score was 720
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Guest
0.10 Dollars($)
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| Posted: Wed Jul 09, 2008 6:43 pm Post subject: |
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| Sounds on the high side but you didn't mention loan-to-value, occupancy, purchase/refi, etc. All this can make a BIG difference. |
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 smckaybiz
Community Experts
Joined: 24 Apr 2008
Posts: 106
Location: PA
11.22 Dollars($)
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| Posted: Wed Jul 09, 2008 7:51 pm Post subject: |
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Hello and welcome to the forum!
That exactly right! Your loan to value would play a very important role in determining your interest rate. With the financial loss that most home lenders have been suffering it is causing them to tighten up their guidelines on what they base your interest rate on.
Any upfront closing fees might affect your rate as well. Many times lenders will offer you a lower rate by doing a rate buy down option which is lowering your interest rate by paying an upfront fee.
Could you provide us with a little more info?
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Scott McKay
DiYCreditGuide.com |
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Jeanette
Community Experts
Joined: 19 Oct 2007
Posts: 121
Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia
36.24 Dollars($)
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| Posted: Wed Jul 09, 2008 8:42 pm Post subject: |
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Scott is absolutley right many things play a factor in determining your rate. But, since you did a purchase in May I will also contribute it to the fluctuating rates during that period were on a rise. That is something we as mortgage brokers have no control over. May rates were high.
Maybe you can consider doing a refinance in the future to get lower reate and payments.
Congratulation on your new home.
Jeanette Smith
Mortgage Planner
Union Mortgage Group
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evolovik26
Community Experts
Joined: 15 Aug 2007
Posts: 482
Location: Minneapolis
19.70 Dollars($)
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| Posted: Thu Jul 10, 2008 11:36 am Post subject: |
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If you did a conventional or jumbo loan above 90% ltv this may have been the best rate you qualified for with your lender. There are alot of things missing in your question. So does it sound high? Well that depends on alot of things. Are there better rates out there? Yes. Can you do anything about it today? No. If the payment is affordable and you can manage you are fine. If you feel you should have gotten something better or can get something better now check with a reputable mortgage professional.
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Eugene Volovik
Branch Manager
Team USA Mortgage
612-481-3127
Conventional, FHA and Commercial Lending |
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