Answers
Is this is good mortgage interest rate?
I got a 6.8% on a 100% financed $181,000 mortgage. I have about 8,000 in savings and a 760 credit score. Is that a good interest rate for that type of mortgage?
Best Answer:
It would seem high if you were to just consider your credit score. You should be very proud of that score by the way!!! But looking at the $181,000, that interest rate is not bad at all. Hope you bought something very nice and good luck!~~~~
Answers:
yes it is
check out:
http://www.bankrate.com
Yeah that's pretty much the best you are going to get, because it's 100 percent financed.
With your excellent credit score you may be able to do better. The average rate on 30-year fixed is about 6.63%. The rates you are getting may be higher though since you are financing 100%.
Definitely shop around - there can be failry significant variations between lenders.
Check with a few of the large banks (Chase, Wells Fargo) and also talk to some mortgage brokers. See who has the best deal.
Make sure they give you a good faith estimate, so that you can compare all the fees, closing costs, etc.
Pay particular attention to the APR, because that is the easiest way to compare which is the best deal. The lower the APR, the better.
Actually a very good rate for 100% financing, unless you qualify for a first time homebuyer program in CA. Those rates are a little lower.
But, what you didn't tell everyone is what type of loan it is, 30 year fixed, how much the lender is charging you for that rate. What is their points and lender fees? Sometimes lenders don't show the cost in points because people are concerned how many points there are and they will bury the cost in lender fees. If fees seem reasonable then great! Unfortunately the last few weeks interest rates have been creeping up again. Despite what the media shows. They run about a week behind everything.
Anybody can sit here and tell you that it is a good rate and some may tell you " I can do better, call me or visit my website" but from experience I can tell you that it takes more than just the loan amount, your savings amount and your credit score to find out if you are getting the best rate.
GENERALLY, which is what everyone has done here, you are getting an ok rate considering the 100%.
APR are not very reliable because it is calculated very differently from one type of loan to the next.
Hope that answered your question.
There is more to your question than you may realize and no one can give you an exact answer without a few more details.. Is the rate quoted on a fixed rate loan or adjustable? Make sure if they are telling you fixed, that it is fixed for the entire repayment period and not just fixed for two years. I am refinancing myself and have learned a lot from my own mistakes and also from reading a lot online. Ask a lot of questions.
If that is with no origination fees that rate is too good to be true.
That's a great rate for 100% financing.