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Thread: Interest Rate

  1. Dreams come true... I am living mine
    Kris's Avatar
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    #1

    Interest Rate

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    What would you consider a good interest rate for a first time home buyer?
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    #2
    good credit?

    down payment?

    if yes and yes then 4-6%
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    #3
    well we just bought our first home we are both 23, we have good credit, and we didnt put anything down and our interest rate is 6% everyone I know says thats really good
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    #4
    4.5 -6%

    but will also depend on if you are going conventional with 20% or more down ( 4.5 or less) FHA 3.5% down( 5-5.5) or VA 0 money down (5- 6%.)
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    #5
    Quote Originally Posted by carolinagirll View Post
    good credit?

    down payment?

    if yes and yes then 4-6%
    Fair/poor credit

    No down payment-- VA loan
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    #6
    My first house (in 1997) we got at 8% and refinanced a few years later for 6.5%. Last Feb. we refinanced again for 4.375%!!! Today I would say 5% is a good rate. We locked in at 5.75% last fall on our new home, and thought it was great. Everything is topsy turvy right now, but I personally think anything around 6 is a great deal, especially if you are going for a 30 year mortgage. If you are going for a 15 year the interest rate becomes less of a big deal.



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    #7
    For us, 6% is pushing it. Our mortgages on our houses are at 5.5% and 5.75%. I can't believe we almost bought a place in 2002 with 7%.
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    #8
    Fair/poor credit

    No down payment-- VA loan
    If you go via NFCU, they tack on I think a quarter point for less than stellar credit. Right now they are at 5% for a 30 yr va, with no points. That's pretty good!

    If you are going to wait a bit to buy (ie you are fact finding right now), get a credit report and plug up some of the holes. Close unused credit cards/pay off small balances and close them. Some things which seem obvious can actually hurt your credit, so I suggest going to the military's local financial specialist (not sure what they call them now), and ask for help in repairing your credit. It can help.



    "If we ever forget that we're one nation under God, then we will be a nation gone under." - President Ronald Reagan
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    #9
    Wow than we really are getting a good a deal at 5%
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    #10
    Yes, and especially since you'll get that $8,000 tax credit if you buy soon. I sure wish I could have taken advantage of that :-(



    "If we ever forget that we're one nation under God, then we will be a nation gone under." - President Ronald Reagan
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