Questions tagged [mortgage-rate]
The mortgage-rate tag has no usage guidance.
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Why does a 5% down payment get me a lower mortgage interest rate than 20% down?
I recently received a letter from my (US) bank, saying that I was prequalified for a mortgage. There were two options, both 30 year fixed rate, for the same home price total:
5% down, with a 6.093% ...
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Way for bank to entice someone to repay loan with an interest rate lower than current market rate
When interest rates were low lots of people refinanced their loans or took out new loans at the low rates. The banks are not happy about having to sit on 30 year mortgages with low rates, but there ...
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If deposit rate at banks > mortgage rate, does it always make sense to take a mortgage loan and not to pay in cash for house?
If deposit rate at banks > mortgage rate, does it always make sense to take a mortgage loan and not to pay in cash for house?
It sounds simple but true. If mortgage rate is 5% and deposit rate is 7%...
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Is there a strong correlation between credit score and mortgage rate in the US?
This is probably a naive question, but I've heard many conflicting answers so I figured it'd be worth asking here.
Let's say I'm looking to buy a house in the US (e.g. worth $500k), and I'm getting a ...
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Down payment of owner-occupied multi-family after buying owner-occupied single family
This question is about US mortgages.
I was talking to a realtor who told me that buying a single-family home now as owner-occupied would prevent me from applying for an owner-occupied mortgage for a ...
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Mortgage fix ending - but buying new house soon
Our 5 year fix ends next week, but we've just had an offer accepted on another, more expensive, property.
As I understand it, we've got two broad options
Pay SVR until we complete on new property (a ...
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Calculate interest rate of mortgage loan that has deferred (suspended) payments
Simple example to illustrate the question:
Suppose I have a 30-year $100,000 mortgage loan at a fixed-rate of 5% interest that I took out exactly 10 years ago. I have been making timely payments each ...
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Is it beneficial to pay mortgage points if I have high income in the year I am starting a mortgage?
Let's say I typically make $120K salary every year. And the rest of the income is in long term stock growth (which are not included in taxable income).
But let's say this year I have a income of $360K ...
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Calculate term of mortgage based on monthly payment value
Using the PMT formula in Excel, I can calculate the monthly payments based on the interest on the loan (e.g.2%), the principal value of the loan (e.g. £100,000), and the term of the loan (e.g. 25 ...
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Have changes to mortgage standard variable rates ever diverged much from changes to base rate?
Historically, although SVRs tend to be a few percent above base rate, has any lender's SVR ever made a drastic change that wasn't caused by a change in base rate?
This is in the context of risk of ...
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When does 7-1 (or 5-1) ARM make sense for mortgage?
I have seen previous questions from close to 6-8 years ago on this subject and so I am asking here for:
relevance to 2020 (esp in the context of historic low rates and
Covid-19)
from an inverted ...
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Home Lender Shopping: Should I use Savings Funds to Zero-out Credit Cards?
[USA] A seller just agreed to my offer on their house ($500k). This would be my first, and I am about to start reaching out to lenders for loan offers. I have $50k in savings ($15k in cash and $35k ...
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Will fixed term mortgage rates follow the cut in Bank of England base rate?
As I am currently looking into buying my first house, I am wondering what the implications of the recent Bank of England base rate cut will have on the rates for mortgages available?
I have been ...
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Is it a good time for refinance, why rates are different in WellsFargo website
I am 26, a first-time homeowner and I bought a house last summer for $265k and as of today I got an exactly $180k principle remaining as of today I have a 30-year mortgage (my lender is WellsFargo) ...
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Mortgage brokers - should I expect to get a better deal than I can find myself?
Since I am currently looking into potentially buying my first house, when asked by an estate agent (with whom I had just viewed a house) whether I would be interested in talking to their mortgage ...
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