What home loan interest rate can I expect?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
Mortgage loans are so competitive now that it should not be difficult for you to get a loan at a good interest rate. The secondary market will take higher risk customers and keep the rates low. But if you wait another year before purchasing your new home, your bankruptcy will be wiped off your records, your credit score should go up, and even if total rates increase you would be able to get a better rate for your mortgage.
What home loan interest rate can I expect?Don't do it. If you're at a fixed 4.5% do not touch it. Have your parents transfer the property into a trust. Have the trust make the payments on the home, then have them transfer their interest/rights of the trust onto you. That way, you're responsible for the trust and the payments and the lenders won't invoke the due on sale clause. Also, once your parents have the trust make the mortgage payments, have them remove the mortgage information from their credit. You then can borrow against the trust to pay off your other debt.
Talk to a lawyer and an accountant about this option. Hey, when a mortgage broker tells you not to refinance, something in this world is not right! ;)
Regards
What home loan interest rate can I expect?Adjustable-Rate Mortgage Payment
People are asking if home loans in newspaper ads showing astonishingly low rates are for real. These ads are what we call adjustable-rate mortgage payments.
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