Right now the lowest you can get without paying points is maybe 5.625%. The closing costs on loans are too high to see any benefit to that. 6.125% is very good (consider rates were 14% back in the early 1980s).
Rule of thumb is that you should lower your rate at least 1.5% to make refinancing worthwhile. Preferrably 2% or more.
Home loans are now available to many people for whom they would have been out of the question just a few years ago. You’d be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal you believe it to be, a bad credit home loan can still work to your advantage.Your best bet in assuming a bad credit home loan is to pay as much cash up front as possible, and see if by doing so you can negotiate a lower interest rate.
http://badcredits.awardspace.com/homeloans.htm
You’ll save enough money over the term of the loan to compensate for the sacrifices you had to make in handing over the down payment.
The bad credit home loan can be a win-win proposition for both lenders and borrowers; the lenders, thanks to the higher interest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!
An interest rate better than what you have right now, is not attainable. But the Fed may be dropping the rate again very soon.
Check your local real estate page on Yahoo (realestate.yahoo.com) and that will tell you the current interest rates available.
You need to drop at least 1%, but just a note the Fed dropping the rate has nothing to do with your mortgage rate that is tied to the Libor rate
Only if it drops by 2 percentage points or more. So if you can get 4% go for it.
0 ความคิดเห็น:
แสดงความคิดเห็น