Financing in Chicago>Question Details

Bryan, Home Buyer in Chicago, IL

what would be considered a good mortgage rate right now?

Asked by Bryan, Chicago, IL Tue Feb 19, 2008

for someone with an 800 credit score and 5% down in Chicago

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Answers

4
Bryan, you may want to consider FHA financing as a solution. You will want to confirm your subject property meets FHA standards for appraisal reasons.
0 votes Thank Flag Link Sat Mar 14, 2009
With 5% down you're looking at two options.....a loan with Mortgage Insurance or a loan with "lender paid" mortgage insurance.

The "lender paid" mortgage insurance will have a higher rate but I find it still works out to lower monthly's than a loan where you pay the mortgage insurance.

As of 3/13/2008 I saw rates close to 6.5% or 6.75% with the lender paid mortgage insurance.

Good Luck!!
0 votes Thank Flag Link Thu Mar 13, 2008
Here is a link that provides weekly averages on popular loan programs.

http://freddiemac.com/dlink/html/PMMS/display/PMMSOutputYr.j…

Here is a blog that discusses all the variable that affect rate and monthly payments.

http://localism.com/article/203111/What-s-Your-Rate

Greg Zaccagni
0 votes Thank Flag Link Fri Feb 22, 2008
Rates are constantly changing. Check out these sites for accurate averages.
I just locked a borrower in with a similar scenario. We broke to loan into two to eliminate the Mortgage insurance.

6% on the first
6.5% on the second


http://www.freddiemac.com
http://www.hsh.com
0 votes Thank Flag Link Wed Feb 20, 2008
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