what is the current interest rate?

Asked by Mark, Rancho Cucamonga, CA Wed Oct 3, 2007

What is the current market trend for buyers and what is the current acceptable interest rate for a 3br 3bath townhouse with an excellent credit but 0% down?

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Sam Perez, , 91730
Thu Dec 13, 2007
As a Direct lender and broker I can quote you a rate fast but to get you a loan is another story
I need to get all your information and see what you qualify.
Rates change daily! Give me a call or come by my office I can help you with that
Sam 714-305-3371
Integrity Home Finance
Web Reference:  http://www.koolrates.com
0 votes
Scott Messier, , Solana Beach, CA
Thu Oct 4, 2007
Hi Mark,

That seems to be the million dollar question from everyone! The interest rate that you qualify for has several variables from your mid-FICO score, your loan-to-value (how much you will be putting down), and your income verification. In addition, if the "Loan Amount: is under the conventional threashold of $417,000 your rates will be slightly better. There are also several other variables such as length of employment & length of type of employment (you can currently be a chef working for under 2-years in the industry but come from the accounting profession and not be able to get an approval due to time working in a new field!) The best bet for you is to work with a professional that can take a full application, ask all the right questions and offer the best loan that fits your needs. There are several companies that will quote you the lowest possible rate, get you in the door and at the last minute tell you that you don't qualify for the best rate because of your situation. Always look for a professional website with a bio, verifiable address, direct phone number (not a call center) and last but not least- Google them! to see if they come up and are in the spotlight! Good Luck

With some lenders condos (due to the risk) have additional interest rate hits as well as increased reserve requirements.
0 down is tough right now unless you can go full documentation, have assets and the price point is not too high.
0 votes
Ute Ferdig, Agent, Newcastle, CA
Wed Oct 3, 2007
Hi Mark. Unfortunately, nobody can quote you one interest rate here on Trulia. You can go to http://www.bankrate.com and get a general idea of what you might expect. There are too many variables such Fixed vs. adjustable, 15-year vs. 30 or 40-year loans. Conventional vs. jumbo loan (anything over $417,000 is jumbo with higher rates). Are you willing to pay points to buy down the rate? If you have 0 down, you'll also have to factor private mortgage insurance (PMI) into the calculation. Your best bet is to talk to a mortgage broker in the town where you are purchasing. They are in a much better position to quote you an interest rate as they can ask you all the questions to which they need answers. Good luck.
Web Reference:  http://www.go2kw.com
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