42000 loan for 15 years monthly 7 % interest

Asked by markenfair, Carlton, WA Mon Apr 29, 2013

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Mon Apr 29, 2013

Like Dan said there is a number of different factors when figuring out an interest rate. Where did you get this quote?

Give me a call for a second opinion.

1 vote
Dan Tabit, Agent, Issaquah, WA
Mon Apr 29, 2013
Is this what you are being offered or what you are looking for? With conventional rates advertised under 4% on a consistent basis, this sounds high. Realize though that there is more to mortgage lending that just the rate. The risk to the lender is offset by the credit of the borrower, the value of the asset, the other assets of the borrower, the borrowers job stability and capacity to pay the loan back.
If this is what you've been offered and your not satisfied, do some shopping with other lenders. Credit unions and regional banks often have programs the big banks don't. They may be a good source for you.
Best of luck.
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