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What is the highest interest rate a bank can charge for a house loan ? is there a max? |
i am looking to buy but i just want to know the highest the interest could be You are protected by the government and your state regulations. The highest APR is determined by the index of the 15th of the month prior to application. I won't bore you with the formula but in most states right now the highest APR is about 12-13% (some states are lower). This of coarse is based on current market and as interest rates rise, this will go up as well. :-) Cap is at 15% Stephanie was right. And if any other lender would try and charge you a higher rate, it's called predatory lending. Don't stand for that - get a good loan from a direct bank. There are usary laws set by the Federal Government. The last I checked, 17% is the highest interest rate any lender or investor can charge you. Check with the banks and credit unions in your area, most mortgages today are short-term with rates that may vary after the term. |
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