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| *Loan,banking and credit>>>mortgage loan |
Our mortgage company offered us a fixed 7% to our Home equity loan..is this a decent rate?? |
Our mortgage company offered us a fixed 7% to our Home equity loan..is this a decent rate?? That is pretty good. This depends on your term and credit quality. However, this isn't a bad rate. If you have excellent credit, you may be able to get a slightly better rate. I'm not sure. I just got an offer in the mail for 8.something. Deffinetly shop around and do what you can to boost you'r credit score, it does matter, good luck! NO!!!!! Really shop for your rate. every mortgage broker you can find any where. We got 5.75!!! That's pretty good. The person who got 5.75% is probably talking about their mortgage, not a HELOC. You need to clarify your question! Are you saying you were offered a Home Equity Loan at 7% or you were offered a mortgage at 7%. If you were offered home equity loan at 7% that's very good! If you were offered a mortgage at 7%, that's high. The going rates on mortgages right now are 5.75 - 5.875%. FYI - If your credit is bad, the loan-to-value exceeds 95%, the loan is for an investment property, and/or you cannot prove income, then forget the 5.875%, as 7% might be the best you'll get! Realtor and former loan officer |
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