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| *Loan,banking and credit>>>mortgage loan |
Which sounds better for mortgage loan of $80,000? |
95% loan with $4000 down and interest rate of 8.2% or 100% loan (80/20) with interest rate of 9% on 1st and 12.5% on the 2nd? As a former underwriter, no one here can answer your question without knowing the APR rate on that loan. The note rate, tells you NOTHING about what your cost of the loan is. The APR should appear on your Truth-in-Lending statement and is the most important document, next to the Good Faith estimate, that you have. choice A how long is the loan? 9% sucks Lord, that interest rate is high, I'd go for the lowest interest rate I could find... definitely the first one. the money you would save will surpass the $4k you will put down pretty quickly. You need to call Bank of America and ask about one of their 100% First Time Homebuyer's program with no PMI and with a Below Market Rate. The interest rate on the two scenarios you gave are excessive. Do you have credit issues? It would be the reason for those high interest rates. Tell me more about your situation. KBE 32 Years as a Mortgage Loan Officer It depends on your situation. Overall you'll be saving A LOT more if you choose to do the 95% loan. The question is do you have the 5% and closing costs? I'm a Mortgage Broker and some of my clients choose to go with the 100% because they need the money that they have in their bank to buy new furniture, paint and repair things in the home, moving expenses, etc.. etc. If you can afford the 95% then definately go for that. |
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