Is this right? A mortgage broker told me…?
Posted on Jan 08, 2009 under mortgage |100% financing was the same interest rate as 10% down. Is that possible???
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100% financing was the same interest rate as 10% down. Is that possible???
January 8th, 2009 at 7:08 am
Yes. It does not matter. Rates even change a few times a day. Many people don't understand that.
January 8th, 2009 at 7:08 am
Yes its true.
January 8th, 2009 at 7:08 am
.
January 8th, 2009 at 7:08 am
yup!
January 8th, 2009 at 7:08 am
Depends on the program…it might be true. Check to see what the APR will be and check the rate on the second.
January 8th, 2009 at 7:08 am
The rate might be the same, but your fees will likely be higher with the no-money-down deal. Remember that paying closing costs is just like paying interest, except that it is all done up-front. The best interest rate is not always the best deal.
Also, watch out for adjustable rates that start low and end up high. You might have the same starting rate for the no-money-down loan, but it probably has a higher index that will ultimately result in a higher interest rate.
January 8th, 2009 at 7:08 am
It's very true!
There are many variables that factor in on a mortgage. Contact me Jcorreahq@yahoo.com I will answer any questions you may have as well as help you obtain the best fit for your situation.