Currently, you should be able to get about a 4½ % interest rate mortgage loan, if you qualify. 45 days ago the rate was 3¼ %. Because rates are going up, it is time to refinance or get a new loan. For many years a 10% rate was the norm so today’s rates are a bargain.Individual rates are determined by many factors such as:
VA loan program and USDA loans usually do not require a down payment.
FHA loans generally require a 3 ½ % down payment.
Conventional loans start at a 5 % down payment.
Most lenders require a 640 credit score or higher for a mortgage loan.
You can expect to get better loan terms with higher credit scores.
Contact us for contact information for lenders that are a match for your circumstances.