What bank currently offers the lowest mortgage?I saw on a commercial that a certain bank was offering 3.99%, and thats the lowest I remember seeing, but I cant remember which bank it was. Do you know what bank offers that mortgage or any bank that offers that same percentage. I do have good credit (750), live in PA, and am looking to have a 30 year fixed... | |
It matters not the lowest interest rate of any particular bank. You would get about the same score from any financial institution.
Because this bank advertised a certain rate does not guarantee that you would even be qualified for this rate. Your rate is determined by your credit score, the debts on your credit report and partially by your debt ratio.
There are some rates as low as 3.75% I have seen advertised, these are teaser rates and only want you to make a telephone call after which you would be approved for an interest rate based on the same qualification as anyone else.
If you are already approved you should continue with the process. Talk to your mortgage loan officer about the potential interest rate you would get.
The down payment for a FHA mortgage loam could be as low as 3.5%.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
FHA you're probably not going to find a loan below 4% but you might be able to get into the low 4s. All you can do is shop around. Don't limit yourself to banks, shop some mortgage brokers as well.
Edit:
Points are extra money you pay up front to reduce the interest rate. Pay for example 2 points, 2%, $2000, of the loan up front on a $100,000 loan and you reduce the interest rate but you're really not getting a lower rate because now although your loan is $100,000 you really only borrowed $98,000 because of the extra $2,000 the loan cost you. The lower interest rate is just an illusion.
Most of those "low rate" ads are teasers for "best qualified" conventional loans with 20% down. You won't get those rates on an FHA loan with 4% down. That said, however, rates for all types of loans are at all-time lows. Shop around a bit - or use a mortgage broker if someone can recommend one to you.
you are going to need another 3-5% cash for closing costs and with only 4% down, you'll have tro pay PMI also - another $501-100 a month and you still might not actually get that 4.0% rate
I have seen 3.5. They all over the same, you negotiate. When credit is great you have more negotiating strength. Take the 3.99 if there are No Points.
