What is the appropriate interest rate for an interest only second home loan, financed 100%, with A+ credit?
474177
Interest rates very by company.\n\nYou say A+ credit, but one companies A+ may be another companies A.  DTI (Debt to Income) ratio will also factor in the interest rate that you can get, the higher DTI the higher the interest rate.  Also residual income will play a factor, the lower the residual the higher the interest rate.\n\nThe fact that you are getting a loan for a second home and it will be 100% financed will also raise the interest rate.\n\nI can't tell you what your rate will be, but I suspect it will be higher that you think it should be.
456695
I am assuming you are asking one of two questions...\n\n1) How far can I buy my rate down with points? or,\n2) What is the maximum amount of fee's/points I can be charged?\n\n1) This will depend on the type of loan be it an A-Paper or Sub-Prime deal. All of the lenders will have a floor rate for your specific product. Say you are offered a 10 year ARM at 6% with no points but you decide to pay 1 point to get a 5.5% rate; great you say, what if I pay 4 points thinking this will get you 4%... Wrong, the floor for this product maybe 5.375% minimum... (I made these number up BTW). An A-paper product will typically have a lower floor than a sub-prime product plus many lenders will only allow you to apply so many points for buy-downs.\n\n2) If your asking what the maximum 'points' in fees can be this will vary state to state and by transaction type. For instance FL is an 8% state on purchases meaning that adding all of the fees for origination, loan discount, appraisal, credit report etc, etc... can not equal more that 8% of the loan amount before it is a high cost loan. In Texas on a cash out refinance the maximum fees are 3%... Many lenders use a 5% cap across the board excluding Texas just top be safe.\n\nI hope this somewhat poor explanation is what you were looking for.
307541
It all depends on your credit score.  Best rates right now for a 30 yr fixed rate are around 6.125%- but rates change daily.  If you need assistance with a loan or feel you are being taken advantage of- let me know and I can review what you have and tell you if you are getting a fair deal.
1110162
Don't do it from a store, they will rip you off with probably 10-20%.  You should just take out a personal loan from a bank or credit union.  Depending on whether it's a secured or unsecured loan it should be around 8-11% I'd believe.  You could also take out a home equity loan if you have a home.\n\nMy credit union has secured for 9.99% and various rates around 10.5% for unsecured.
503052
With the way interest rates are right now, plus depending on the person's credit rating...\n\nCredit Score:\n\nbelow 500; then charge 29.99% APR\nbetween 501 to 600; then charge 23.99% APR\nbetween 601 to 720; then charge 17.99% APR\nabove 721; then charge 14.99% APR
84967
If you have clean credit then you can get 100% financing from any mortgage company. Make them look at a 100% one loan, and an 80/20. The reason for this is so you an see what is cheaper to do, considering you will more than likely have MI.
329174
Our bank even offers 100% loans on Investment Properties.\n\nThey are a little more difficult to qualify for, but they are there.\n\nAlso, the interest rates start going up after the 80% mark, so if you are looking for a "cash flow" property, the 100% loans may not work well for you.  It depends on what area you are in and how much you are buying the house for.\n\nIf you are looking to flip the property in a short time, then who cares about the rate.  Just get in, get out and take your profit.\n\nThanks,\nGreg
1077606
If you pay on 07/01/06, ie loan term 1 year and 3months, the interest  should be $475.46. \n\nBut hope the person who calculates it agrees with the three above.
913295
Easy, as much as you can afford!, \n\nAt the minimum I would suggest no less than 25% but the more you put on, the less interest you will pay in the long run and you will be mortgage free years ahead of schedule!\n\nWhen we brought our first house we put every cent of savings we had on to the deposit (dont be fooled going for the minimum payment, it adds thousands to the interest!)\nwe also went for the shorter term (25 years instead of 30) to help force us to pay it off quicker (you can always re-mortgage if you get in the poo).\nAnd then we proceeded to put 50% of our income on it for the first 3 years, we have now lowered our payments as we are traveling and renting the house out, but once we return we will put the payments back up.
18471
They vary but are usually higher than the first. I'd say somewhere around 10% to 12% is a good ballpark. Of course credit history has something to do with this as well.
545504
Ok, a second mortgage is when you still are making your original pmt., but you take out what is called equity that is built up in your home. Say you bought your house for 100,000, and now it is worth 200,000. Now, most banks use the 80% rule. You take the 200,000 and subtract what you owe still on the house- say you owe 85,000. So, you have 115,000. Now, what is 80% of that? 92,000. So, you could get an equity loan (or a line of credit) up to 92,000. Now, say you borrow that, you will owe money on that. Technically, banks call it an equity payment, but a lot of people call it a second mortgage, because it is a loan against your home. A line of credit is a bit different in that say you get the line of credit for 92,000, but you only use a few thousand here and there. You only pay what you use. Say you pay it off, and then a month later, decide to use it for a vacation, then you would owe again.
277557
Paying $995 a month for 8 months is only about 14.3% interest. I doubt you will find a loan for less than that with bad credit. Since it is your son's education your going to have to pay high interest over a long period of time. Ask your son to pick up a little slack and get a part-time job. Good luck with your future.
285904
Okay....let's please all stop giving this poor person wrong answers.  An 80/20 loan is NOT where you put 20% down on the home.  This type of loan refers to two separate mortgages.  The 1st mortgage secures 80% of the purchase price, then the 20% takes care of the remainder.  Example:  $100,000.00 purchase price.  1st mortgage @ 80% is $80,000.00; then the second mortgage @ 20% is $20,000.00, thus giving you a total of 100% financing.\n\nAlso...bankrate.com is not a good source of info on different types of mortgages.  There is nothing wrong with this type of financing when you do not have the type of money tp put down on the home.  Very good choice.  Although you may get a better rate on a government loan (FHA/VA) and you only have to secure 1 mortgage.\n\nIf you would like to know some more about this type of financing or other types, please contact me at timothy.kazee@americanhm.com. and we can talk further.  You can also visit my website at www.americanhm.com/timothy.kaz ee.  Feel free to apply online there also.  Great question!!!!!!
720450
Starting with $2000 at .026% per month compounded monthly for 12 months equals........ 6.77 for the year. 6.77 divided by 2000 equals .3385% APR. Interest rate at .026% per month multiplied by 12 month equals a .312% yearly rate.\n\nBut I could be wrong
637299
Dear Lender,\n\nI would like to request a ________ month/year loan for $X, the purpose of which is to ___________________. For collateral, which will have a value of at least 125% of the loan, I am prepared to grant a security interest in the following property:\n\nThis loan will be repaid from _____________________.  I look forward to discussions with you regarding this request.
981490
depends on your interest rate...\n\nassuming 6%,your monthly payment would be $1708.72 if the loan began on the 1st of any given month.\n\nuse bankrates Loan Calculator at:\n\nhttp://www.bankrate.com/brm/popcalc2.asp
394233
The rule of thumb is 50%.  However, if the borrower is frugal and isn't burdened with debt, perhaps they can get away with a higher percentage.  It's just a matter of convincing the lender.