Is a 7% APR on a 30 year fixed rate mortgage for a $137k house a good rate in Atlanta, GA?
Posted by admin | Under Fixed Rate Mortgage Saturday Nov 29, 2008I'm a first time homebuyer, so I'm not quite sure… It seems comparable, but I would appreciate any feedback…
Not really, I think the average for the country is around 5.75%
no… hold out for 5%
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Not really, I think the average for the country is around 5.75%
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No, it doesn't sound like it, but it really depends on your credit history.
You should be somewhere in the 6.5% or so range if you have great credit.
If your credit is splotchy, 7% might be good for you.
To know for sure. Go get a rate quote from a conventional bank. They usually have better rates than the fly by night mortgage broker.
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idk about in georgia but in ohio my parents have a 4.5 fixed on thier mortgage so it seems a bit high but again i don't know about down there
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unless your credit is getting you the higher rate – you should be at least at 6% (going national rate) if you can put more money down then you could get the 5% rate – I wouldn't get a loan at 7% – thats highway robbery!
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Depends on your credit score, down payment and income.
Its a little high right now, but then again if your credit isnt good it may be a good deal.
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Mortgage rates depend on your credit risk. If you look in the papers and see the lower rates they are usually for the best credit scores. They add additional percentages for each line of decrease in your credit score.
If you feel that you have a score that should bring in a better interest rate then you should double check with another mortgage company and see what they offer. But remember to go with a mortgage company that is well known, as there have been situations where the lesser known companies have folded and their clients did not find out until they were at the settlement table.
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No, that's not a great rate. With 700+ credit scores, I got a loan at 5.85% back in February. I would consider anything over 6.5% unacceptably high.
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