Chosen by Asker

if you qualify then in many areas about 5%-5.5%

by golferwhoworks

1 month ago

Asker's Rating: 

There is NO way to know without knowing your credit scores, job history, income, etc. Certain loans are more risky than others. Being a first time buyer doesn't qualify you for one rate over another, but if you have a high risk credit profile you'll pay more.

by Snarky's Wife- 1 month ago

Ours is 5.5%

by ~*Mama-of-Two*~- 1 month ago

This depends on a variety of factors, here's what you need to do: Get your credit score (quizzle.com), and check around different lending companies for their rates. They won't be able to just give you an instant rate as they'll have to see what type of credit you have, how much debt you have, how much income, etc. But after getting some information, they should be able to quote you a rate within a few minutes. You also need to think about what type of loan you can qualify for (based on your credit score) and what type suits your situation best. Check out the link in the sources section to see a description of all the types of loans that are available. Keep in mind, 5-year ARMs begin with a lower rate than fixed mortgages (it's fixed for the first 5 years) so if you plan on moving within 5 years or refinancing, this makes a lot of sense. FHA loans are great for people with lower credit scores or don't want to put down a large down payment (it only requires 3.5%) which is ideal for first time home buyers. This comes in 15 and 30 year fixed mortgages. lastly there are the conventional loans (15 and 30 year fixed) with a 5% down payment. So be sure to check out all options and get the right quotes for loans you are considering.

by Quicken Loans- 1 month ago