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how come the FHA rates are still at about 5.5% while conventional is under 5%? i thought FHA was supposed to aid people, seems only really good thing is the low downpayment requirement
On a conventional mortgage (not a refi) we have been given the following rates by Chase (this includes the .25% reduction perk for being a Chase Premier Platinum customer):
5.00% on a 15 yr, no points
4.25% on a 15 yr, one point
4.625% on a 20 yr, one point
I believe their 30 yr rate is the same as the 20, but we're not interested in a 30. FYI, this is with a superior credit score and with putting 30-35% down.
Also, keep in mind that the vast majority of people do not own their homes for 30 years. The average is about 8 to 10 years.
I know but there are to many scenerios to play out. Excel is a great tool for this look up the PMT function.
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