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Old 01-27-2008, 02:49 PM
 
45 posts, read 61,914 times
Reputation: 23

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No one wants to give me an interest rate lower than 6 %. I was approved for 100% financing and i have good credit score of 770.

Should I be getting better than 6 if the current rate is lower than this?

Thanks.
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Old 01-27-2008, 03:58 PM
 
Location: Big skies....woohoo
12,421 posts, read 2,946,354 times
Reputation: 2186
Not sure if you can get better at 100% financing, but at 80%, you definitely can do better. Good luck
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Old 01-27-2008, 04:17 PM
 
622 posts, read 2,956,552 times
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My BIL got roughly 5.5% , on a new construction with 5% down. Thias was about 2 weeks ago. I believe rates have went down since then.

He's a first time borrower. Not sure if that had anything to do with it. Good luck.
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Old 01-27-2008, 05:21 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,618,737 times
Reputation: 1008
depends on the program.....but 100% financing makes it harder.

have you tried FHA ? only 2.25% financing...and the rates are much lower.
If you're VA qualified...you can get 100% financing...and really good rates.

You shouldn't just be concerned about the interest rate...you should be concerned about paying PMI!
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