Is this an interest rate of 6.25 on a mortgage the house too high?

Deal Score0

VA loan rate 6.37

8 Comments
  1. Reply
    Nancy Kay
    April 29, 2011 at 9:55 pm

    not much higher than the going rate these days, could be better, but it also depends on your financial and credit picture…

  2. Reply
    ticktock
    April 29, 2011 at 10:50 pm

    My mortgage interest rate is locked in at 6.25, which is awesome because it can get a lot higher (but I won’t have to pay the higher rate, ever!)

  3. Reply
    a heart so big
    April 29, 2011 at 11:23 pm

    sounds pretty good these days. assuming this is a fixed rate, 30 yr. mortgage you’re talking about.

  4. Reply
    Tim D
    April 29, 2011 at 11:50 pm

    It’s reasonable… I think my wife & I are paying something like 6.254% on our mortgage and that was prime for our area. Impressive seeing as we are not in the good credit range.

  5. Reply
    Jackson
    April 30, 2011 at 12:16 am

    You might be able to get a better one but remember there are other cost factors that need to be considered like points etc.

    How is your FICO score? If you bring it up 50 points or more you can bargain for a better rate.

    And SHOP SHOP SHOP til you are satisfied there is no stone unturned.

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  6. Reply
    JANET B
    April 30, 2011 at 12:53 am

    nationwide are advertising 25yr mortgage at 5.45% if you want to be tied in for that long.

  7. Reply
    Marcel SJ Rossignol
    April 30, 2011 at 1:06 am

    if your looking for home interest rate you should look for a fix rate.and keep it for 2 years and after that look for the lowest fix rate.6.25 is good but is it a fix rate or floater rate that goes up or down when when the bank needs money.thats what you need to know.

  8. Reply
    Roger
    April 30, 2011 at 1:46 am

    You need to do your homework and look out points and fees, but I know that SunTrust and Countrywide mortgages are known nationally for having some of the lowest conventional mortgage interest rates in the business. I currently have a 6.0% on a 30-yr fixed, so I think you are in the ballpark.

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