Fixed Rate Mortgage Loan


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Fixed Rate Mortgage Loan


 

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Is 5.875%, APR of 5.918%, a good rate on a 10/30 fixed rate mortgage loan. It is through a very reputable bank
loan amount- 240K Credit- 7.25 Very little/no debt DC condo Income- 50K

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if I get a 100% loan on at 185k house, what will my closing cost be on avg?
The house is appraising for and selling for approx 185,000 roughly. 30 yr fixed rate mortgage loan at approx 6% apr. The seller will probably agree to paying the closing cost so what or how much do I need out of pocket? the appraisal and home inspection? anything else, roughly how much? Thanks and I am so grateful for your advice.

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15yr vs 30yr mortgage what's going on?
so I go to my bank to see if refinancing my mortgage is worth it. I've got about 10 years left. Here's what the rates are: Fixed-Rate Mortgages Loans to $417,000 30-year5.0001.0005.151 15-year5.2501.0255.533 Loans over $417,000 Now how can a 30-year loan be a higher rate than a 15-year? That makes absolutely no sense. I mean there is absolutely nothing stopping me from using a 15 year payment schedule on the 30 year mortgage, and enjoy the lower rate and still have the benefit of if I get into financial trouble, changing my payment to a 30 year: $240,000 5.00% 360 ========== $1,288.37 $240,000 5.00% 180 ========== $1,897.90 All I have to do is pay the $1897.90 every month instead of the $1288, and I'm effectively turned my 30 year into a 15 year with an automatic "dont pay $603 a month if you don't want to " option? this instead of: $240,000 5.25% 180 ========== $1,929.30 I'm totally confused. edit: ok good we are in agreement, this makes no sense. no 15 year should ever be at a higher rate than a 30 year. as a followup, isn't it illegal to have a prepayment penalty on a mortgage? Maybe just in NY? I'm at 5.5% right now, so I'm sure it doesn't make sense to do it for 1 point reduction in rates, but I'm just trying to figure out how a bank could possibly make such a blatant error, then again, we are talking about the current state of our banking industry...

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