Mortgage home loan answers
Learn about mortgage home loans and rates.
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Home Loan Interest?
Posted on September 28th, 2009 5 comments
rachie asked:
Does home loan intesrest vary depending on the price of the home or is it just dependent on how long you take the mortgage out for?
Say, would you pay more interest on a higher priced home than you would a cheaper one, just based on price? or would it be the same amount of interest only depending on the term of the loan (and of course the interest rate) ?
I know it depends on credit too, but what i really want to know is if the price of the home has anything to do with it at all..
BENJAMIN5 responses to “Home Loan Interest?”
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Your interest rate depends mainly on your credit rating. The higher the credit score, the lower the interest.
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The interest rate is based on your fiancial picture, not the amount of the loan. So if you could afford a million dollar home, the rate wouldn’t be any different than a 500,000 home, because the rate is based on your ability to pay.
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John S October 4th, 2009 at 09:05
the rate will not be determined by the actual purchase price of the home but rather the amount of the loan you need to take out to buy the single family home. it may vary from lender to lender regarding low loan amounts. the mortgage company that i used to work for had slightly higher rates and/or points for loans less than $60,000. also, if you go into the jumbo catagory (greater than $417,000 except for AK & HI which have a higher figure) the rates may be a little higher there as well.
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Mortgageman October 7th, 2009 at 07:56
Absolutely
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Jericho B October 9th, 2009 at 08:39
Hi there!…Ok, I researched this for you…
It’s kinda long, so you better check it out yourself…
click here:
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Suzy October 1st, 2009 at 03:21