It is fascinating to note that the rates for mortgages have not changed in months. Low interest rates mean that home buyers have access to relatively low borrowing rates. With the 5 year rate of about 3% you can easily calculate your monthly blended payment of a 100 thousand dollar mortgage. For each thousand dollars it costs $4.75 a month interest and principal repayment. That translates to $475. dollars per 100 thousand borrowed per month. You can calculate your payment based on your need from this.
There are a few more factors that banks take into account when offering a mortgage pre-approval. They will have to know past credit history and the amount of down payment available for the purchase. They will want to see a minimum of 5% down payment with an additional 2% for closing costs. This approximate 7% of the closing costs must be cash or savings.
Call me about this.There is more you may need to know.
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Terms
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Bank Rates
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Best Rates
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1 YEAR
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3.00%
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2.65%
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2 YEARS
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3.14%
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2.69%
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3 YEARS
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3.70%
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2.75%
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4 YEARS
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4.64%
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2.89%
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5 YEARS
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5.24%
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2.99%
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7 YEARS
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6.35%
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3.69%
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10 YEARS
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6.75%
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3.79%
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