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.

Terms
Bank Rates
Best Rates
 
 
 
1 YEAR
3.00%
2.65%
2 YEARS
3.14%
2.69%
3 YEARS
3.70%
2.75%
4 YEARS
4.64%
2.89%
5 YEARS
5.24%
2.99%
7 YEARS
6.35%
3.69%
10 YEARS
6.75%
3.79%