What would be a decent interest rate on a 30 yr mortgage loan for 200K, with 200k down payment?
Betty B asked:
Credit score is excellent. Investment property. I don’t know how to judge whether my broker is getting me a good deal or not.
The loan is for 200K, the down payment is 200k….the house is 400K.
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Credit score is excellent. Investment property. I don’t know how to judge whether my broker is getting me a good deal or not.
The loan is for 200K, the down payment is 200k….the house is 400K.
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Tags: 200k, Investment Property, Loan Payment
February 27th, 2009 at 9:58 am
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Rates are up this week to 6.47 on homes but investment property rates are always higher. Shop for rates as much as you shop for property then choose the best deal for yourself.
February 27th, 2009 at 8:08 pm
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200k Loan with a 200k Down payment? Interest would be 0 - as it would be paid off.
February 28th, 2009 at 3:15 pm
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Rates are climbing alittle- I would say 6.5-7%. Depends on if you want to pay points. Investment Properties always add to the interest rate though, so it might be closer to 7% or alittle higher.
March 1st, 2009 at 9:20 am
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Rates today are about 6 - 6.5% for a 30-year fixed. If you are paying points, that gets knocked down a bit.
Source: bankrate.com
March 1st, 2009 at 12:35 pm
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There’s no loan here.
March 2nd, 2009 at 3:04 pm
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i assume you mean 20k down, since 200k down would be no need for a mortgage.
rate between 5.5 and 6.0 would be good. i suggest waiting a few months if you are in a market where the price is dropping so that you do not have negative equity from the start. either that, or tell the person that the market is dropping and you will be waiting a year unless they want to just drop the price to 180k (next years price) to get it sold quicker.
March 2nd, 2009 at 6:23 pm
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You judge by shopping around in your locality using your exact information. Throwing out a worldwide net on Yahoo won’t be much use to you.
March 5th, 2009 at 10:00 am
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The rate and costs will vary depending on how you are structuring the purchase. Even at 50% LTV, the agencies charge 1.75%. The broker can up the rate to try to cover some of the cost or you can pay it upfront.
If you were paying it up front, my rate to day would be 6.875% with closing costs of $500 plus recording + $3500 = $3,850.
If you don’t plan to hold the property very long, then it could make sense to increase the rate to cover some of the adjustment, but you will get to a point where it doesn’t make sense to do that.
We also have some portfolio programs for that scenario where you would just pay .5% + $500 + all third party fees. We have a 3 year arm at 6.75% or a 1 year arm at 5.99%.
I hope this information is helpful.