Apr Or "annual Percentage Rate" Explained. [mortgagefraud101.blogspot.com]
In July 2003, prepayment speed peaked at 58 percent, when about 80 percent of mortgages were carrying rates at least 0.5 percentage point higher than those available on new loans -- the same as in today's market. Today's more subdued pace partly ... Refinancing Seen Peaking Without More Capacity: Mortgages
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mortgagefraud101.blogspot.com Which mortgage interest rate is best for you? Fixed, variable or a combination?
Your credit score is an important aspect of everyday life. From opening a bank account, to getting a phone line, it is everywhere you look. Your credit score has been checked and checked again every time you are applying for a visa, mortgage, car loan, even car insurance policy. Having the perfect credit score is not the only thing you should be concerned about when applying for a car loan. There are many other factors such as the debt service coverage ratio (DSCR), is the ratio of cash available for debt servicing to interest, principal and lease payments. It is a popular benchmark used in the measurement of an entity's (person or corporation) ability to produce enough cash to cover its debt (including lease) payments. The higher this ratio is, the easier it is to obtain a loan. The phrase is also used in commercial banking and may be expressed as a minimum ratio that is acceptable to a lender; it may be a loan condition or covenant. Breaching a DSCR cove nant can, in some circumstances, be an act of default.
This ratio in today's lending practice is set to about 30%, for example if you are making $ 10,000 a month as your gross income, and you currently have $ 3000 payment every month for your existing debt. The chances are not good when it comes to getting approved for another loan at a good interest rate such as 1-7%. But when you step into sub prime market, or bad credit lenders this ratio maybe pushed higher to accept your credit application. Of course the drawback would be paying for a higher interest rate or APR. The terms annual percentage of rate (APR), nominal APR, and effective APR (EAR) describe the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage, credit card, etc. It is a finance charge expressed as an annual rate. Those terms have formal, legal definitions in some countries or legal jurisdictions, but in general: The nominal APR is the simple-interest rate (for a year). The effective APR is the fee + c ompound interest rate (calculated across a year).
To increase your chances of approval, one should first pay off as much small debts in your name as possible. Try to keep the remaining debt (credit card debt) fewer than 50%, which will increase your score over time. Remember not to inquiry about your credit by applying for loans if you didn't get approved. You can check your own credit score, this type of inquiry is called "soft hit" which has no effect on your credit. Only the "hard hit" or credit inquiry via a business can hurt your score. So remember keep your debt to a minimum, and good luck on your next car loan.
Find More Apr Or "annual Percentage Rate" Explained. Issues
Question by Jojo: What is the lowest percentage mortgage rates will go ? Right now my husband and I are looking at 5 %, but I think we can at least get 4.75. Should we hold out for that or not? Or wait for even lower? Best answer for What is the lowest percentage mortgage rates will go ?:
Answer by Your #1 fan
4.5 is what BofA is offering up...Now you should have excellent credit to get that rate and be willing to come up with a couple of thousand to close and even more to buy points.
Answer by Ed Atun
I am dreaming of 3% fixed for 30 years. Remember that you can get any low interest rate you want today if you are willing to pay $ 5,000 in loan fees. So it is important to always include the loan fees (not title fees or property tax) when comparing rates. A 4.75% loan with $ 4,000 fees is much worse than 5% with zero fees..
Answer by godged
I doubt it, but at this point, it is a guess. if you feel like gambling, wait.
1 comments:
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