I want to say that we refinanced and got a 15 yr at about that rate a few years ago. Is that possible? I should keep better track of these things.
Nope...15yr rates are almost always lower
but few people can afford them, even if they are lower rates (as it's nearly double the monthly payment)
It's a far better loan on paper, but if it's too much to pay monthly, it's a deal-breaker for most to get a home
I mean the best deal is to pay for the home in cash and not pay any interest (that is the most depressing moment when you look and see that over the life of the loan, you will pay MORE in interest than the loan its self)
Used to be easier to swallow with the interest deduction...but with the new standard 16k deduction for families (while a good thing) that basically make it so
most don't get to deduct your interest income anymore
I read rates are low but banks aren’t granting mortgages without very very stringent requirements...
May differ with refis
It is much harder to get a loan since 2008....much harder
forget about a good rate if you don't have STELLAR credit
You used to be able to get 'no doc' loans...talk about a recipe for disaster...part of the reason financial crisis
It should be somewhat hard to get a big loan
man...the amount of paperwork and documentation required is monumental now (compared to pre 2008)
some of the downpayment was a gift from a relative and the amount of work the 'gifter' had to do was insane
for each loan...a small forest is destroyed to provide the paperwork