Interest only loans are still availabe
No, since loan to value is only one of about 15 different things the lender considers when pricing and quoting an interest rate.. credit score, property type (condo, single family home, Mobile home, duplex, 4plex, etc), loan to value, occupancy (primary residence, 2nd home, investment, etc), Purchase, refinance, etc, etc... without knowing all the details, no one can quote you a rate.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see the complete loan profile/scenario, only then can you get an accurate quote. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
There are too many factors involved in quoting a rate, the LTV is one one, important one, but still only one.
In most cases, the rate will be the same for 25% to 80% of appraised value. If you have excellent credit and income, I may be able to get you a pricing exception, based on the low loan to value ratio. The easiest rate reduction tool is the 15-year mortgage.
Give me a call at 503-515-2309. There's a lot of things to consider and you want to make sure you're asking the right questions, and getting the right answers. This forum is a great place to start, but eventually you'll need an expert to help you navigate the details. I'm available if you would like to contact me.Chris Barry
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