Question:

How to find the quoted interest rate on a 5/1 interest-only mortgage with adjustable interest in my area?

Answer:

Well, as of June 13th 2008 the quoted interest rate on a 5/1 interest-only mortgage with adjustable interest is 5.76% as a national average with 0.65 points.

Lowest and highest rates found nationally on the 5/1 IO mortgage loan are 4.61% and 7.78% respectively.

Interest only loans allow lower monthly payment for limited time - usually 3 to 10 years. For the limited IO period you are allowed to pay only due monthly interest. At the end of the interest only term you are expected to sell your house or refinance.

How to get more useful interest rate quotes on other Interest-Only mortgage loans?

Search the internet for free online mortgage basic interest rate reports. Some websites will offer daily feeds; others will offer you subscription. However, a free daily report of IO home loans in your area is getting you nowhere. The only thing you will learn is whether prices are going up or down.

To find useful information on the rate you qualify for, there are a lot of details that the lender will need to quote you a specific rate - owner-occupied or rental property, loan amount, expected down payment, FICO score, and credit history among the most important. Also, rates depend on whether you are going with full documentation, or with stated income.

To get interest rate quote of any value, submit your loan and property details to a network of lenders and see how this is going to work. Or, you could contact a mortgage broker and they could shop for you.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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