Does having a down payment on a house lower the interest rate?
Answers | 1
Mortgage Professional in Manchester, NH
October 13, 2015
You MAY get different prices for a rate in 5% downpayment increments - a 10% down loan may be a slightly lower cost than a 5% down loan, but chances are the rate doesn't change.
Putting down money in less than 5% increments does nothing for your price or rate. 8% down is the same price as 5%. Only your principle would change in that case.
Asked by Brady
Answered by Brian Howell
Mortgage Professional in Castle Rock, CO
No Brady it usually isn't. I would recommend sending two separate checks for $100...
Asked by MORE DIOP
Asked by donna
Answered by David Skow
Mortgage Professional in Seattle , WA
Thanks for your post .....your best 1st step will be to get a loan pre approval ...