In many markets, it's possible to borrow at prime or even a quarter to a half a percentage point below prime.
More Quotes from Keith Gumbinger:
If you're the gambling sort, you could get into an interest-only product and bet that the market will build equity for you.Keith Gumbinger
If you plan to be in your house for decades, on the other hand, you might consider paying points to lock in the best long-term rates. Points, which cost one-half of a percent to 1 percent of the loan and are paid up front, let you buy a better interest rate. If you pay points up front, it's harder to get your money back, ... When rates are high, borrowers have to pay points to trim rates any way they can, but with rates so low there is really no need to pay those points.
Keith Gumbinger
What is new today is that lenders are allowing for the layering of risks on top of one another, ... What we don't know is what if we put all these risks together and put them in a rising interest rate environment, a declining housing market, or a weakening economy.
Keith Gumbinger
If you're a good credit borrower you can challenge fees if they seem excessive.
Keith Gumbinger
Listing the person with the higher credit score as the primary borrower, ... may knock as much as two percentage points off the interest rate.
Keith Gumbinger
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