Me and My husband are in the process of purchasing a home. We are trying to do our calculations on how much it would be monthly. So we need to know as of today what is the intrest rate in NY .
You have 2 options while you are waiting for the home sale to be finished. You can "float" which means that you benefit if rates drop between now and the time you close the sale. Or you can "lock" the rate and be guaranteed of that rate.
If you float and the rate goes up to 6%, you get 6% for 30 years. If you lock at 5% and the rate goes to 4%, you get 5% for 30 years.
The rate is not set by law. It is apx 5% with closing costs of $2,500. If you want 4.75%, your costs will be $4,200. If you agreed to accept 5.5%, the costs would drop to $1,000. So the interest rate is decided by you (within a certain range)..
where do i check the actual interest rate for a loan to purchase a home In ny?
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You have 2 options while you are waiting for the home sale to be finished. You can "float" which means that you benefit if rates drop between now and the time you close the sale. Or you can "lock" the rate and be guaranteed of that rate.
If you float and the rate goes up to 6%, you get 6% for 30 years. If you lock at 5% and the rate goes to 4%, you get 5% for 30 years.
The rate is not set by law. It is apx 5% with closing costs of $2,500. If you want 4.75%, your costs will be $4,200. If you agreed to accept 5.5%, the costs would drop to $1,000. So the interest rate is decided by you (within a certain range)..
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