Is 7.875% APR a good rate on SIVA NOO? - Posted by Drew

Posted by Drew on June 16, 2005 at 19:49:17:

North Carolina. It’s 1 loan for 7.875% APR.

Is 7.875% APR a good rate on SIVA NOO? - Posted by Drew

Posted by Drew on June 15, 2005 at 16:17:16:

I was quoted a 7.875% Interest-Only 3 year Fixed rate 100% financing. I’m just wondering is that about right for a 750 FICO score on Stated Income Verified Assests NOO.

Thanks

Re: Is 7.875% APR a good rate on SIVA NOO? - Posted by Mike_NJ

Posted by Mike_NJ on June 16, 2005 at 11:12:40:

What state is this property in??

Re: Is 7.875% APR a good rate on SIVA NOO? - Posted by wes

Posted by wes on June 15, 2005 at 18:05:18:

First off, if you were quote 7.875%, Interest Only for a 3 year fixed loan, that is not your APR.

APR is a calculation of your interest expense as well as some of your closing costs, calculated over the life of your loan.

Today I quoted a Stated Income Stated Asset, 80/20, NOO @ 6.75% 1st (interest only) and 12.75% 2nd (IO) on a fixed rate for 30 years.

That works out to about 7.95% in my book, so I guess you are in the right ballpark.