Why would I want a 3/1Year LIBOR?
A 3/1 Year LIBOR is a good mortgage for people who need low and predictable monthly payments for the first three years of their mortgage. 3/1 Year LIBOR is an adjustable rate mortgage that uses the London InterBank Offering Rate (LIBOR) as the index. With this mortgage, you will only pay interest, and it will be at a low, fixed rate. After the initial three years your payments will change annually, and according to LIBOR.
What can I use a 3/1 Year LIBOR for and what are my options
You can use a 3/1 Year LIBOR to purchase primary or secondary residences, among other properties. This mortgage may be a good option for you if you plan on selling or refinancing after three years. Interest rates can be unpredictable and volatile when adjustable, so if you choose a 3/1 Year LIBOR you must be financially prepared to pay them as they fluctuate if you intend to remain in your house after the first three years. Failure to pay your monthly bill can result in foreclosure. If the 3/1 Year LIBOR isn’t quite right for you, you can consider a 5/1 Year LIBOR, 1 Year LIBOR, 6 Month LIBOR, or a 1 Month LIBOR.
Why should I get a 3/1 Year LIBOR
A 3/1 Year LIBOR will let you qualify for a larger loan than you could get with a different plan, and a larger loan means you can get a more expensive house.
How can I get a 3/1 Year LIBOR
We would be happy to help you apply for a 3/1 Year LIBOR. Click here to find out more.
How can my FICO/Credit Score affect my mortgage rate
Your Credit Score is an extremely important factor in determining your mortgage rate. If you score between 720 and 850, you are in luck. You are A-Paper, which means you have good credit. Getting the right loan should be a cinch. The official cutoff for Sub-Prime or Non-Prime lending is 620, but most lenders will not work with you if you score below 660.
Q: I want to see what the LIBOR rates are like right now. Where can I find them?
A: The Wall Street Journal publishes the previous day’s LIBOR rates.
Q: Will my 3/1 Year LIBOR require a down payment?
A: Yes, almost all LIBOR loans require a down payment. If you are interested in a loan that does not require a down payment, check out the No Money Down Home Purchase Loan- Flex 100.
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