It appears that one of the best rate product out there now is the 4 year fixed at 4.95%! It has been awhile since we have seen a 4 year rate quite this low. The variable has also dropped to 4.60% (prime +0.6%).
In addition to the lower rates, you are still able to finance 100% of the purchase price and there are two methods to do this based upon the following criteria:
1. Homebuyers can purchase a home at 95% with a 5% cash back which can be applied to their downpayment. This is actually not a new product and has been around for some time (interest rate would be 6.95%).
2. Homebuyers can purchase a home at 95% and borrow the 5% down payment for a total of 100% borrowed funds. This particular product is relatively new. If you are able to do this, this is the product I would recommend as they can get best rates with this product.
Todays lowest rates:
1 year fixed 4.35%
2 year fixed 5.20%
3 year fixed 5.15%
4 year fixed 4.95%
5 year fixed 5.39%
5 year variable 4.60%
See current rates:
Thanks,
Mark
Mark
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