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What would a reasonable interest rate be?What would a reasonable interest rate be?
oliver said: "Hello All, I'm new to this forum but have been reading the posts for a while.
I'm in the process of trying to redo my 1st and 2nd mortgages with a single loan. Maybe even get some extra money for my daughter's college tuition.
I would need a sub-prime lender, I had a chapter 13 discharged in Nov 2004.
My home is valued at about $130 and I would like to get a total of about $75 to cover everything. So far the only offer I received was at 10.7 for a 30 year fixed. Doesn't this sound high?"
oliver said: "BTW my middle credit score is 599 even with all the bankruptcy garbage on there."
srad28 said: "That may be a little high, but it doesn't look that off, based on what you posted. Have you had any other offers?
Steph"
oliver said: "No not yet, that's the first solid offer. I should know this week on the others, but they all have issues. I'm reluctant to jump on the first offer without anything to compare it to."
anchorbob said: "You may as well hang in there and see if you can do a little better."
katie said: "I would wait for and see if there are other offers, too.
Compare and see which one has the best rates (be sure to read all the fine print, too so there aren't any surprise fees in there somewhere)"
JoshJohnson said: "I would skip a deal like that. To be tied into a 30 year mortgage with that high of an interest rate cannot be the right answer.
Keep shopping, improve your credit score, and find a better deal."
anchorbob said: "A lot of people don't pay over 10% for their credit cards!"
kevin said: "That is extremely high! Even if your credit score is only 500, you shouldn't be paying more than 7.5% on a 30 year fixed. You need to find another company that can provide you with a better rate than that"