What is a fair interest rate to set for a home loan from my parents?

Question

I am about to purchase a home and is getting a loan to pay for a portion of the house. I want to choose an interest rate that is fair for my parents as well as myself. Given the current banking interest rates, what would be a fair interest rate to set for a loan from my parents?

Answer 1

If you were to get a home loan without them, depending on your credit rating & all, you could get a 5-6 interest rate.

If your parents were to put their money in a normal savings account, they could get 1-2 interest rate. (more if they were to put their money in investing where they could not touch it)

I would say that a fair rate for both of you would be between 3-4 because it is in the middle.

Answer 2

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RE What is a fair interest rate to set for a home loan from my parents?



I am about to purchase a home and is getting a loan to pay for a portion of the house. I want to choose an interest rate that is fair for my parents as well as myself. Given the current banking interest rates, what would be a fair interest rate to set for a loan from my parents?

Answer 3

Applying for home loans requires you to compare the offers available from different lenders so that you can have the best deal on home loans. With the loan market being flooded with offers, you can always choose to compare the home loan interest-rates online. Lenders have provision of online calculators and quotes on their websites, which help customers in getting to know the interest-rate that would be applicable if they apply for a home loan.



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Answer 4

Applying for home loans requires you to compare the offers available from different lenders so that you can have the best deal on home loans. With the loan market being flooded with offers, you can always choose to compare the home loan interest-rates online. Lenders have provision of online calculators and quotes on their websites, which help customers in getting to know the interest-rate that would be applicable if they apply for a home loan.



http://www.quickloans.we.bs/

Answer 5

Joanna, that isn't something you have a lot of control over. When getting a mortgage, the lender takes into account your whole financial picture and then fit's that into a loan program. If you have very good credit, then you could get a better rate. Do you homework, check several different lenders, both national and local/regional type banks, even your credit union. You can shop for a good deal that is your only control.

Answer 6

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Answer 7

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Answer 8

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Answer 9

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Answer 10

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