Posted on: 18th Oct, 2008 09:53 am
My current Mortgage is COSI plus 2.857 %, what should my interest rate be? I can lock at 6.75% which would be lower?
Thanks,
Kirk
Thanks,
Kirk
Hi kmwilson!
You can ask the mortgage lender about the current COSI Rate. Then your can add the current COSI rate and 2.857% to know your total interest rate. Once you come to know about the interest rate, you can compare the two and know which one is lower. Then accordingly you can lock the one you feel affordable.
Thanks.
You can ask the mortgage lender about the current COSI Rate. Then your can add the current COSI rate and 2.857% to know your total interest rate. Once you come to know about the interest rate, you can compare the two and know which one is lower. Then accordingly you can lock the one you feel affordable.
Thanks.
COSI is hovering in the high 4's low 5's these days that new rate will be better.
Good Luck
Brian
Good Luck
Brian
6.75 fixed would be better than the adjustable rate. You might want to just double check with a couple other brokers/lenders since that seems a bit high. With decent credit, a fixed rate is in the low 6's.
Thank you all for answering my question.