Posted on: 06th Sep, 2011 03:54 pm
my mortgage rate in massachusetts on a $425,000 home is 12.38% is that legal :shock:
There are lending laws and ursury laws regarding interest that can be charged. Is it a variable rate that has adjusted, is it a fixed rate, is it a heloc, or second. Was the lender a private party? Private lenders are not required to adhere to all the high costs as a traditional lender would. Need some more info to give you a better answer. Rates today for a conforming loan, with good credit, income and low loan to value are in the 4's on a 30 year fixed rate. Good luck