To find lending rates, you can call your local bank or go on www.bankrate.com for State averages. Your downpayment can be as much as you want. If you pay 20% or more, generally you don't have to pay PMI which is insurance for the lender in the event you default. In addition to downpayment, you will have Closing Costs which will include attorney fees, survey, loan origination fees, taxes, insurance, etc. The closing costs can be 3-6 thousand dollars. In am currently closing on my third house and the rate is 6.125% Fixed for 15 Years in NC.
The first step would be to talk to a lending company and see what you can qualify for.
· 1 decade ago