Aerovette Posted February 1, 2007 Report Share Posted February 1, 2007 For an 80/20 loan that has interest rates of 7/9 %, how can I calculate the blended rate? Link to comment Share on other sites More sharing options...
jq26 Posted February 1, 2007 Report Share Posted February 1, 2007 For an 80/20 loan that has interest rates of 7/9 %, how can I calculate the blended rate?Just a simple average: (0.80(7.0) + 0.20(9.0)) = 7.4% Link to comment Share on other sites More sharing options...
sr28b Posted February 1, 2007 Report Share Posted February 1, 2007 And for the Million Dollar Question....(drumroll)Tell me what the 'fully indexed' rate is?(cymbal clash!) Link to comment Share on other sites More sharing options...
Aerovette Posted February 3, 2007 Author Report Share Posted February 3, 2007 Just a simple average: (0.80(7.0) + 0.20(9.0)) = 7.4%Ha, I thought there was more to it than that. No laughing please Like my signature says... Link to comment Share on other sites More sharing options...
sr28b Posted February 3, 2007 Report Share Posted February 3, 2007 JQ got it right, it's 7.4%. Now for something more intriguing...I will guess that your first mortgage is an adjustable rate fixed for two years. The second might be fixed.Did you get an adjustable rate disclosure from your loan officer? If not, then ask for one from your loan officer and find the 'index' and the 'margin' and report back. This may be a real shocker...If this is a loan that already closed, then find your 'adjustable rate rider' that was provided to you by the title company. Probably located in the papers that the title company gave you whenever you closed. Link to comment Share on other sites More sharing options...
Aerovette Posted February 5, 2007 Author Report Share Posted February 5, 2007 JQ got it right, it's 7.4%. Now for something more intriguing...I will guess that your first mortgage is an adjustable rate fixed for two years. The second might be fixed.Did you get an adjustable rate disclosure from your loan officer? If not, then ask for one from your loan officer and find the 'index' and the 'margin' and report back. This may be a real shocker...If this is a loan that already closed, then find your 'adjustable rate rider' that was provided to you by the title company. Probably located in the papers that the title company gave you whenever you closed.No loan yet, just a good faith estimate. Both are fixed rate. Link to comment Share on other sites More sharing options...
sr28b Posted February 5, 2007 Report Share Posted February 5, 2007 Fixed is good.As I reread my post, I see that I was carried away with mortgage lingo.(sigh) Link to comment Share on other sites More sharing options...
PolarBearnCO Posted February 6, 2007 Report Share Posted February 6, 2007 7.4 isn't too shabby for no money down. Congrats, even though it isn't official yet. Link to comment Share on other sites More sharing options...
Aerovette Posted February 7, 2007 Author Report Share Posted February 7, 2007 7.4 isn't too shabby for no money down. Congrats, even though it isn't official yet.Thanks. It just got better. They came back with 80% at 6.5 and 20% at 9.25. My only hurdle is selling my house VERY quickly. Link to comment Share on other sites More sharing options...
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