Quote:
Originally Posted by Hakkaboy
Is that seriously what they are using to calculate if you qualify? 3% over 30 years?
|
30 year mortgages are quite common if you don't need CHMC insurance. And 3% is just an estimate of a 5-year fixed rate - technically you will need to qualify at an even higher rate than that.
-Mark (who is a commercial banker - not an expert on retail mortgages, but it's pretty simple and formulaic)