High Interest Rate

ME asked:


We were hoping that building a brand-new modular home would be the answer to our VERY frustrating and discouraging search for a new home.

But when my husband called the mortgage company today, they really burst that bubble! They say the interest rate will be higher on a modular. We are not talking “doublewides” here… My husband and I really had our eye on a couple of higher-end models that look as good as any other house I’ve ever seen. Better, even!

So, why the higher interest rate? And how much higher would it be? My dear husband did not press her for answers, but I want to know. Thanks…

JENNIFER

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Juan asked:


We are just hoping to get a better interest rate, hopefully is not too early to do so.

LAURA

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John D asked:


I want to borrow the 9,500 from a friend, pay down that high interest debt and use a a purchase check from that same c.c. company with a fixed rate of 8% for the life of the balance to pay back my friend in a weeks time. Will this work and is it a good idea? I know there is a 3% transfer fee using the purchase check, but considering I don’t see the balance going down any time soon, I think it is worth it since I will be going from like 17% to 8% APR. Am I missing something here, will the C.C. company allow this?

LISA

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BIG T asked:


how risky are mutual funds?

PATRICIA

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Jamie G asked:


I have really horrible credit due to my divorce…like 400! I am working very hard to build it back up. I was “approved” for a subprime auto loan but I want to know what I can expect the interest rate to be on a used auto. What is the highest ( worst ) it can be? Are we talking 30% or more? I live in New York if that matters.

Thanks so much for your help!

DIANE

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