Hi guys! Oksana Bryant is in touch and today we will discuss loan rates in the USA. Who lives well in Russia, and who needs “life on credit”? 🙂
All my life I have heard rumors about the United States, one of which was that everyone here lives on credit. And all this was said by people with such arrogance and disdain, saying that even though I live from paycheck to paycheck, but all that I have at home is mine! People from the post-Soviet space tend to be afraid of loans. I think the reason for this is a fragile economy. What do you think? But-but-but, only without an ambition, please …! 😀
Living in the USA, I understand that you can live on credit, and you can live well. With such a percentage!
Interest Rates in the USA – Mortgage
Mortgage, here called mortgage, is given to those who wish at 3-4% per annum. Below I give examples for different states. At once I will say that these conditions are for those who have a loan from 740 and up (about what credit is and how to increase it, see this article ), with a 20% down payment.
- In Houston (Texas), if you take $ 250,000 * for 30 years – from 3.93% to 4.56%. For 15 years – from 3.08% to 3.83%.
- In the city of New York, if you take $ 300,000 * for 30 years – from 3.93% to 4.56%. For 15 years – from 3.25% to 3.74%.
- In Honolulu (Hawaii), if you take $ 380,000 * for 30 years – from 4% to 4.4%. For 15 years – from 3.14% to 3.70%.
* The amount of the mortgage is adjusted to the cost of housing
Now imagine a situation that you recently moved to our small town near Houston. You have a little money, like any immigrant, but you want to buy your house. You can buy a house from us and for $ 120,000 is quite a decent, 3-hilum. 🙂 Minimum down payment of 5%, so you need to have $ 6 thousand. The loan is soon missing from you, of course, it will appear only after six months after receiving the SSN (social security number). Until that time, you will not be able to get a mortgage. When credit appears soon, you need to increase it to the minimum requirement for a mortgage – 660 units. The bank, after all, needs to know that you are a solvent person and know how to manage money. If you take a mortgage for 30 years, your rate will be from 4.22% to 4.74% with a monthly payment of $ 727-782. Well, after half a year,
By the way, to estimate the prices for housing, address here , where I compared the prices for housing in different states. Well, if you are major and want elite housing in New York, then you are here . 🙂
Credits in the USA – auto loan
This topic is especially relevant for me, since my husband and I spent several weekends at local dealerships (how is it called in Russian? Называется), respectively, we studied all the conditions in great detail.
Rates for car loans also depend on your credit soon. Here you can count on such rates:
In order to better understand the table – the loan is fast for an average American – 699 units. That is, if this American takes the car on credit for 5 years (60 months), then he will most likely pay 4.6% per annum. We could quickly rely on our credit only at 9.398%, so we took the car for cash. Well … but got a good discount! 🙂
In dealerships sometimes even offer an interest-free loan, but for this you must have a great loan soon.
Rates on loans in the US for personal needs can be very predatory and can reach as much as 36%, as you are lucky. I do not know what a madman would take a loan at 36%, but apparently he really needs it.
Here are the average rates depending on the loan soon:
Excellent speed (720 – 850) 10.94%
Good speed (690 – 719) 14.56%
Average speed (630 – 689) 19.84%
Poor speed (580 – 629) 28.64%
However, some take loans at 5-7% per annum. I do not know how they do it, but they obviously have a talent! 🙂
Education loans in the USA
Such loans are taken even for 30 years, like buying a home. Why? Here you can see the cost of education, and consider how much you will pay for 4 years of study at the undergraduate degree. Although … So be it, I will consider it for you. $ 160 thousand you will give at least a good university for 4 years. With that kind of money you can buy a house in Texas.
The interest rate on “educational” loans – an average of 3.5%. This is if you get a loan from the institute or from the state. If you don’t get a loan from them, then we are going to the bank with a sad face – they will give you something there! They will give something, but now at 6-13% per annum and for 10-20 years. You start to pay it immediately after you get a job.
Interest on credit cards – from 0% to 28% (everything depends on credit history too – at first you will pay a lot, then less, then you will pay extra. Я This is me saying that when you earn good credit, you will be offered cards cash back (cash back), where every time you buy money back.
Well, did you like the rates on loans in the USA? And how do you like this “life on credit”?