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It appears some good news is coming our way! I was told by a loan officer today that his bank has a 5.7% 30 year fixed rate loan and a 5.3% on a 15 year loan. Rates are dropping! Those of you who have not bought a home, have thought about buying a home or have a low rate that you do not want to give up, check it out!
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This is a practically guaranteed 11% rate of return per year on your investment. The loan requester has a A Credit Rating as judged by Prosper.com (a peer-to-peer lending site with over $100,000,000 dollars in loans). I've made over 18.5% myself over various loans I've bid on.
Crisil, the credit rating agency, today said banks should brace for payment defaults on their retail loans because of their exposure to high-risk customers and rising interest rates.
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