What would a good interest rate for a home loan be?

[RetireJapan]

Rates are slightly up recently.

I've just been offered 0 down 2800万 home loan at either 1.1% with lower starting fees or .85% with higher starting fees.

Fixed rate?

The latest rates for January are introduced by Emil in this video: https://youtu.be/ibnITaTXcaM?si=obxA6QU9orxYbeZq

[freddyfreeway]

Variable rate!

[RetireJapan]

Variable rate!

1.1% variable seems awfully high. Do you not have PR or something?

[freddyfreeway]

Variable rate!

1.1% variable seems awfully high. Do you not have PR or something?

I have PR. Hmmm, now you've got me thinking though. I owned a home in the USA for 20 years and my rate was just under 6%, so anything I've seen here looks so cheap I didn't really bother compare.

[RetireJapan]

Variable rate!

1.1% variable seems awfully high. Do you not have PR or something?

I have PR. Hmmm, now you've got me thinking though. I owned a home in the USA for 20 years and my rate was just under 6%, so anything I've seen here looks so cheap I didn't really bother compare.

Watch that video to see what is available now

[freddyfreeway]

1.1% variable seems awfully high. Do you not have PR or something?

I have PR. Hmmm, now you've got me thinking though. I owned a home in the USA for 20 years and my rate was just under 6%, so anything I've seen here looks so cheap I didn't really bother compare.

Watch that video to see what is available now

Yes sir I did and now you've got me wondering...

[Tsumitate Wrestler]

December 2024.

Mizuho - Variable Rate - .375% [I have PR, My wife is a Japanese}

*Has not been raised yet.

[freddyfreeway]

December 2024.

Mizuho - Variable Rate - .375% [I have PR, My wife is a Japanese}

*Has not been raised yet.

Is there any reason why a smaller, prefectural bank would charge higher rates?

[Tsumitate Wrestler]

December 2024.

Mizuho - Variable Rate - .375% [I have PR, My wife is a Japanese}

*Has not been raised yet.

Is there any reason why a smaller, prefectural bank would charge higher rates?

See published rates here: https://kakaku.com/housing-loan/ranking.asp?hl_ltype=2

The main issue is you do not have PR or citizenship. Getting good rates will be quite difficult.

Generally how rates are calculated is a bit stranger, but there is a general rate {Around 14%?} and you are discounted down to the "best rate" they can offer you.

The best stated rates on Kakaku mostly apply to those with PR/citizenship, stable full-time income over 2-3 years and a preferred job category.

Those without PR or citizenship, need to expect to get a higher rate, and perhaps pay a high deposit. Those without full-time domestically sourced income and no PR/citizenship are going to have a lot of trouble finding any loan.

[freddyfreeway]

December 2024.

Mizuho - Variable Rate - .375% [I have PR, My wife is a Japanese}

*Has not been raised yet.

Is there any reason why a smaller, prefectural bank would charge higher rates?

See published rates here: https://kakaku.com/housing-loan/ranking.asp?hl_ltype=2

The main issue is you do not have PR or citizenship. Getting good rates will be quite difficult.

Generally how rates are calculated is a bit stranger, but there is a general rate {Around 14%?} and you are discounted down to the "best rate" they can offer you.

The best stated rates on Kakaku mostly apply to those with PR/citizenship, stable full-time income over 2-3 years and a preferred job category.

Those without PR or citizenship, need to expect to get a higher rate, and perhaps pay a high deposit. Those without full-time domestically sourced income and no PR/citizenship are going to have a lot of trouble finding any loan.

I have PR and my wife is Japanese, so that's not the issue. Same for job stability. The rates I wrote (either 1.1% with limited 手数料 OR 0.85% with a much more substantial 手数料) are the rates quoted the website of Kagoshima Bank for all to see.

My wife thinks the difference may be that the lower rate places are online banks only. Thanks in advance if anyone knows...