Well I need to know if i can get lower interest costs for a home loan , Actually my credit report say I'm in 700 pts. what it means? good , bad, very good. Do some one know?
2006-06-05 14:22:12 · 8 answers · asked by See 2 in Business & Finance ➔ Credit
700 is a good score, the credit score go from 400 to 800 with the average in USA being a 680 .With that score you will get the lowest rate.The bank that you go to will rate you AAA (the best rate) On your credit report there should be 3 scores. Lose the high one and lowest one and use the middle one. With AAA rate to get the best rate you need to go Full Doc(W2 ect.) LTV will not matter much just make sure the bank you use does not have PMI or MI (the bank I work for does not) I am a SR. manager at a mortgage bank If you have any questions please email at JohnG@oldmerchants.com
2006-06-05 17:18:59 · answer #1 · answered by jon g 3 · 0⤊ 0⤋
In mortgage lending 2 scores generally seperate the good and best rate. 720+ will be the best, and then 680+ is good.
Take into account your loan to value, property type, type of income documantation, and cash out refinances are all HITS to the base rate of the loan you apply for. It is also known as risk based pricing, the bigger the risk the higher the final rate. The type of loan program you chose will also play a factor in the final rate and cost of your hits. Generally the difference between a 700 and 720 fico should run about .250%. 700 is an excellent score, and forget about the extra interest you will pay because at least on a mortgage you have tax breaks on the interest you pay.
2006-06-05 14:37:05 · answer #2 · answered by Jacque w 3 · 0⤊ 0⤋
700 is good, not excellent. If you can get above 750 you will get much better rates. Your APR also will depend on the ratio of equity to debt on the loan, and you should talk to your lender about possibly pre-paying points to bring the APR down even more. Be careful of the "rock bottom" APR some companies are offering; many of these are "interest only" notes which means you build no equity in the initial phase of the loan, and once that phase is over, your payments go way up because you now have to pay interest AND principal, and you have 25 years to do it in as opposed to 30 in a conventional mortgage.
2006-06-05 14:28:18 · answer #3 · answered by dcgirl 7 · 1⤊ 0⤋
Probably, depending on your capacity to repay the loan, that is your regular source of income.
2006-06-05 14:25:48 · answer #4 · answered by rockEsquirrel 5 · 0⤊ 0⤋
Hi, I want to subscribe for this question to obtain the most recent answers, so how can i do it can somebody help.
2016-09-20 11:52:54 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Everyone has their own opinion, but I don't think so
2016-08-07 23:01:40 · answer #6 · answered by ? 3 · 0⤊ 0⤋
very interesting question
2016-08-22 23:22:05 · answer #7 · answered by ? 4 · 0⤊ 0⤋
do it now, rates are moving up..............
2006-06-05 18:06:26 · answer #8 · answered by ron d 3 · 0⤊ 0⤋