2006-11-30 10:21:51 · 5 answers · asked by sweet2006 1 in Business & Finance ➔ Credit
Interest rates are not solely calculated by your credit score. Your debt to income ratio (how much you make compared to how much you owe which includes principal, interest, taxes and homeowners insurance and possibly mortgage insurance, revolving credit, installment loans such as a car, child support, etc), employment history, mortgage or rental payment history and other factors help the lender find an appropriate program for you. A word of advice, learn as much as you can about the program you're offered before signing anything. A lot of people got themselves into a bind recently because of adjustable rate mortgages (arm)...they could afford the payments when rates were low but when rates rise and salaries don't, guess what. Unfortunately, some of those houses are going to be returned to the lender, who really "owns" the home anyway! Good luck!
2006-11-30 10:50:33 · answer #1 · answered by leslie 6 · 0⤊ 0⤋
this depends on much more then ur credit score alone. however 630 is not a bad score.. If you have some time just make sure ur paying payments on time and maybe open another account such as a money market account at another bank. dont apply for any more credit and focus on the basic's. You most likely wont get your morgage from a bank, this isnt always bad but id consider u a c-b credit risk.. the most important number is how much money u make.. compared 2 current debt... try to get those balances on those high intrest rate credit cards to 0
2006-11-30 18:57:35 · answer #2 · answered by Paul S 1 · 0⤊ 0⤋
My fiancee and I are considering buying a home, and his crdit score is 570, while mine is 640. Because of his, our interest level was 11%, combined. Alone, it would be 6.4% i think will be cheaper for me in the long run to buy a house and leave his name out of it, since he would have skyrocketed my interest rate way up.
And p.s. I have trouble getting cards and financed for things, and my score is not all that bad.
2006-11-30 18:32:35 · answer #3 · answered by ber439_0116 2 · 0⤊ 0⤋
It may be anywhere from 5.875% to 6.875%. Depending on ARM or fixed. Also consider the closing cost.
I would recommend check with ING DIRECT. They not only have competetive rate but also reasonabe closing cost with no hidden tricks. I don't work for them but have refinanced 2 of rental properties for 5.75%
2006-11-30 18:36:31 · answer #4 · answered by InnovateGirld 1 · 0⤊ 0⤋
it would be around 7 % or under that, that is a good credit score.
2006-11-30 18:26:09 · answer #5 · answered by mary s 1 · 0⤊ 0⤋