Credit score is 640, what would be my rate on a 5/1 intr. only arm??
Thanks
2007-01-13 14:43:48 · 6 answers · asked by square305 1 in Business & Finance ➔ Renting & Real Estate
Its based on several other factors! No one can just tell you what rate you would get. Your rate is based on much more then your credit score. You would need to go talk to a mortgage broker and let him do a pre-qualification on you. Hope this helps, nows the best time to buy if you can!! Good luck..
2007-01-14 08:48:31 · answer #1 · answered by CEESONE 4 · 1⤊ 0⤋
Why is your score 640 and not 740? If you have clean credit history in the past 24 months then you maybe able to get a prime loan. You may have a 640 because you have some high balances on credit cards or because you have a derogatories that occured within the past 1-3 years. Also the amount that you are borrowering compared to the value of your home is a big factor on the rate as well. If your home is worth 100k and you want to borrow 50k then that is 50% loan to value.
If you are under 80% loan to value and have no derogatories in the past 24 months you can get a 5/1 arm around 5.875% to 6.25%. You will also need to show some reserves in the bank of liquidable retirement account. Do you have a copy of your credit report? How do you know your score is 640? Feel free to shoot me an e-mail or give me a call if you'd like to discuss, my doors are wide open for your questions.
2007-01-14 00:10:36 · answer #2 · answered by ondreforsure 3 · 0⤊ 2⤋
No one can just tell you what rate you would get. Your rate is based on much more then your credit score. You would need to go talk to a mortgage broker and let him do a pre-qualification on you.
2007-01-13 22:48:54 · answer #3 · answered by kelly h 3 · 1⤊ 1⤋
Well depending on what percentage of the house your taking out and a couple other things you could possibly get anywhere between 6.25% and 6.75%. Rates are at a low right now so it is a good time to refi. if your interested i can give you a free quote if you call my phone. 734 637 1318. My name is DAVE
2007-01-13 22:53:23 · answer #4 · answered by David A 1 · 1⤊ 2⤋
This can depend on a lot more then your credit score, but go to myfico.com...they have some generallized charts of scores to interest.
2007-01-13 22:47:03 · answer #5 · answered by Snoopy 5 · 1⤊ 1⤋
If you met the other criteria, debt to income, employment, assets, etc. your rate at my bank would be 6.25%, no points or origination.
2007-01-13 22:49:58 · answer #6 · answered by amy23 3 · 0⤊ 2⤋