I have a credit score of 580 what type of mortgage intrest rate should I expect .?

Question

Also what is the average score need to get a good interest rate.

Answer 1

I can get you 10%, But what kind of House are you buying, What is the property value, what amount of mortgage do you want?

You, are on the right track, but you need to know that there is a lot of questions that need to be answered.

Answer 2

There are so many factors that go into what your interest rate is going to be. Loan to value, debt to income, mortgage history, job tenure... so just about any interest rate you see on this page is not going to be very accurate without this information.

I'll give you a scenario with an estimate though:

If you have a 580, with no other credit problems marring your credit report, no mortgage lates in the past 24 months, close the loan with at least 20% equity in your home, have been at your job for at least 2 years, and are refinancing a home, not purchasing, with a loan amount of around $200,000, located in New Jersey (don't know why i chose NJ) and with all other factors being in good standing, you could expect an interest rate of about 7.75%, and possibly a bit lower from a mortgage broker (I myself get about a .25% wholesale discount from several of my lenders).

You won't get PMI with a 580 credit score, most likely, since your loan would probably be a sub-prime loan, and there is no PMI on sub-prime.

To start getting decent rates, most lenders want to see a score of at least 620, while there are a few out there that would allow for a credit score of 600.

If you have more questions, or want some more info, email me or check out our website.

Thanks!
Kevin

[e-mail]

http://aapexfund.com

Answer 3

Your credit score is not that great and therefore you will be offered loans at a higher than market rate. Depending on where you live this can cost a bundel over the course of a standard 30 year mortgage. A good rating is 600 or better with the top rating of 680. Anything less than 600 will be charged a premium for the extra risk associated with the lower than desired rating.

Answer 4

Well there are still a few factors that you would need to know before determing that.

1. How much of a down payment do you have?
2. What is your income?
3. Do you have co-signer?

These things could all effect your interst rate. If you have a low credit score based on a few stupid things from your younger days, but still have good income and a good down payment banks will work to get your rate down more then it might otherwise be.

Answer 5

Depends on what state u live in. I know the company that my brother worked for u can get a 100% loan if u want to buy a house. But with refiancing theres no point to do so. The rate can go up.

Answer 6

580 isn't a alluring volume to loan lenders. So i wager that's mandatory to assume a intense pastime cost. An experienced loan broking service will be efficient subsequently cuz he/she can help you you keep round and negotiate for the most acceptable conceivable deal.

Answer 7

Unless you get DU approved, probably around 8%. For convential purposes, usually a 620 allows you to start qualifying for decent programs.

Have your loan officer try to approve you on a Home Possible or My Community loan. If you get approved through DU, you'll be looking at decent rates and REALLY low PMI.