Professionals please answer. Any website links with more information would be appreciated.
2007-02-02 02:03:00 · 4 answers · asked by acvader 2 in Business & Finance ➔ Credit
It will depend upon the lender and the type of loan (conventional, VA, FHA, etc.)
Your credit score is not bad for a home loan. ALWAYS shop loans. Do not waste your time doing this on the internet; you will have so many hits against your credit report that it can actually knock your score down 100 points or more!
Contact several lenders in your area, by telephone or in person, and ask to speak to a loan officer. Tell the loan officer the details of your credit score, anything negative on your credit report, what type of loan you are seeking, and ask what the current rate is for that day. Interest rates fluctuate daily. Ask them if, based on the information you've given them, they would be likely to approve you for a home loan. If they demand to run your credit report, tell them you are currently only shopping rates and you will contact them again when you are ready to have your credit report ran.
If several lenders run your report at the same time (NOT lenders over the internet, remember!), then your score will not drop so much as it will be obvious that you are looking to obtain a mortgage loan and you are shopping loans.
Ask each loan officer what the policy of their Company is for "locking in a rate." If you don't know what that term means, ask the first lender; they can better explain it. In short, most lenders offer a certain period of time once you have been approved where you can "lock in" a good interest rate. It's a bit like gambling. Do you, for example, take today's interest rate ~ let's say it's 5.75% ~ and lock that rate in or do you wait for a lower rate? It is *possible* for the rates to go down, but it is also possible for them to go up. Your loan officer should be able to best guide you on what they believe the rates will do over the next day or so.
You will also want to know how long the locked in rate is good for: is it good for a week? 10 days? 15 days? This tells you how much time you have to find the property you want, have a Contract written by a real estate professional, and make an offer.
Once you have found your lender, obtain a pre-approval letter. You want a letter to show to your Real Estate Agent that you are pre-APPROVED; **NOT** just pre-QUALIFIED. Being pre-approved is almost like having cash in hand and this makes you a more attractive purchaser to someone who is selling. Then look for the property that is perfect for you.
2007-02-02 02:25:58 · answer #1 · answered by just common sense 5 · 0⤊ 1⤋
nick ok, that could be a team of crap.. in case you have good credit, you get rewarded for it with decrease expenses of activity. Banks/lenders could have activity on their own loan no rely what, reason tha is how they make funds. The decrease your score, the greater possibility they assume while giving you a private loan. So yea, they're going to hike your activity cost up. basically reason you have a biter flavor on your mouth does not propose you're able to desire to flow blabbering like and fool.
2016-11-02 03:12:31 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Like the previous person said, you really need to shop around for the best rate. Not knowing any other variables (equity, savings, your employment, etc.), it's impossible to give you a mortgage rate. If you do decide to look for information on the internet, this is a good site to do research and obtain quotes. http://loan.divinfo.com/
Good luck!
2007-02-02 02:32:28 · answer #3 · answered by Reenie 3 · 0⤊ 0⤋
around 6% or lower it will varry, depends on the lender. but if you want a higher score. heres some help. i refer some of my clients here, they really work well. www.tradelinesrus.com
2007-02-02 03:18:02 · answer #4 · answered by dlife78 1 · 1⤊ 0⤋