What sort of fico number do you need to have to get an average intertest rate on a mortgage?

Question

I understand the higher the better, but im wondering what fico number is considered 'good enough' by the mortgage lenders.

Answer 1

A minimum 680 fico score and 20% down payment will get you a good interest rate on a mortgage. You may even get an exception if you're only a few points below that.

Answer 2

What do you mean by average interest rate? Your interest rate will be determined by your FICO and your LTV or loan to value. This is a loaded question and is an interest rate what you are after, or are your attempting to make the most of this most important transaction? This website can answer pretty much any question you have about the entire process. inlandnorthwestmortgage.com. Good luck and make the most of it.

Answer 3

Anything over 680 is considered a good credit risk. If you have high 700s or more, they'll bend over backward to win your business. Check out Suze Orman's web site for in depth info about FICO scores. She helped develop them.

Answer 4

There are 24 different factors that determine your interest rate. though credit is a big factor, it is certainly not the only one. There are some loan programs that have very competitive rates that don't even require a credit score at all.

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Answer 5

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Answer 6

In the current environment you need 700+

Answer 7

above 720 is the current number for 2007.

Answer 8

mid to high 600s.