What is the lowest interest rate available for a 30 yr fixed mortgage loan? What is the highest? What would be a good interest rate for a person with a 627 credit score? I should not accept anything over....... "what interest rate" ?????? Need help....credit score 627, looking forward to buying a foreclosure of about $100,00 to $150,000 range.....anyone with knowledge or experience in this field please help. Thanks.
2007-08-15 07:56:12 · 8 answers · asked by Celz 2 in Business & Finance ➔ Renting & Real Estate
Let me preface this by saying that I'm not a spammer or a scammer and am located in the good ole' USA!
30 year fixed rates start at about 5.375% (costing several points). If you're interested in paying 1 point or no points, expect a rate of about 6.375% - 6.5%. There are several factors that go into qualifying you for these rates, however.
If you're putting money down (5% or so) and are purchasing a primary residence with full income documentation, have a good amount of liquid assets, and a fairly clean credit history for the last 2-3 years (no bankruptcies, foreclosures, collections, etc), then you should qualify for the best rates.
If you are doing 100% financing or have some blemishes on your credit, it's likely that the rate will be higher - could be as high as 9%.
Most lenders these days use automated underwriting to determine what you qualify for, so whatever the underwriting system says goes, and the decision that is rendered dictates what interest rate you get.
The person who spoke against Countrywide is not entirely accurate - the subprime (bad credit) side of Countrywide has penalties for paying your loan off early, as do all subprime lenders. The "good credit" side of Countrywide does not charge pre-payment penalties. Either way, you can opt not to get a pre-payment penalty if you choose not to.
2007-08-15 08:24:06 · answer #1 · answered by Mr. Knowitall 3 · 0⤊ 0⤋
Rates are all over the chart. You'll have to contact a qualified lender, preferably in your local area for information.
A 627 credit score isn't very good. You'll be paying a premium rate if you can even find a loan. You'd better serve yourself by renting for a couple more years, cleaning up your credit record, and setting money aside for a down payment and closing costs.
IMPORTANT: Don't even think of contacting the spammers and scammers who post their e-mail addresses here! Most of them operate from internet cafes in Nigeria or Latvia and they'll rip you off blind given half a chance!
2007-08-15 08:07:08 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
The interest rate will vary based on the loan product that you qualify for. The loan product that you qualify for will depend on MANY factors, credit score being only one of those factors.
Some of these factors include the percentage of the purchase price financed (loan to value), your employment status, your liquid assets, the occupancy of the property (is it going to be your primary residence, or an investment property).
Also, different products offer different rates based on how many discount or origination points you are willing to pay at closing. Many products carry pre-payment penalties, and some products collect money up front at closing to set up an escrow account (this account is used to pay for homeowners insurance and property taxes).
Anyone quoting you an interest rate without reviewing your entire credit report (not just the score), looking over your pay stubs and previous year W2's (some loan products do not require furnishing those items), reviewing your bank statements (some loan products do not require furnishing those items), and speaking with you to understand the overall 'loan scenario' is lying to you.
I suggest asking a friend or family member who has recently made a purchase to refer you to someone. As a member of the 'world of mortgages' I would say that in ALL cases the most important factor is the trustworthiness of the banker/broker/loan officer that you are dealing with.
Good luck, and please do not fall for the interest rate trick, there are many factors outside of the interest rate to consider when obtaining a mortgage loan (I will admit that interest rate is one of the more important factors though).
2007-08-15 08:32:12 · answer #3 · answered by JG 4 · 0⤊ 0⤋
You can stipulate in your offer that the purchase is CONDITIONAL on your being able to obtain a fixed interest rate that you decide on.
I have seen rates from 5.35% up to 7.00%, plus or minus a fraction.
That will depend on your credit score and all your outstanding debts as a ratio to your income.
You can shop with morgtage companies or banks.
I do not recommend Country Wide. They do not accept payoff without penalties. Read all fine print and be permitted to prepay principle at any time.
Maybe you can check with the lender carrying the forclosure for their rates.
Good luck.
2007-08-15 08:12:15 · answer #4 · answered by ed 7 · 0⤊ 0⤋
Yeah, let me second on the bostonian comment. I'm an employee of chase. you can find my site caseycasperson.com is connected to chase's home website and you can go backwards in from chase's main site to find me. you can also email me at casey.x.casperson@chase.com
That being said, there are 24 different factors that determine your rate. your score is just one of them. You need to have a professional like me take an application with you and determine what's best for you. My rate sheet goes anywhere from 5.25% to 9.75%...
contact me if you're really serious about purchasing a home.
2007-08-15 12:25:28 · answer #5 · answered by The Smart One 4 · 0⤊ 0⤋
On my rate sheet, the lowest is 6.25% and the highest is 7.625%. If it is a primary residence, purchase, 1 unit, 80% LTV, less than 90% CLTV, SFR, no interest-only, no lender fees, $100,000 loan amount, I would give you 7.125%. If you wanted to pay 2 points, I could get you 6.5%.
2007-08-15 08:19:00 · answer #6 · answered by ? 4 · 0⤊ 0⤋
For Finance and credit solutions I recommend this site where you can find all the solutions. http://creditandfinancesol.info/index.html?src=5YAWds13tGY73fDG1
RE :Home Mortagage Interest Rate Question....?
What is the lowest interest rate available for a 30 yr fixed mortgage loan? What is the highest? What would be a good interest rate for a person with a 627 credit score? I should not accept anything over....... "what interest rate" ?????? Need help....credit score 627, looking forward to buying a foreclosure of about $100,00 to $150,000 range.....anyone with knowledge or experience in this field please help. Thanks.
Follow 7 answers
2017-04-05 00:33:29 · answer #7 · answered by ? 6 · 0⤊ 0⤋
you may desire to understand your fico score to start your seek and which will verify which course you will circulate considering refinancing calls on your fico score to work out what mortgage fee you will get. in case you have a fico score of 7 hundred or greater, you have got extra desirable ideas in this industry. extra, examine in case you have a prepayment penalty. i think of you will get a unfastened report as quickly as each and every 18 months. examine on line. initiate out with the present lender and notice what they might furnish you. Then save around. refer to three lenders-banks, mortage brokers, and etc. tell the lenders that's my fico, debt, earnings, and components. So, what are you able to furnish. experienced and sturdy lenders would be waiting to furnish you "ball park figures" without working your fico everytime. Then decide for the single based one what they inform you. Use effortless experience nonetheless if it sounds too sturdy to be real. you will get an concept ordinary, the version is that for the duration of and fairness mortgage you borrow money based on the fairness of your place. In refinancing, you get carry of yet another mortgage against the valuables you very own. the expenditures are additionally a lot greater in refinancing. fairness expenditures are very low and extra handy to acquire than refinancing. in case you plan to refinance, then get carry of a decrease fixed fee or a fee that could be of five or 10 years in case you dont plan on possessing tha components for that quantity of time. examine loans available. yet another question, is it an earnings components which you hire? expenditures on those are greater. I dont recommend paying your automobile or charges off with a refinance that has an entire life of ten years or extra. Refinance to get a decrease fee and get an fairness to repay your automobile and charges. The fairness is smaller and can have much less existence. you are able to repay speedier than an prolonged existence mortgage. analyze the expenditures and notice what works for you
2016-10-02 09:36:13 · answer #8 · answered by ? 4 · 0⤊ 0⤋