If my credit is Good, like credit score 720 and I get interest rate at 5.875%.
If I have someone cosign my house and their credit is excellent like at Credit score 800, would it make a difference for my interest rate?
Or would it not effect at all?
Clueless, help please.
Thank you veryy much
2007-10-26 10:47:52 · 4 answers · asked by kim 3 in Business & Finance ➔ Renting & Real Estate
It won't affect it at all. Mortgage rates won't differ between a 720 and an 800 in most situations. No matter what anyone tells you, it is just not so. This is assuming that you already qualify for the 5.875% with your income, DTI ratio and all other factors. Adding someone would help qualify you in other aspects of the loan, (if you needed it) but just the FICO of 800 will not help you any.
PS, 5.875% is about the best fixed you can get now. Don't pay over 1 point in origination fees, and make sure you are not paying YSP (Yield spread premium). Ask them to make sure.
2007-10-26 10:55:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
720 is a very good score doubtful a better score as cosigner will help you. but it would put the 800 friend in a worse position.
2007-10-26 18:05:18 · answer #2 · answered by KEN K 2 · 0⤊ 0⤋
I think your credit is just fine on your own. I don't think you'll get a better interest rate than that.
2007-10-26 17:53:01 · answer #3 · answered by Jodie G 5 · 0⤊ 0⤋
It's not going to help you at all. You have already been offered a VERY attractive rate.
2007-10-26 17:53:48 · answer #4 · answered by acermill 7 · 0⤊ 0⤋