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As of today, 6/15/06--I would be quoting a rate of 10.5% and 11.875% depending on which type of loan a customer would want. A 30 yr fixed would have the higher rate. Picking a 2/28 arm or a 3/27 arm with a prepayment would give you a lower rate. The lender would want a prepayment (or you pay a fee at close not to have it) as the lender wants to keeps the loan long enough to make some money. This type of loan may require a larger downpayment if you are buying, or a lower LTV if you are refinancing. You may still qualify for a 100% loan but the interest would be about 11.5% You need a mortgage broker that you can depend on to get you the best rate available to you because of the score and what your actual credit looks like ( the why it is so low). You are going to need a lot more informatino that just a FICO score. Income documentation, property type and value, loan balance, mortgage payment history and a host of other factors play a part in this. Assuming a full doc loan with a verifiable 3rd party mortgage or rent history with no 30 day lates on a suburban SFR purchase of around $200k with 20% down, you can probably get down around 8.5%, but there are too many factors to say for sure. The best thing you can do is go to a reputable mortgage broker who can shop the rate with a few different lenders.
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∙ 17y ago
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Can you get a good mortgage rate with a FICO score of 686?
FICO score for mortgageDepends on your definition of "good". You can get a mortgage with 686 score. FICO score over 720 will get you the best mortgage rate.
What is the insert rate on a 30 year mortgage with a fico score of 686?
Your interest rate depends on the bank that you go to. Talk to different loan officers to determine the best interest rate for you.
What is a common interest rate with a 721 fico score?
The higher your FICO credit score, the lower your interest rate is commonly. If your score is at 721 then your interest rate may be approximately 3 percent.
What should a FICO score be to get approved for mortgage?
Your fico score is only one factor in buying a home. The lender will also consider your job history, debt to income ratios, assets and how much you are putting down on the home. Fico scores under 580 may cause you to get a VERY high interest rate, if you can find a lender that will lend on the home. A score of 680 or above will usually get you an excellent rate in todays markets.
Is the score 735 a good credit score?
In general, yes a score of 735 is considered a great score. With this score you should get the best interest rate at almost all lenders. However, each lender and each industry has a different tolerance for the risk they will take. Your FICO score is really only a measurement of the risk of you defaulting on a debt. Some lenders for example may require a score of 740 or 760 to be granted their best interest rate. For a FHA mortgage, a FICO score of 640 will get you the best rate available.
Can you get a good mortgage rate with a FICO score of 686?
FICO score for mortgageDepends on your definition of "good". You can get a mortgage with 686 score. FICO score over 720 will get you the best mortgage rate.
What is the insert rate on a 30 year mortgage with a fico score of 686?
Your interest rate depends on the bank that you go to. Talk to different loan officers to determine the best interest rate for you.
What is a common interest rate with a 721 fico score?
The higher your FICO credit score, the lower your interest rate is commonly. If your score is at 721 then your interest rate may be approximately 3 percent.
What should a FICO score be to get approved for mortgage?
Your fico score is only one factor in buying a home. The lender will also consider your job history, debt to income ratios, assets and how much you are putting down on the home. Fico scores under 580 may cause you to get a VERY high interest rate, if you can find a lender that will lend on the home. A score of 680 or above will usually get you an excellent rate in todays markets.
Is the score 735 a good credit score?
In general, yes a score of 735 is considered a great score. With this score you should get the best interest rate at almost all lenders. However, each lender and each industry has a different tolerance for the risk they will take. Your FICO score is really only a measurement of the risk of you defaulting on a debt. Some lenders for example may require a score of 740 or 760 to be granted their best interest rate. For a FHA mortgage, a FICO score of 640 will get you the best rate available.
Is a credit score of 671 good?
671 is a good score thru the eyes of a mortgage lender. Anything over 620 will get you a conventional rate or the street rate you hear offered on the radio or tv. There are a number of different credit scores. Since you did not indicate what credit score you are referring to I am assuming you are referencing your FICO score. You have 3 FICO scores, 1 for each of the major credit bureaus (Equifax, Experian, and Trans Union). The score measures the likihood you will repay your debt. You can help increase your score by paying on time and reducing your debt. The score is also used by lenders for loan decisions and interest rate assignment. The FICO score ranges from 300 to 850. The minimum FICO score lenders like to see is 723. The national average is about 678.
What company will approved a score of 587 for a home loan?
Most companies will approve a FICO score of 587 for a home loan. With this score, expect a higher interest rate since one will be considered a sub-prime borrower with 587 score.
Can you get a mortgage loan with a 480 Fico score?
I want to buy a 420,000 home I have 200,000 to put down my three scores are 480, 510, and 520. Will I be able to purchase this home and get g good rate mortgage. thanks johnny
What effect does a credit score have on a mortgage?
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.
Can you get a decent mortgage rate if you make 40k annually with a FICO score of 705 and your spouse makes 50k with Fico score of 550 with paid collections accounts?
More than likely, you will be able to qualify for an FHA with 3.5% down. They don't focus much on your score versus other items such as your income which seems pretty decent. Good luck.
Whose FICO score is used on a joint mortgage?
The person that makes the most money is the FICO score that will be used to determine your interest Rate. Mortgage lenders will ALWAYS use the person who has the highest income as the primary borrower. Sometimes in the case of married couples it is better to only use one spouse (who ever has the higher score) as long as the income from one will satisfy the debt-to-income ratio required by the lender. The higher score will generally affect the interest rate while the income does not. ...and some lenders will use the lesser of the credit scores reguardless of income.
Can you get approved for a mortgage loan with a FICO score of 587?
Yes, you can get approved for a mortgage loan with a FICO score of 587; however you may have to pay a higher interest rate. You can definitely obtain a loan with a 587 FICO. While its not the best score one could have its not the worst, your rate will be higher since you would be considered a sub-prime borrower but you could obtain up to 100% financing with a 580 or better. Your credit history will also be a factor, have you filed for bankruptcy or credit counseling, do you have any collections or charge-offs. As well as your income and debt to income ratio. With FHA you can put 3% down, and they dont have a credit score requirement. Make sure to use a broker who has access to more than one FHA mortgage lender.
