How good of a mortgage rate can someone get for having an excellent credit score? Over 800?
Mortgage
acman07033 asked:
I recently got a quote for a 30 yr. fixed rate mortgage of 6.75% and was wondering if that was a good rate considering I have an excellent credit score. I simply thought it would have been lower, and did not know if it were negotiable.
Maria
I recently got a quote for a 30 yr. fixed rate mortgage of 6.75% and was wondering if that was a good rate considering I have an excellent credit score. I simply thought it would have been lower, and did not know if it were negotiable.
Maria
June 2nd, 2009 at 5:34 am
Leo
Are you asking about mortgage rates or simply bragging about your credit score
June 4th, 2009 at 10:02 am
Florence
Thats a great rate. Good for u..
June 7th, 2009 at 2:35 am
Ruby
It wouldn’t hurt you to check out a couple of different lenders just in case. I think it’s possible to get lower than that. Keep looking.
June 7th, 2009 at 9:15 am
Nancy
That’s pretty good. It is somewhat negotiable but it depends on who you got the mortgage through. Always get a second opinion if you aren’t sure of the first.
June 10th, 2009 at 1:40 pm
Virginia
With such a good credit score, you can negotiate. However the current rates are in the 6-7% range, compared to 4-5% a couple of years ago.
Still, if the rate can be lowered another .25 to .5%, it translates to a lot of money. so try to negotiate further.
June 13th, 2009 at 5:49 am
Lydia
Based on what I’ve seen and read over the past few months, that seems a bit high if your credit score is as high as you say. I would have thought you would have gotten something closer to 6% or 6.25%
June 15th, 2009 at 2:48 pm
Arnold
You must have something else going on…. Manufactured Home?, Acreage?, No Income Verification?…..
There are a lot of things that go into rate. The 800 credit score just allows for a approval of a loan, and not necessarily a “fantastic” rate. Also, the loan to value has a great deal to do with it. You should have 20% down on a purchase, in order to qualify for the best rate.
June 18th, 2009 at 8:26 pm
Caroline
Your income and the amount of downpayment (percent of the home value that you intend to finance) can also play into the mortgage rate. Some lenders sell ‘points’ where you pay up-front money to buy a lower interest rate.
June 20th, 2009 at 12:33 am
Jacqueline
30 yr fixed @ 5.875
15 yr fixed @ 5.5
ps i am a mortgage broker…
the factors that will greatly affect that is your loan to value and your debt ratio…
June 20th, 2009 at 3:45 pm
Brian
Mortgage rates differ a lot and are based on your credit rating and the value of the home. Before approving your loan, your lender will scrutinize your credit history. There are two types of mortgages according to the type of rate: fixed or adjustable. Consult a mortgage broker or contact the lender directly asking for quotes. This lets you decide between both the varieties of mortgages.
June 23rd, 2009 at 2:14 am
Tonya
There are several factors that decide what mortgage rate you qualify for. They are:
*credit score - your’s is very good and should qualify you for almost any program
*down payment - if you have 20% to put down, you’ll get the best rate possible
*your income - your ability to prove your income (and basically show that you can pay back the loan) has an effect on the rate.
*your assests and debts - how much do you have and how much do you owe?
That said, based on what you report in your question, 6.75 does sound high for today’s rates. A score over 800 is very good and should (assuming everything else is in order) get you something closer to 6 percent.
And you can absolutely shop around and look for better rates. And definitely ask your current mortgage professional why your rate is high. If he or she can’t fully explain and give you sound financial reasons for the rate, go somewhere else. Ask your family and friends who they have worked with and who they liked. Get referrals. It’s the best way to go.
Hope this info helps.
You’ve done your part by keeping your credit good and building a credit score over 800. Make sure your mortgage professional is doing their part to get you the best deal possible. I’ve included a link below to the Quicken Loans (where I work) mortgage rates page. You can get a good idea what rates are available.
June 23rd, 2009 at 3:22 pm
Troy
Rates depends on a combination of a lot of factor not just credit score. There’s also Loan to value ( amount of loan vs. your house value), Stated or Full income doc, if you could provide proof reserve….. etc. If you are paying points and fees.
Everything is negotiable, go to lendingtree.com for a qoute.