Today, the rate for 30 years fixed loan with credit 680 to 699 is 6.75%, with credit 700 to 750 - approx. 6.55% to 6.6% and with score 760 and above it is in the range of 6.35% to 6.4%. You can "buy down" these rates, by paying points. You can easily calculate your savings for payments with buy down rates. If you plan to keep your loan more than 2 years, "buying down" pays off
Loan pricing has changed dramatically over the last several months. It used to be that the 720 was a perfect score and above this level you really couldnâ€™t get a better score. Not any more. As lenders shy away from scores below 660, they offer more loans for clients with scores above 750. Please take a note that with the score above 750 or760 you can apply with â€œthe stated income and stated assetsâ€ and receive the same low rates as with â€œfull documentationâ€. If you want to educate yourself on basic loan term definitions go to the mortgage professor site @ http://www.mtgprofessor.com/. He is the best.
According to one lender I've spoken with, if you put in multiple queries for the same need, in your case, home mortgage financing, multiple credit checks for the same reason should not lower your credit score. I always encourage buyers to talk to multiple lenders to get the best bang for the buck, but also the best relationship. The last thing you want is a good rate and high costs, or worse, a good rate, low costs, but it doesn't fund or show up at closing and you lose your earnest money. I use ERA Mortgage and get all three. I'm a broker with ERA, but a lot of my past clients use them to re-finance as well because the first round of service is so strong and affordable.