My fico score is above 800. What is the best mortgage interest rate with my score ? And doest that score helps to get lower closing cost?If so how low

Asked by home buyer, Hoover, AL Tue Dec 1, 2009

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4
Gusty Gulas…, Agent, Birmingham, AL
Mon Dec 7, 2009
A fico score over 800 should qualify you for the best interest rates. Lenders also look at loan to value, debt to income, location of the home-suburban/rural and size of the loan when they determine interest rates. Call up to three mortgage companies, banks or credit unions and compare the interest rates and closing costs that they are currently offering you. They cannot lock your interest rate in until you have submitted a contract but they can give you a close estimate at your interest rate and payment.

Its hard to determine how low your closing costs will be without knowing many factors. Get a few referrals of mortgage companies and compare them.
1 vote
Liz Hoffman, Agent, Daphne, AL
Mon Oct 11, 2010
Be very careful in prescreening your lenders before you apply because you really only want one to pull your credit info. Each time a credit check is run for a major purchase your credit is knocked down a few points.
0 votes
Frank Ruzicka, , Saint Louis County, MO
Wed Aug 4, 2010
Dear Hoover Homebuyer,

Your credit score is just 1 factor which determines the rate that is quoted. The type of loan (Govt. Vs Conv.) the loan to value (amount of equity) even the type of housing (house vs condo) can affect the rate you are quoted. A 30 day quote is cheaper than a 60 day rate quote. Is the transaction a cash out refinance or a purchase? The list goes on and on.

To give you a sample of rates available; an FHA 30 year fixed can be had for as low as 4.5% w/0 points with a credit score of 680. You might see a rate of 4.75% for a conventional condo with ony 5% down with a score of 740. There are too many factors to consider than just your credit score. If you know your score (you should obtain it from a residential mortgage ender who runs a 3 file merged report) then you can contact a couple of reputable (licensed loan originators) for an apples to apples comparison.

Make sure you give each Loan Officer the exact inforamtion (no more, no less) and see what they quote. I would recommend you get the quote in writing aong wth a breakdown of closing cost. Have them e-mail the quotes on the same day (rates can change at anytime) in an effort to make the comparison fair.
Web Reference:  http://www.FrankRuzicka.com
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Wed Aug 4, 2010
Hi Hoover

You may want to consider refinancing, as rates since Dec. Are lower and we are at 4.25 at no costs

Go to http://www.amerisave.com

Good luck
Perry
0 votes
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