My credit score is around 640, and i want to buy a home worth 280000....what interest rate can i expect?

Asked by Tony, Miami, FL Tue Feb 28, 2012

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Jessica Bate…, Agent, Beverly Hills, CA
Wed Jul 31, 2013
An avg rate 4.5% as of now.. I recommend The Lenders Network, check them out. They can help you compare rates and fees with different lenders to get the best rates.

Good Luck!
1 vote
Stephanie Le…, Agent, Miami Lakes, FL
Fri Jul 19, 2013
HI Tony,

Credit score is only one part of the process. I would recommend you contact a lender to advise you on your specifics. If you don't know of any send me an email and I can recommend you a few to check loan products and fees. Just email me at

Here are Today's Rates:

30 Year Fixed 4.40% +0.03
15 Year Fixed 3.47% +0.01
5/1 Year ARM 3.52% -0.04
1 Year ARM 2.96% 0.00

Last updated: Jul 18, 2013
Web Reference:
0 votes
Genevieve Ra…, Agent, Punta Gorda, FL
Wed Feb 29, 2012
Your credit score is just one of the factors that determines your credit worthiness. Talk to a Mortgage professional and with all the facts, you will get the best answer.
Good Luck!
Genevieve Ramachandran
0 votes
Marco Torres, Agent, Miami, FL
Wed Feb 29, 2012
Hi Tony,
Your credit score is not the only factor you need. You need to have a good income, employment history, credit history. My best advice is for you to see a mortgage lender. Now, most likely you can get a better rate with a direct lender than with a mortgage broker. Also, at the moment FHA loans are giving a lower interest rate than a conventional loan. You can send me an e-mail so I can refer you a couple of direct lenders that can help you out.
Marco Torres
Miami Premier Realty
If this answered your question, please give me a "THUMBS UP" or "BEST ANSWER"-- thanks!
0 votes
Mario Hoyos, Agent, Miami, FL
Tue Feb 28, 2012
Just like Tony says it depends on alot of different things, are you a first time home buyer ? are you buying FHA with 3.5% down Payment ect.In our office we have Mortgage brokers who will be more than happy to sit with you and guide you through the process if you like, give us a call we can set up an appointment to see which way we can help, again if you have more than a 620 you can still get good rates in todays market our number is 305-207-6600. thank you and looking forward ito service your Mrtgage and Real Estate needs
0 votes
Dan Tabit, Agent, Issaquah, WA
Tue Feb 28, 2012
There are a number of factors in determining the rate beside credit scores. Different lenders charge varying amounts, programs greatly affect rate, 15, 20, 30 year terms, down payment will affect rate too.
For the sake of discussion, I took a look at a rate sheet adjusted for your score and assuming a 30 year fixed rate loan with 20% down you would be looking at low 4% range. I can't quote anything specific because you are not applying with me, I'm not currently a licensed lender and I don't have rate sheets for FL.
FHA may be a better deal as the price adjustment for your score may not be as severe and the down payment requirement is only 3.5%.
Here's the great news; if you qualify, rates at all scores are so good right now compared to at any time in the past 40 years or more you will be in great shape.
0 votes
Andre Shambl…, Agent, Miami, FL
Tue Feb 28, 2012
Thank you for your inquiry. As Anna mentioned rates fluctuate daily. In order to get an idea of interest rate it's best to apply for a pre-approval as credit worthiness is just one aspect of the mortgage loan process. If you have additional questions please give us a call 786-704-8482.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Feb 28, 2012
Keep in mind that rates do fluctuate daily; also be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously; therefore if you haven't done so yet, do visit with any licensed loan officer...
0 votes
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