Credit Score

Hi firstimerr,

If you have a good credit score, then you can receive a better interest rate from the lender. However, apart from a credit score, the interest would also depend upon your income and your credit history. If you have other negative items on your credit report, then you won't get a better rate for your loan.

Thanks

How can some one has credit score of 800 and have a bad credit history

Never heard of that

Negative items could also effect your credit history. Many a times old negative items are taken into consideration by the lender which may effect the interest rate for getting a loan.

My antennae are picking up a twinge of academia because in a way youre asking the wrong or at least oblique question. Worthwhile subject to investigate though.

Fannie Mae has the role of Pied Piper so your investigation should start there. As I recall this site does not permit the posting of even the most innocent links so the directional verbiage begins. Go to efammiemae and click on the link for “2009 (sic) lender announcements and letters. Go to 2008 and look at 08-38 for the partial answer. You will see the quick answer on 30-year terms at the FICO levels you present is nada unless you have a 60% of less LTV. More interesting as FICOs decrease. Remember 15-year terms and govies are not included.

Second part of your question, actual the primary part, is rate. For this you go to the make believe of 09-24. The trade off Fannie advocates had some bearing when net yield used to be king but doesnt have much effect now when you cross security breaks on MBS levels. Still youve go to start somewhere and the point-rate relations given is a start. Buyup/buydowns play a role but youre not going to be able to view these unless you have a password.

Wow that was good, but still didnto get the answer

But its nto your mistake right.

This how complicated it is the mortage market and cannto expect anythign for sure until you sing those papers and literally sing your life away along with that

thanks

firstimerr ,

Welcome to forum

The interest would also depend on income and credit score.If you make better score,then you can received better interest from lender

note that credit score is not the only criteria which influences interest rate. there are other factors such as : type of prog, down payment etc

Assuming I am able to make 20% down and conventional loan

Hi firstimerr,

You will have to look out for quotes from the lenders. Different lenders may offer you different rates and terms for getting a loan. You can speak to the lenders of this community and seek a no obligation free mortgage quote. This will let you know what type of rates and terms you would receive.

Every oen thnak you for your response

Hi firstimerr,

You are most welcome :) . If you've further queries regarding mortgage or any other financial issues, feel free to post in the forums. The members/experts participating here will try to help you in resolving your query.

Thanks