Posted on: 05th May, 2009 09:33 am
Hi what kind of loan should i go for and what rates should i be getting? I have a score of 750
Hi with a score of 750 you can go either way, A conventional loan in which the min score is 720 or a FHA loan in which the min fico score is 620 and only require a min down payment on 3.5% As far as rates you should be getting probably the lowest and best rates as your score is pretty good. Shop around with a few places and banks till you find the deal you like.
conventional loans are priced better than fha loans. that's where you'll find the best rates - which ought to be sub-5% at this point. expect to pay a point or more, no matter the rate (unless you like higher rates).
The Loan To Value ratio will be a factor in determining your interest rate. Based on that score & the loan fitting within conforming guidelines (under $417k) you should have rates from mid to high 4%'s. I hope this helps...
In my opinion one should search for the property first and then apply for the conventional loan as it is very easy for you to get that loan with 750 FICO score.
keep us updated
keep us updated
realtors do not want to have clients coming to them first without having been through the preapproval process (and rightfully so). for someone to claim to have a stellar credit score does not make it so.
go to a lender, document that you can get a mortgage based on your qualifications, and then go shopping for a home.
please, gunzi, learn this.
go to a lender, document that you can get a mortgage based on your qualifications, and then go shopping for a home.
please, gunzi, learn this.
Never start shopping before the approval process. No one wants to waste anyones time and especially not your own. Know what you're approved for before you look otherwise you're looking blindly. i hope this helps...
Mortgagefit has several calcualtors which can help you determine what you afford before even going to lender and also they have link where you can request some estiamtes. Use this site.
I have not tried it, but let us know how it goes.
Credit score is just oen factor in determining your interest on your mortgage. Lot of factors like yoru income to debt rate, down payment will affect.
Check the articles on this site which talks about all these factors.
I have not tried it, but let us know how it goes.
Credit score is just oen factor in determining your interest on your mortgage. Lot of factors like yoru income to debt rate, down payment will affect.
Check the articles on this site which talks about all these factors.
self-calculation isn't going to take the place of a loan officer's review of your credentials. realtors aren't going to accept your word for it that you've qualified yourself for a purchase.