Credit Scores and Mortgage Rates?
Let's say someone has 803 FICO evaluation, no debts, 90k year salary, investments, and savings. Let's read aloud the person is single with no co-borrower. If lenders programmed daily prime rates of between 5.5-6.1%, why would the person lone get preapproval 15-year and 30-year mortgage loan offers at 6.1% or better. Shouldn't excellent credit and good financial standing result in a lower rate?
Answers:
have u ever had credit ever to show that you wages your bills on time?
maybe u should try a better lender, i see some of these lenders only just want extra money, so they raise the rates. i would shop around, but don't use your ssn# to much because that could lower your score as resourcefully
What is the DTI? That could be a huge contributing factor. Other reason could be the length of time at current job or position field,amount of piti in reserves.Also, the other lenders could be quoting that becasue the ysp is so low...so to jump any lower not charging any points may not be worth it for them to close the loan.
Angela
While the 90k pay is good, it also depends on your debt-to-earnings ratio, what is the mortgage balance?
never do it
I would shop around some more. That offer may also have something to do beside the property. Source(s): http://mortgagearticles.tripod.com
I recommend you give Apex Mortgage a call
They enjoy excellent rates, good customer service andlow closing cost.
Apex Mortgage
301-877-2323
Website: www.lowermyinterestrate.net
Yeah doesnt come across like the best rate. I have a 720 Fico near plenty of debt and got a 6.0% rate.
Shop around a little more.
The plea for the 6.1 is money. Unless you are willing to pay point to your broker (and most race aren't) ; the broker makes $0 from you transaction. Of course hat would be fine by you, but you broker have no stake in your transaction so 6.1 is to ensure he gets compensated. (dont you make 90k from somebody?)
I am a direct lender....e/mail me and I'll have an APPROVAL near a rate READY to lock in 2 HOURS. Everyone else is gonna have to price out you buy and sell to someone like me Source(s): www.dlovett(a)originate-me.com
Related Questions:
My Credit Score is 734. Is this worthy ample to buy a house during the mortgage crises?
Yes, but your credit score is lone one part of the equasion. Can you put enough of a down payoff to qualify for a FNMA loan? Can you show enough income to support the loan? ...
Answers:
have u ever had credit ever to show that you wages your bills on time?
maybe u should try a better lender, i see some of these lenders only just want extra money, so they raise the rates. i would shop around, but don't use your ssn# to much because that could lower your score as resourcefully
What is the DTI? That could be a huge contributing factor. Other reason could be the length of time at current job or position field,amount of piti in reserves.Also, the other lenders could be quoting that becasue the ysp is so low...so to jump any lower not charging any points may not be worth it for them to close the loan.
Angela
While the 90k pay is good, it also depends on your debt-to-earnings ratio, what is the mortgage balance?
never do it
I would shop around some more. That offer may also have something to do beside the property. Source(s): http://mortgagearticles.tripod.com
I recommend you give Apex Mortgage a call
They enjoy excellent rates, good customer service andlow closing cost.
Apex Mortgage
301-877-2323
Website: www.lowermyinterestrate.net
Yeah doesnt come across like the best rate. I have a 720 Fico near plenty of debt and got a 6.0% rate.
Shop around a little more.
The plea for the 6.1 is money. Unless you are willing to pay point to your broker (and most race aren't) ; the broker makes $0 from you transaction. Of course hat would be fine by you, but you broker have no stake in your transaction so 6.1 is to ensure he gets compensated. (dont you make 90k from somebody?)
I am a direct lender....e/mail me and I'll have an APPROVAL near a rate READY to lock in 2 HOURS. Everyone else is gonna have to price out you buy and sell to someone like me Source(s): www.dlovett(a)originate-me.com
Related Questions:
My Credit Score is 734. Is this worthy ample to buy a house during the mortgage crises?
Yes, but your credit score is lone one part of the equasion. Can you put enough of a down payoff to qualify for a FNMA loan? Can you show enough income to support the loan? ...