Credit Scores and Mortgage Rates?

Let's say someone has 803 FICO score, no debts, 90k year salary, investments, and savings. Let's say the person is single with no co-borrower. If lenders listed daily prime rates of between 5.5-6.1%, why would the person only get preapproval 15-year and 30-year mortgage loan offers at 6.1% or higher. Shouldn't excellent credit and good financial standing result in a lower rate?


The person has 0 debt. The actual loan amount requested was $130,000 even (that is not the purchase amount but the amount after down payments and such; he was looking at purchasing a house listed $165,000).

9 Answers

  • Anonymous
    1 decade ago
    Best Answer

    Yeah doesnt seem like the best rate. I have a 720 Fico with plenty of debt and got a 6.0% rate.

    Shop around a little more.

  • 1 decade ago

    The reason for the 6.1 is money. Unless you are willing to pay point to your broker (and most people aren't) ; the broker makes $0 from you transaction. Of course hat would be fine by you, but you broker has no stake in your transaction so 6.1 is to ensure he gets paid. (dont you make 90k from somebody?)

    I am a direct lender....e/mail me and I'll have an APPROVAL with a rate READY to lock in 2 HOURS. Everyone else is gonna have to price out you deal to someone like me

  • 1 decade ago

    What is the DTI? That could be a huge contributing factor. Other reasons could be the length of time at current job or job field,amount of piti in reserves.Also, the other lenders could be quoting that becasue the ysp is so to go any lower not charging any points may not be worth it for them to close the loan.


  • 1 decade ago

    have u ever had credit ever to show that you pay your bills on time?

    maybe u should try a better lender, i see some of these lenders 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 well

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  • dedra
    Lv 4
    3 years ago

    No. Your earnings will impression the size of the loan you will qualify for (how lots money you may borrow). Your credit could have some effect on the fee you get, in the experience that your score is terrible you will get a miles better fee and vice versa. yet in a distinctive thank you to effect your interest fee is to pay "factors." Its in actuality paying interest prematurely to the financial organization so they are going to provide you a decrease fee over the size of your loan. it incredibly is a robust selection in case you intend on staying on your place for 5 years or extra. the main important effect on your interest fee would be regardless of the marketplace's undemanding interest fee is on the time you carry on with on your loan. astonishing now expenses are very low, so it would desire to be a reliable time to purchase!

  • 1 decade ago

    I recommend you give Apex Mortgage a call

    They have excellent rates, good customer service andlow closing cost.

    Apex Mortgage



  • 1 decade ago

    While the 90k salary is good, it also depends on your debt-to-earnings ratio, what is the mortgage balance?

  • 1 decade ago

    I would shop around some more. That offer may also have something to do with the property.

  • 1 decade ago

    never do it

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