How good of a mortgage rate can someone get for having an excellent credit score? Over 800?
I recently got a quote for a 30 yr. fixed rate mortgage of 6.75% and was wondering if that was a good rate considering I have an excellent credit score. I simply thought it would have been lower, and did not know if it were negotiable.
- Quicken LoansLv 51 decade agoBest Answer
There are several factors that decide what mortgage rate you qualify for. They are:
*credit score - your's is very good and should qualify you for almost any program
*down payment - if you have 20% to put down, you'll get the best rate possible
*your income - your ability to prove your income (and basically show that you can pay back the loan) has an effect on the rate.
*your assests and debts - how much do you have and how much do you owe?
That said, based on what you report in your question, 6.75 does sound high for today's rates. A score over 800 is very good and should (assuming everything else is in order) get you something closer to 6 percent.
And you can absolutely shop around and look for better rates. And definitely ask your current mortgage professional why your rate is high. If he or she can't fully explain and give you sound financial reasons for the rate, go somewhere else. Ask your family and friends who they have worked with and who they liked. Get referrals. It's the best way to go.
Hope this info helps.
You've done your part by keeping your credit good and building a credit score over 800. Make sure your mortgage professional is doing their part to get you the best deal possible. I've included a link below to the Quicken Loans (where I work) mortgage rates page. You can get a good idea what rates are available.
- Anonymous5 years ago
In reply to your question, How good of a mortgage rate can someone get for having an excellent credit score? Over 800?
I can recommend this site which should help you http://www.mortgageloancheck.net/rates
As you asked; I recently got a quote for a 30 yr. fixed rate mortgage of 6.75% and was wondering if that was a good rate
considering I have an excellent credit score. I simply thought it would have been lower,
and did not know if it were negotiable.
Best of Luck :)
- 1 decade ago
Mortgage rates differ a lot and are based on your credit rating and the value of the home. Before approving your loan, your lender will scrutinize your credit history. There are two types of mortgages according to the type of rate: fixed or adjustable. Consult a mortgage broker or contact the lender directly asking for quotes. This lets you decide between both the varieties of mortgages.
- 1 decade ago
You must have something else going on.... Manufactured Home?, Acreage?, No Income Verification?.....
There are a lot of things that go into rate. The 800 credit score just allows for a approval of a loan, and not necessarily a "fantastic" rate. Also, the loan to value has a great deal to do with it. You should have 20% down on a purchase, in order to qualify for the best rate.Source(s): Banker
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- 4 years ago
I am surprised Judy. Every signature on the loan must make enough money to pay the mortgage on their own. Only husband and wife may ever combine incomes. So if your father does not have sufficient income for his obligations and this one no way. First time home buyer the key is nothing bad on your credit your score is actually unimportant with state first time buyer programs. I have several clients never had a loan at all till they bought a house. Much smarter to start there then getting a co signer. And if you need the B/f to make ends meet skip buying.
- cmira4Lv 41 decade ago
With such a good credit score, you can negotiate. However the current rates are in the 6-7% range, compared to 4-5% a couple of years ago.
Still, if the rate can be lowered another .25 to .5%, it translates to a lot of money. so try to negotiate further.
- SueLv 51 decade ago
Your income and the amount of downpayment (percent of the home value that you intend to finance) can also play into the mortgage rate. Some lenders sell 'points' where you pay up-front money to buy a lower interest rate.
- 1 decade ago
Rates depends on a combination of a lot of factor not just credit score. There's also Loan to value ( amount of loan vs. your house value), Stated or Full income doc, if you could provide proof reserve..... etc. If you are paying points and fees.
Everything is negotiable, go to lendingtree.com for a qoute.
- Blunt HonestyLv 71 decade ago
That's pretty good. It is somewhat negotiable but it depends on who you got the mortgage through. Always get a second opinion if you aren't sure of the first.
- Anonymous1 decade ago
Are you asking about mortgage rates or simply bragging about your credit score