Calculating my mortgage rate by credit score?

What are the average mortgage rates right now for a 30-year? I have a credit score of 746...will that help to get a lower rate?

5 Answers

  • 1 decade ago
    Best Answer

    Your credit score is only one factor in determining what rate you can expect to receive.

    Mortgage lenders have their own way of rating you, which takes into account your credit score among other things. The ratings lenders use are A+, A, A-, B+, B, B- and so on all the way down to E.

    Below is a site that give a brief explanation of how mortgage lenders actually rate you.

    Good luck!

  • 1 decade ago

    Rate is determined by more than just the credit score. Rates are determined by the overall risk of a transaction. So if you have an awesome credit score, but want to purchase a 700,000 home and you work as a cashier at McDonalds, you probably wouldn't get a very attractive rate, if a loan at all.

    Rates are fairly reasonable across the board right now. Just make sure to comparison shop, and compare the APR (annual percentage rate) as supplied on the Truth in Lending Disclosure from the different lenders offering substantially similar loans. In other words, compare the APR from 2 or 3 lenders offering 30 year fixed loans with similar down payments, not APR's from a lender offering a balloon, and one from another offering an ARM.

    Compare apples to apples.

  • Anonymous
    1 decade ago

    It will help and you have a decent score. What they will verify is employment and a good down payment. A good time to pick up a house reasonable, just don't get one you will not be able to afford if you are out of work for 3 months, and NO ARMS.

  • Anonymous
    1 decade ago

    746 is good - you should have no problem with that. Income, other debt and down payment also play important roles.

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  • trudi
    Lv 4
    3 years ago

    that's a good question and I hope you will find some valuable answers

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