credit score interest rate
Credit score and interest rate for a mortgage?
Hi All!
My husband and I have a combined credit score of 708, and we’re looking to buy a house within the near future. I was wondering about what the interest rate would be on our mortgage. Thanks for your help! 
Well, you have a good credit score. Congatulations.
A combined credit score is taking all three scores for both of you, and then taking each of your middle scores, then taking the lower of the two middle scores.
There are some other factors to a Rate.
1) How much do you have for a down payment?
If you want 100% loan then you will normally pay a higher interest rate than if you have 5% down payment. You can expect to pay any where from a half to a quarter percent higher interest for 100% than for a 5% down loan.
2) where do you live?
Do to Bankruptcy rates and other factors such as state laws. Interest rate varies do to this factor based on the state you live in and what rates are out there for you.
3) What loan Program you use.
The loan program is just as important to your rate as every thing else. Each program will differ with rates of the program.
4) Term
Term is how long you are going to have the loan.
5) Loan Company.
Who helps you get your loan, we make money by selling you on a higher interest rate. You want a loan at “par value”.
6) Servicer, Or who your Broker sells the loan to.
The servicer sets the rate sheet and the broker finds the loan that will work for you.
7) Type of home.
A manufactured home will cost more in rate. a condo will normally cost more in rate and a multi family home may be higher. I guess you are talking about a single family stick built home.
Rate change daily so keep your eyes on it.
I recommend going to a local Broker or Mortgage Banker, they will know local programs. And you can go in and talk with them face to face.
Also shop for the most honest broker that is the way to get the best deal. Decide up front how many points you will pay 1 to 2 is a standard. Some of these points are on the back end called SRP or Yield spread. If you don’t get the answers you want out of your Broker or Banker, go some where else.
Don’t have any one pull your credit until you decide on who you will be using it can affect your credit. Only have your credit re-pulled if you change Brokers and try not to do this, unless you feel you are getting taken.
Now on a 30 year loan with 5% down and you paying closing cost 6% is the going rate with the Broker making about a quarter to a half on the back. This is for the western states. For a single Family home.
Hope this help, Good luck.
