I have signed a contract on a single family home. I’ve been presented with a 7.375% rate for my profile.
Loan amount: $414,500.
30 year fixed conventional loan.
Credit score is 722.
I also have a car mortgage.
What’s your yearly income and where are you buying? I think you can find better options, but your qualifying income can also affect your rate on conventional loans.
That’s like $2800/month in mortgage payment, isn’t it?
Bryn said:
That’s like $2800/month in mortgage payment, isn’t it?
Yep, that’s right.
Sounds about right for a 722 credit score. If you were over 780 you would probably see closer to or just below 7%.
It’s roughly average for that credit score. You can likely find better if you shop around though. How much are you putting down?
Palmer said:
It’s roughly average for that credit score. You can likely find better if you shop around though. How much are you putting down?
I’m putting 20% down. I think I need to shop around more.
@Vesper
Definitely shop around as it’s on the higher end of average. Try a broker and a local credit union.
About to close mid December and I got 7.1%. I was quoted 6.8% in October. Rates are slowly rising again. My credit score is 820 and on a conventional loan as well. I dislike it, but the way I see it, the mortgage will still be lower than my rent. So just have to suck it up for now and refinance later.
@Kim
You could get an interest in the 6s without paying points with that credit score.
Jonah said:
@Kim
You could get an interest in the 6s without paying points with that credit score.
I’m in NJ. It’s hard to come by. So lenders I interviewed are around that number anyway. Judging by their loan estimate. They give me a slightly lower rate but the closing is higher. I’m just hoping the appraisal comes back lower so I can negotiate the price again, lol.
Which state are you in?
Ask your lender if putting 15% down reduces your rate.
I have a similar profile and we received 7.125% no points. You can probably get a little lower by shopping around.
We just got 5.99%, 40% down, 800 credit score, but honestly anything over 760 is the same and may be similar for any amount over 25% down.
Gale said:
We just got 5.99%, 40% down, 800 credit score, but honestly anything over 760 is the same and may be similar for any amount over 25% down.
How many points?
Gale said:
We just got 5.99%, 40% down, 800 credit score, but honestly anything over 760 is the same and may be similar for any amount over 25% down.
How many points?
All of them.
@Lee
Right? Seems like he bought 0.5-1 points, did a 10/15 year loan, or got a really good rate on an ARM.
No points? That’s about what I saw for rates today.
That’s really high. Definitely shop around. You should be under 7% especially with 20% down.