In order to answer correctly, depends on many factors, including what type of loan you use to finance your transaction. I will presume that this is for a purchase of a home you will live in, a "Primary Residence" & you are looking for a 30-year fixed rate.
Check out this link to see your rate & payments based on your purchase price: http://mcedge.tv/16bxyn
I created a report for you comparing of four different purchase prices, since I didn't know how much of a home you were looking to purchase. This comparison shows your the difference in your down pament, estimated closing costs & your interest rate.
There has NO Origination Fee & NO Discount Points. The seller can pay for all your closing costs, provided your real estate agent can negotiate this.
Please feel free to contact me directly if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
NMLS ID 263779 | AZ BK 359295
Another factor is the loan purpose--is this your primary residence, a 2nd home, or are you an investor?
The credit score is only one factor. Are you employed, for how long in the same field? What are your other debts? Are you subject to a lawsuit? What about a short sale , foreclosure, or bankruptcy? The list that effect your credit strengths goes on and on.
Your lender (be it a bank, credit union or a mortgage broker with even more options) has upfront costs they can play with to set interest rates. Their fees, surcharges, doc fees, appraisal fee cost are fixed but vary from lender to lender. In addition you can even pay points (more upfront costs) to pay less interest. Or you can pay a little more in interest and reduce your upfront fees. A good mortgage broker will go through this with you to determine what works best for you.
If your lender wont detail every nickle line by line, find a different lender. Look at each line cost the lender reports to you. Some are there charges by the the loan processor (the person you are on the phone with) to you. Other costs are passed on to you directly from the lender's investor (ie Freddie Mac, Fannie Mae, GMAC, etc). Other line costs are estimates of cost you will incur at closing in addition to lender costs (prepaid taxes and HOA, home owners insurance, title costs (your buyer's agent should have chosen a reasonably priced title/escrow company), home warranty, home inspection, termite inspection, HOA transfer costs . When comparing lenders be sure that you are comparing apples to apples. Most lenders don't make that easy. One thing to know is you can ask the lender/Mortgage Broker to detail to you their loan processing fees (loan closing costs) without having them actually run your credit -though they will resist this approach.
If you use an experienced "full-time" real estate agent, they can likely recommend a couple of reliable and reasonably priced mortgage brokers. From my experience, I am not a fan of the big banks for my clients, but there are also bad mortgage brokers. Get advice.
We can give you some lender names to check with if you would like. Once you are ready to look for a home, please give us a call, we would love to help! In the meantime you can search like a Realtor with this link:
Ron & Brenda Cunningham
West USA Realty
**** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley" ****
I agree with everything Brian has said. I would like to emphasis the part about "any loan originator that is ethical and acting in your best interest should not quote you a rate without all of your information." This is why any advertising you see which quotes a specific rate should be taken with a grain of salt, as we say. Rates change in an instant, and what one person qualifies for is not necessarily the same as the next client. (To give you some insight, yes, you will pay a higher rate than someone with a 700 credit score, but without knowing your entire financial picture, no one can honestly/accurately answer your question).
Don't be fooled. Talk to friends and family and find a professional loan originator you trust. After all, this is the largest financial transaction of your personal life!!
Your specific interest rate is dependent on much more than your credit score. The loan program, your down payment, the loan size and other factors all help determine your interest rate. I would be happy to help you with an accurate quote, but a forum is really not the place to try to shop for interest rates. As a matter of fact, any loan originator that is ethical and acting in your best interest should not quote you a rate without all of your information. Let me know if I can help you further.
Sr Mortgage Loan Originator