Question : What interest rate can I expect on a mortgage loan with my credit scores?
What interest rate can I expect on a mortgage loan with my credit scores?Today I have 564 588 654...I am hoping to have my mid-score up 10 pts by tomorrow, and then i am applying for the loan with the bank. I want a fixed rate, 100% financing, 30 yr loan for $160,000. My income and debt ratios are good. I am closing on the Aug 6th. I have already had the house appraised at $162K, I am paying over $5K in closing costs, and the house has been inspected. This is my first home purchase, is there anything I am missing?
- asked by PrincessB
All Answers:
Answer #1
Im not sure you can get 100% with your mid score.Now adays the banks are way tougher than they werea couple of years ago, If they do the loan you'reprobably looking at an 80-20 "2 loans 1 for 80%and 1 for 20%. The 80% one probably around 9%-10%and the 20% one at around 13%.
- answered by brokerstorage
Answer #2
With the way the market is today, I', sure thebanks are bending some of the rules a bit , butknow that you will be paying more than you wouldif your score was higher. My advice would be togo ahead and get the mortgage, then keep an eye onyou r credit, pull it again in 6 months andrefinance for possibly a lower rate. Do not buyanything new on credit, just pay what you have ina timely manner. Your credit will improve.
- answered by puppylove
Answer #3
Well your income is going to need to be SUPER highto get anything even remotley decent with thosecredit scores. Espeically 100% financing. Im notsure you can even get that.TAKE MY ADVICE. ..youwill never make any money on this deal unless youhouse happens to skyrocket. Your rates will betoo high, and you will be going in with zeroequity. Wait a while, save some money for adownpayment, and get your credit scores up over620 or so.
- answered by iceman
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measure and fulfill your financial needs
