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I'm looking at a loan of about $230k and doing a 30 year fixed conventional loan.
Sale price is $264k, I'm getting a gift of equity for 13% of this, which makes my loan come out to $230k.
My credit score is 800+.
My broker told me that doing a Conventional loan will give me a 4.125% interest rate (no points). I have really excellent credit and was expecting less, but is expecting too much?
The "standard" rate quote is generally based upon a conventional loan with 20% down, if you can't do that, even though your credit score is top flight, you won't get the best rate...
I would say it ok. You don't qualify for "Best Execution" because of the less than 20% down. Best execution is running around 4, with some lenders just below that. You can always shop around though. Get two or three other offers and compare.
I'm looking at a loan of about $230k and doing a 30 year fixed conventional loan.
Sale price is $264k, I'm getting a gift of equity for 13% of this, which makes my loan come out to $230k.
My credit score is 800+.
My broker told me that doing a Conventional loan will give me a 4.125% interest rate (no points). I have really excellent credit and was expecting less, but is expecting too much?
I would say it ok. You don't qualify for "Best Execution" because of the less than 20% down. Best execution is running around 4, with some lenders just below that. You can always shop around though. Get two or three other offers and compare.
I work in title, so I only see what comes across my desk from lenders. The low end of what I am seeing is mostly 4.25 and 4.375. If I come across 4% or lower, it is usually an ARM or they've been in the refi process for many months. So, I would consider that a good rate right now.
I feel like I lucked out. My rate is 3.75% and I paid no money down (VA loan).
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