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04-18-2008, 06:56 AM
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Member
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Join Date: Nov 2007
70 posts, read 66,037 times
Reputation: 28
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Question about Interest Rates
Does the interest rate you receive have anything to do with your credit? I got a 6.00 interest rate and I feel that I should get a lower rate. Please fill me in asap because I need to change this rate today.
Thanks
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04-18-2008, 07:49 AM
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Sr of Srs
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Join Date: Jul 2007
Location: Charlotte, North Carolina
5,120 posts, read 3,724,782 times
Reputation: 673
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what makes you feel you should get a lower rate?
Rates vary on many things.
1. credit score
2. Loan to value
3. Conventional or government?
4. 30yr fixed, 15yr fixed, 5yr ARM, etc
5. Full Doc or stated
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04-18-2008, 08:02 AM
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Member
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Join Date: Nov 2007
70 posts, read 66,037 times
Reputation: 28
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The interest rate we received.....
is 6% for a 30 year fixed rate. Our credit score is 640. So I guess we are lucky to get the interest rate that we have.
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04-18-2008, 08:04 AM
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Sr of Srs
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Join Date: Jul 2007
Location: Charlotte, North Carolina
5,120 posts, read 3,724,782 times
Reputation: 673
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rates have went up tremendously in the last 2-3days.
Someone with an 800 score will probably get 5.875%-6% with 20% down...Full Doc 30yr fixed, and paying 1 origination fee
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04-18-2008, 08:32 AM
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Eternal Member
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Join Date: Feb 2008
Location: CNJ/NYC
1,227 posts, read 922,886 times
Reputation: 297
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6% is a very decent rate in today's market. Are you paying any points/origination fees?
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04-18-2008, 09:34 AM
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Senior Member
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Join Date: Mar 2007
1,807 posts, read 1,579,111 times
Reputation: 352
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Quote:
Originally Posted by micheleroll
is 6% for a 30 year fixed rate. Our credit score is 640. So I guess we are lucky to get the interest rate that we have.
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Conventional or FHA?
A 640 will get a substantial price hit on a conventional loan today, unless the borrower is putting 40% or more down.
Pricing is worse again today.
I too have to ask why you "feel" you should get a better rate. Do you have any basis?? |
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04-19-2008, 03:43 PM
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Member
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Join Date: Apr 2008
20 posts, read 13,135 times
Reputation: 11
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Anything under 7.0% is good on you money but the lower the rate the higher the points/fees its like a teder todder theres no way around it peep the fees
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