Why is my rate so high? (loans, credit score, fees, mortgage rates) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

star18 · 06-16-2008, 10:00 PM

I was given an apr of 6.75% for a $250k mortgage (I would put 25% down). My average credit score is 745. I was told this is the best I would get, this is a bank. I was shocked.

Is this the best I could get with my score? I can't believe it.Have rates gone up that fast????

Prinny · 06-16-2008, 10:04 PM

How many banks do you go through and do you go through anyone else? Countrywide?

NCyank · 06-16-2008, 10:05 PM

That's a bit higher than the national average. Did you shop around?

star18 · 06-16-2008, 10:06 PM

No, I went to one bank and they said that the apr i was quoted was as good as it gets now. I will go to countrywide and wells fargo. Have you ever heard of loansearch.com? maybe I will try them to. I'm slightly devastated. I worked hard to have a good score and for this.........

f_m · 06-16-2008, 10:44 PM

I would say that banks in general don't have the lowest rates. Try a credit union or maybe even a mortgage broker.

KY Filly · 06-17-2008, 04:01 AM

Most definitely shop around. Your score and down payment is higher than ours and we just built a new house we're closing on next week....our rate is .5% lower than yours.

itsafloater · 06-17-2008, 06:12 AM

I'm in the same situation, we were quoted at 6.625% for a $240,000 loan. I couldn't believe it was above 6.5%, but I was planning on even lower. What a kick in the jiblets....

canuckmom · 06-17-2008, 07:03 AM

Check out:

Compare Mortgage Rates | CD Rates | Home Equity Loans Mortgages Quotes Best Rate Calculator Bankrate.com

You can search rates in your area - no obligation.

This is a great site for reading about mortgage trends, analysis etc...

Good Luck!

renriq02 · 06-17-2008, 07:50 AM

there's more to it than the rate.

1. Is that the note rate or the apr? If apr, then what is the actual note rate?
2. What are the 'lender fees' on this loan? They are on the lines 800-899
3. What city/state are you in? Are you in a designated declining market area?

TimtheGuy · 06-17-2008, 09:41 AM

Quote:

Originally Posted by f_m

I would say that banks in general don't have the lowest rates. Try a credit union or maybe even a mortgage broker.

I would say for a 20%+ down 30 yr. fixed, full doc loan, you will probably get the best rate and fee structure at a bank or direct lender...not a credit union or a broker.