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Is 4.250% a good rate for a conventional home loan if I have a Fica score above 740 in San Beranardino, CA

by john.ulibarri233 from Los Angeles, California. 8 days ago Reply


Dan Marchiando (dan@yourbestinterest.net)
#6 ranked lender in California - 28 contributions

John, There several other factors besides the credit score that can affect the rate and price (points) for your loan. Factors include whether it is a purchase or refinance; purchases often are cheaper. Other factors include the loan-to-value in combination with your credit score, whether you are taking cash-out in a refinance, whether home is a condo, the size of the loan (smaller loans usually are more expensive), whether you have a second loan that you are not paying off, whether your property is owner-occupied or is more than one unit, whether you will accept an impound account for property taxes and insurance, and whether your conventional loan is below the Conforming $424,100 loan limit, or whether it is a larger High-Balance or Jumbo loan amount. Dan Marchiando, a California mortgage broker

8 days ago
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Larry Ulsh (lulsh@mimutual.com)
#1399 ranked lender in California - 3 contributions

John,Depends on loan to value or down payment %, but that seems to be competitive.

8 days ago
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Larry Gray (lgray_312_247)
#3 ranked lender in California - 1,122 contributions

As mentioned different factors do go into determining the rate you receive and every lender though perhaps close in rate are not exactly the same. Two lenders could be one eighth in rate in difference or merely a $1000 in cost difference for the same rate which probably might be equal to being caught half way between two eighths of a rate! Confused? Generally one would not change lenders for that but a couple eighths difference...yes that could be a strong consideration. You probably already know with a proliferation of ads on rates that seem lower than the actual rates people actually get (i.e. mortgageratesdaily.com average rate actually received for best borrower qualifications). 4.25 can be a good rate these days but you can certainly seek out a comparison. You need not provide them any more than your current mid credit score and let them know you already are qualified for $xxx,xxx loan amount. See if they will give you a written estimate. You cannot obtain an actual good faith estimate without providing more but you need not obtain that until you have gotten your quote, along with total costs. If you are not going to allow your credit to be re pulled just yet, or provide actual personal documentation then you might tell them what your current fees/cost are at 4.25% If you other wise feel confident in your current loan officer/lender you could let he or she know you got a couple of quotes that are lower and see if they could not lower your rate more. None of us want to lose a borrower we have worked with, and one should know there is a lot more to a mortgage loan, particularly for a home purchase, to be successfully handled then just the rate. But you are a mortgage loan consumer and the rate and the monthly payment you receive matter too.

5 days ago
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