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My credit score is 625, wife's is 715. What kind of interest rate can we get for 30 year loan?

by philip442 from Sedro Woolley, Washington. Apr 15th 2016 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Much more info needed... besides, no loan officer with any integrity would ever quote someone without looking at the complete loan profile.. it's incompetent and any loan officer willing to do it is someone you should avoid. Loan pricing is based on the LOWEST MID SCORE of ALL Borrowers.. so effectively, your pricing would be based on 625.. but is that your MID score? We need to know all 3 in order to quote.. How much are you putting down? 3%, 5%,. 10%, 15%, 20% More? Loan pricing gets better the more you put down.. how long do you want to finance for 15Y, 20Y, 25Y, 30Y.. the shorter the term, the better the rate.. Are you looking at fixed rates or adjustable? ARM rates are always lower... What loan program do you want to use? FHA, VA, USDA, Conventional.. loan pricing is different for all of these.. What about the property type? Condo? Townhouse? Single Family Home?, multi housing? Manufactured home? Loan pricing is different for all these property types.. Again, it's impossible to quote you based on the limited info you provided.. So, if you want to know exactly what you qualify for, then try contacting a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Apr 15th 2016
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Dave Skow (daveskow)
#16 ranked lender in Washington - 262 contributions

4/15/2016Philip...thanks for the post/ question ....a few questions : 1) is this for a refinance or a purchase loan ? 2) loan amount ? 3) value or purchase price ? 4) any idea if loan would be possible using only your wife as a borrower ? thanks and let me know and I will be happy to assist ...I am in WA Dave Skow 425 714 9745 daveskow@eaglehm.com

Apr 15th 2016
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Dan Paladin (dpaladin)
#1 ranked lender in California - 587 contributions

Much more info is needed to effectively answer your question...as William pointed out there are quite a few factors that go into pricing your rate.

Apr 15th 2016
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