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What interest rate can i expect for a 15 year fixed with 670 fico

by tanner_leech999 from Escondido, California. Sep 23rd 2014 Reply


Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

it also depens on what fees you pay for the loan - often that is as or more expensive than the rate.

Sep 23rd 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,568 contributions

Seems like a funny answer, but you can pick any interest rate you want. Interest rate and closing costs go hand in hand. A lender can give you a rock bottom interest rate, but you will pay a lot in closing costs. A lender can give you low, or no closing costs, but your interest rate will be much higher. Most people take more of a balanced rate and closing cost combination. Contact a local mortgage broker in your area for rate and closing cost quotes. In MN, WI, and SD, visit www.Minneapolis-Mortgage.net

Sep 24th 2014
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Larry Gray (lgray_312_247)
#563 ranked lender in California - 1,127 contributions

One thing I can add is that there is a point where the average bottom line rate at "0 points" is quite often the choice of borrowers these days (sometimes no closing costs for a refinance loan, perhaps.) The reason is that buying down the rate thereafter often does not make sense. When pricing is such that buying down makes sense then people might consider even paying a point on top of regular fees if they plan to keep the loan a long, long time. You can search for the actual rate people are getting for the day as oppose to reviewing advertising designed to get you to call the advertiser. The actual rate received on average in the nation for the day based on the best case loan scenario and the best case borrowers seems to often be one or two eighths higher than some advertised rates. I will say it again and again...advertising rate is often to get people to respond! I have sent clients to major market websites where the "real rate" received can be viewed. People often want to hear a rate for a best case scenario without their particular loan scenario being used. If some of the lowest rate advertisers are showing 3.250% then I will bet the actual rate that day is 3.375% or 3.5%. Sometimes floating the rate it might drop a couple of eighths though as well as going up! You can assume that your fico score definitely affects your qualifying but you can get closer to the best rate the more loan to value you have in the home.I am assuming you do not trust all the advertising you read online and it is possible you are concerned about getting the absolute best rate as you are seeking to refinance a loan. With a purchase loan the consumer no more wants less than the best rate possible either, but the primary concerns of educated home buyers is the experience and competence of the mortgage loan officer or mortgage banker. As long as you can trust they are in lines with most of the best rates I would not expect you to much worry about getting locked in at the best rate possible. Rate and price can change daily. One might gamble these days on waiting and choosing the best day to lock on a refinance loan, and most often locks early on a purchase loan. You might be able to negotiate a better rate later on if rates drop considerably but you can almost never get a rate that disappears when you do not lock!

Sep 24th 2014
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A very good one. Contact me for more details

Sep 24th 2014
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Brian Nguyen (hightouchlending)
#943 ranked lender in California - 8 contributions

It depends on the loan amount and loan product, but contact me if you'd like to explore your options.

Sep 24th 2014
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