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What mortgage rate can I get with a FICO credit score of 741?

I have a home that I am refinancing, with 60% left on the mortgage, home is worth $220,000. My middle score is 741, my income is 45k and my husband makes 40k. If we currently don't have any debt, just some credit cards we pay off every month and a car payment (maybe 900 a month total), what kind of rate can we expect? by carrol_311_342 from Columbia, Ohio. Jan 4th 2012 Reply


Brian Dawson (brian.dawson)
#41 ranked lender in Ohio - 104 contributions

There are multiple factors that can influence your qualifying rate on a refinance. I can offer a free no cost no obligation quote for you. Initialy everything looks reall good, and if you take a look at my site www.ohiomortgagebestrates.com you will see rates for 30 year mortgages start off at 3.5% with a 3.721% APR. Be very leary of anyone disclosing an interest rate without an APR. In Ohio it is highly illegal and can result in loss of license!

Jan 4th 2012
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3.875% on a 30 year fixed, 3.75% on a 20 year fixed and 3.25% fixed on a 15 year fixed.Thank you,John IgoeFirst Ohio Home Finance, Inc.6148654815jigoe@firstohiohome.com

Jan 4th 2012
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Gregorio Denny (GVDenny)
#226 ranked lender in California - 380 contributions

Anyone quoting you a rate or rates without disclosure of APR are not only violating the law, but also doing you a huge disservice in doing so without seeing all the information. You should avoid them like the plague and get a personalized quote from a licensed loan officer in your state. Brian, who answered 2nd seems like a good choice.

Jan 4th 2012
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Tim Bradford (Tim Bradford)
#7 ranked lender in Ohio - 145 contributions

Carrol, You have proved some information, but not enought information to allow me to quote any rates or loan programs to you. Brian is correct that APR's need to be quoted when quoting a rate of interest. APR's can be one effective way of comparing loan offers, but they should not be used solely. APR's take into account the loan amount, term of the loan, type of the loan and some of the closing costs associated with the loan. I would suggest that you obtain quotes from 3 lenders all quoting the same loan amount, term and type of loan. If you find Brian's quote of 3.5% (APR 3.721) attractive, you might also ask that each lender quote the same rate instead of different rates. This will allow you to compare apples to apples. Brian's quote does quote an APR, however you do not know the how many points (additional closings costs) are being paid to BUY DOWN the rate of interest to the 3.5%. Based upon your discussions with the 3 lenders determing if you want to pay the additional closing costs to buy down your rate. Sometimes it is a wise decision, sometimes not.

Jan 4th 2012
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

First of all, Great scores! Based on income and scores alone, you should easily qualify for the best programs and rates out there. You may want to consider looking at a shorter term. Your payment won't go down asw much, but it will allow you to save tens of thousands of dollars in interest, and pay off your loan much faster. Rates today are in the high 3s for 30 year and low 3s for 15 year. My best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org

Jan 4th 2012
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Jeff Cost (midwestlender)
#40 ranked lender in Ohio - 163 contributions

Carrol, I am one of Ohio's preferred lenders and very familiar with the Columbus housing market. Check out what others have to say on Google & Yahoo reviews after working with me. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wallOr Call Anytime 513-403-6260

Jan 4th 2012
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Rudi Hofmann (CaPortfolioLoans)
#250 ranked lender in California - 380 contributions

Hello Mr. Bradford. - How is the "Pirate" doing these days. - When thinking about Zillow does that bring back fond memories? - Please drop me a line when you have the time. - Best wishes for a great 2012. - Rudi

Jan 5th 2012
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