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what would be the mortgage interest rate of a 285, 000 house with a credit score of 620

by annmarie.24narvae... from Bakersfield, California. Jan 30th 2016 Reply


20% or 3.5% down?

Jan 30th 2016
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Jason Bennett (jbennett)
#105 ranked lender in Pennsylvania - 67 contributions

Loaded question and would need more detail to answer fully. If the mortgage is for Pa. and want to give more detail I can give you a quote. contact me at: jason.bennett@movement.com NMLS#147890

Feb 1st 2016
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Steven Tavera (steven.leadingmortgage@gmail.com)
#1165 ranked lender in California - 2 contributions

Annmarie, that depends on the type of loan you are looking into, FHA/VA or Conventional? Feel free to call me at 619-632-2190 or email me questions at steven.leadingmortgage@gmail.com, no obligation to me. I would be glad to educate you and answer all questions.

Feb 1st 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

MUCH more info required to answer your question.. First let me say that no competent loan officer would ever quote someone a rate based on an internet post.. and anyone who does is probably someone you should avoid using.. Understand that pricing is different based on the property type (Single Family Home, Condo, Manufactured Home, dupelx, tri-plex, 4 plex).. it's also different if your purchasing a primary residence, 2nd home or investment home/property. Even the zip code can affect your interest rate. But we're just talking about loan pricing.. as far as eligibility, it can get even more complicated.. 620 is a very low score.. but why is it so low? BK? Foreclosure? Charge Off? Unpaid Student Loans? Judgments? Certain derogatory events require a mandatory waiting period, which can be as long as 7 years.. Also, you could have a 750 credit score, yet with one of these deficiencies, you still might not be approved. Without knowing all the details of your loan scenario, it's impossible to say.. so the best advise I can give you would be to contact 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

Feb 1st 2016
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