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will my interest rate go down if i put down more money upfront or is it solely based on credit scores?

i'm worried about my wives credit for delinquent credit card payments but my salary, credit and down payment saving is very good. how do i go about getting reasonable rates by j1sullen.jerryj176 from Sacramento, California. Dec 17th 2013 Reply


Jamie Lynne (nationwidelenderforyou)
#139 ranked lender in Texas - 576 contributions

Not only do we look at credit, but we look at debt to income and down payment on a purchase. The lower the DTI and LTV (Loan to Value) coupled with a great credit score, the better the rates and terms for the borrower. Feel free to contact me at 800 315 8803, I have been lending since 1989 in CA, and I am happy to answer your mortgage questions. Until then, I look forward to hearing from you. Jamie Lynne, www.bartprequalifies.com, 800 315 8803 - 7 days a week, Lending Since 1989

Dec 17th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

With FHA financing, there is very little difference in the rate for a 780 borrower vs. a 640 borrower.. and how much you put down will not change your rate, but it will give you a slightly lower mortgage insurance rate if you put 5% or more down. For conventional financing, the rate could be vastly different from a 780 vs. 640. It really depends on many other factors, not just the credit scores. The best way to know for sure would be to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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

Dec 17th 2013
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David Van Waldick (Dave Van Waldick)
#111 ranked lender in California - 11 contributions

Generally, the larger down payment will help reduce your interest rate.The best way toedge Automated Underwriting and Loan Offer System "AUTOLUS". Receive a Prequalification Report, De know what rate and loan amount you qualify for is to go to www.ePrequal.com, and complete the brief questionnaire. You will be pre-qualified in 60 seconds through their leading tailed Financial Analysis, and more. All Free. No waiting and No Sales Pressure.

Dec 17th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

There is a much bigger difference based on credit score than downpayment unless you get in the 30% downpayment range. If you qualify without your wife's income the rate would be based on your credit only. Good luck!

Dec 17th 2013
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Mina Galab (minagalab@gmail.com)
#122 ranked lender in New Jersey - 92 contributions

I believe your best option is to go for the loan alone without your wife, if your monthly payments to your income is good. because lenders would use the middle credit score for the coborrower with the lower scores, and then your interest would be high. best wishes.

Dec 17th 2013
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Blake Kleckner (BlakeK)
#389 ranked lender in California - 261 contributions

As long as you're planning to put at least 20% down to avoid mortgage insurance, the interest rate (IR) won't change unless you put 25% down or more. IRs are very FICO score and loan-to-value ratio driven (LTV). The higher your FICO score and lower the LTV are, the lower the IR could be. The LTV is determined by how much you put down. Your debt-to-income (DTI) ratio has nothing to do with the IR you can get. It's only purpose is to determine whether or not you have adequate income in relationship to your debt to qualify for the loan. Unless your wife's income is necessary for qualification, she should not be on the loan because of her credit history. However, she can still be on the title. In a short phone call, I can easily determine if you can qualify for the loan by yourself. I have done 2 loans recently without the wives being on them because their FICO scores adversely affected the IRs and costs. In both cases, the husbands had adequate incomes to qualify by themselves, so their wives being on the loans served no purpose.Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 46 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Dec 21st 2013
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