Refinancing Home Mortgage
In: Mortgage Rate
19 May 2010my salary: 160K, credit score: 660
my wife’ s salary: 24K, her credit score: 775
what is our situation regarding a morgage around 250-300K? do we get a good rate?
This is about mortgage information questions.
4 Responses to can I get good mortgage rate with the following data?
Jennifer R
May 19th, 2010 at 6:56 am
Banks go by the lowest credit score. So your 660 would be what you are based on. In these times 660 is a bit low and there will be adds to the rate for it. Bite the bullet and pay a point to get a great rate (1 point =1% of the loan)
dday2086
May 19th, 2010 at 7:31 am
The answer is yes based on the information you have given.
For any lender to know for sure they would need to know if this is a purchase or a refinance loan. What Loan to Value (LTV). What your Debt to Income (DTI) calculates out to. Have you had any 30,60,90 day lates in the last year. Do you have any judgements or current bad debt? Have you had any foreclosures, reposessions or bankruptcies in the last 3 years? If this is a refinance how long have you had the home? Do you want cash out?
These are just a few questions any lender should ask before teaseing a borrower with a rate.
As to rates on Friday (4-4-2008) a 5.5% fixed 30 year (30 day lock) was an average base rate for both convetnional and goverment loans. Remember rates change constantly and vary from lender to lender. A good loan originator will find you the best deal for the lowest costs.
Good Luck
Caleb Q
May 19th, 2010 at 7:48 am
You can actually make your own calculations using a mortgage calculator. A mortgage calculator’s algorithm is based on the latest mortgage rates available, so it’s about 95% accurate. Of course, you have to expect some difference between the figures of the calculator and the lender. Here’s a reliable one: http://www.whataboutloans.com/tools/mortgage-calculator.html.
fenixfighter
May 19th, 2010 at 7:49 am
You can get free mortgage rate quotes from http://www.lionwoods.com
Just type in your zipcode, and then it lets you compare rates from up to four different lenders. Then you can find who offers the lowest rates in your area. Hope that helps. Good luck.