Wondering what my Mortgage interest rate with 609 average Fico would be? I've been quoted 8.875 for a 30 fixed of $105000. Is this reasonable? I am also self employed. My payment would be $833. Any ideas if I could get a lower rate and therefore lower monhlty payment?
Are you on the verge of eviction? Yoou seem to be only about 11 points away from where my lender said they would offer prime rates of 5.35%. If you're not on the verge of eviction, work to improve your score and ask your lender how high it has to be to get the standard lending rate. I would never reccommend that interest rate, most of the time, those loans are foreclosures waiting to happen.
No..I am not in eviction. I refinanced last Sept to pay off unsecured debt that had fallen behind and my scores then were in the 500's So I was given a refi with 10.250 interest rate...any siuggestions for a good lender/broker? Thanks, Cull
A month ago I checked my FICO (mid) score was 726, which I can get a $200,000 loan for 15Yr Fixed rate at 5.25% with one point to buy down the int. rate, with NO Doc. and total closing cost is $4323.00
But Now my FICO score drops to 716, which is below 720 mark, then I have to go thru Full Doc. processing the loan, only 4 points away from 720, why is so much different ??? and how often do they update the FICO score ??? Daily, Weekly, Monthly ???
If you need the loan you may check with Jason 800-467-9771 x 311 to get you better int. rate.
It depends on the lender and the type of loan you are trying to get.. If you are self employed it's a riskier loan and if you are stating income it's even more risky. If you can hold out for a couple months to get your score closer to 640 you'll be in much better territory.
Keep in mind when going subprime and you're self employed it can be a pain to get a good rate. What you need to look at is can you go full doc... Look at you taxed and look at the income after the all write offs. Will that income work?
If not... Then look at you bank statements for the last 12 months. Add up all the deposits and take out 25% and see if that will work. If so you can go full doc but if you are above 90% LTv then you will need to look at 24 months.Full doc will get you the best rate.
Going stated will be the last option.
Prime is different. Lenders have programs where if the fico is above 680 you can do a Fast & Easy. No doc's with full doc pricing.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.