Credit Scores - How exactly do they affect rates?

[Dgimple]

Curious about this.  I am getting ready to apply for a mortgage and in my discussions with bankers and brokers, nobody is bringing up credit score #'s when I inquire about rates.  Also to clarify, I am talking about conventional products here, I can't go FHA etc as the limits are to low in my area.  Now I get that someone with a 620 score is probably going to have a different rate than somebody with a 700+ score, but everytime I call and ask about rates, they give me a number (6.5, 6.75) and I say, "well, my mid score is 740" expecting them to give me a better number, but that just isn't happening.....the only place I see scores reference is on Lending Tree or Quicken Loan, where the "assumptions" are 720+ FICO score.

[DallasLoanGuy]

below 720, you get adjustments to the rate for high ltv.

over 720, you dont.

720 credit score gets the same rate as 850

[DallasLoanGuy]

i am surprised that anyone would quote a rate without a score.....

[Dgimple]

The mortgage broker I am working with hasn't given me any indications as to rates as I haven't done the application with him yet, but Bank of America, Capitol Federal, and Commerce have all quoted me rates, I actually have printouts from BOA that the LO ran for me....I'm sure they aren't binding, but he was running them to show different payment numbers with different down payment levels.  Also she printed out the closing costs on the two different products we discussed. 

[DallasLoanGuy]

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Dgimple wrote:

The mortgage broker I am working with hasn't given me any indications as to rates as I haven't done the application with him yet, but Bank of America, Capitol Federal, and Commerce have all quoted me rates, I actually have printouts from BOA that the LO ran for me....I'm sure they aren't binding you can count on that!!!!, but he was running them to show different payment numbers with different down payment levels.  Also she printed out the closing costs on the two different products we discussed. 

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