Interest Rates and High FICO Scores

[tpatterson2k9]

I will be applying for a mortgage in the near future, and when the time comes I plan to shop around for the best interest rate.  My EQ score is 763 as of 4/4/11, which I guess puts me in the best interest rate category.  Does this necessarily mean that lenders would be required to offer me their best rate (assuming I put 20% down on the home)?  If they don' t offer me their best rate, is it advisable to argue for it due to my credit score alone or is income also a factor in what rate you receive?

[Lel]

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@tpatterson2k9 wrote:

I will be applying for a mortgage in the near future, and when the time comes I plan to shop around for the best interest rate.  My EQ score is 763 as of 4/4/11, which I guess puts me in the best interest rate category.  Does this necessarily mean that lenders would be required to offer me their best rate (assuming I put 20% down on the home)?  If they don' t offer me their best rate, is it advisable to argue for it due to my credit score alone or is income also a factor in what rate you receive?

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There is much more to a mortgage loan than just the FICO score and the down payment.  Income, job history, the actual contents of your credit file, type of home, etc. are all factors that may play a role in determining what you are offered. There is no requirement for any lender to offer you the rock bottom interest rate with the best terms, and you cannot compel a lender to give you better terms solely on your FICO score.  However, you are free to apply with multiple lenders to find out which will give you the best loan terms.