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Mortgage Rate...???

New Contributor

Mortgage Rate...???

Hello everyone, I was wondering if I can get some guidance. I just purchased my first home and got a rate at 7.75%. My credit score is 711 and I dont have much CC debt at all. What are the best ways for me to get my rate lower??? I have only lived in my new home for 3 months but feel that I should be getting at least 1% lower. Any help is much appreciated.
4 REPLIES
Regular Contributor

Re: Mortgage Rate...???

With a 711 Fico your rate seems to be high. Do you have PMI or TAMI? PMI will be in your escrow and TAMI is added to your rate and thats why your rate may be higher. Take a look at your closing doc's... Look at the Note and the HUD to see if you have PMI.
Regular Contributor

Re: Mortgage Rate...???

PM me... I would love to hear about the your loan.
New Contributor

Re: Mortgage Rate...???

I do have PMI because I borrowed 100%. I apologize but I do not know what PM is? This is my first time using the forums.
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New Contributor

Re: Mortgage Rate...???

And I was off on my numbers. I just looked at the HUD and it was 7.25% which I still think is high based on the information given on this site.