I would like to know a good reference point for when I am fishing for a good rate. I am in Upstate NY. My credit score is in 800s and I have a good job which provides 6K+ gross per month. No debt at all. I will be doing 20% down. With this information what would be considered a really good rate for 30yr fixed rate conventional loan without points?
I went to Wells Fargo and they said they would give me a 3.5% or little lower without points. Is that a good rate? With my background could I get a better offer?
Try Empower Federal Credit Union. I'm told they offer 3% down minimal on their loans to anyone with a 620 FICO at a rate of 3.75% I think maybe lower and 15yr is like 2.75%. No matter your FICO as long as it is 620. higher scores dont get better rates at Empower everyone 620 and above are treated equally. They only offer conventional loans. They do not do FHA loans. I was also told u can have a late payment less than a yr old. I will be calling on Monday to see how true this is.
I don't see how you are ever going to get rates that low now. Conventional 30 year loans are currently at an average of about 4.3% and 15 year loans are looming around 3.5%. I'm not saying it is not possible but interest rates have shot up a lot the last few weeks.