Great fico score, negotiable rates?

[Anonymous]

Do loan companies give you their best rate or are the rates negotiable? For ex, if the going mortgage rate 6.75%, and you have a Fico's of 770 and 755, can you negotiate that rate down?

[MidnightVoice]

YMMV, but I have found that a mortgage company will have fairly "set" rates for each score range.  And with those scores, you should get the best any company has to offer.  However, you could shop for different companies looking for the best "best rate"

[Anonymous]

Thank you. Don't know what YMMV means tho... What confuses me is that I am being offered a 'lender credit' of $2,000 and closing cost of $500... virtually nothing else to pay, points or otherwise. Seems TGTBT. Maybe a lower rate would be better? Why would a lender give me 2,000 to do business with them?

[MidnightVoice]

Your Mileage May Vary 

Sounds like you need a good mortgage calculator, plus some competetive quotes.  You have pretty high scores.

Try here

http://www.mtgprofessor.com/calculators.htm

[fused]

YMMV = your mileage may vary