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4.2% APR Mortgage Loan Good or No?

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abutterflydream
New Contributor

4.2% APR Mortgage Loan Good or No?

Hello,

 

I am signing the mortgage paperwork and my interest rate will be 4.25% fixed 30 years.  Is this a good rate or not for a middle score of around 678.  This was pulled in August.   And, wouldn't you know it?  My middle school is now 698. 

Message 1 of 9
8 REPLIES 8
PL04
Valued Member

Re: 4.2% APR Mortgage Loan Good or No?

I would say yes it is.      Smiley Happy  

http://www.myfico.com/SavingsCenter/Home-Loans.aspx?qsid=Mort_All_SC-CreditCards
There's a chart on the left side of the screen.


Starting Score: EQ: 638 TU: 641 EX: 642 8/2015
Current Score: EQ: 654 TU: 682 EX: 658 10/2015
Goal Score: 800


FICO Bankcard 3/16 705!!! Smiley Happy
Message 2 of 9
bmhill
Established Contributor

Re: 4.2% APR Mortgage Loan Good or No?

What type of loan is it? I have a 4.1% with a middle score of 598. But ours is VA loan. And I bought the rate down. Original quoted rate was 4.5%
"However many years she lived, Mary always felt that 'she should never forget that first morning when her garden began to grow'.”― Frances Hodgson Burnett, The Secret Garden
Message 3 of 9
bmhill
Established Contributor

Re: 4.2% APR Mortgage Loan Good or No?

Your middle score is 100 pts higher than mine. If it's a conventional loan, it's a good rate. If it's a government backed loan you can do better
"However many years she lived, Mary always felt that 'she should never forget that first morning when her garden began to grow'.”― Frances Hodgson Burnett, The Secret Garden
Message 4 of 9
abutterflydream
New Contributor

Re: 4.2% APR Mortgage Loan Good or No?

It's a FHA IHDA loan.  And, actually my score was 683 fico4 not 678 as I originally thought.   

 

Anyone know how to get a lower rate?

Message 5 of 9
StartingOver10
Moderator Emerita

Re: 4.2% APR Mortgage Loan Good or No?


@abutterflydream wrote:

It's a FHA IHDA loan.  And, actually my score was 683 fico4 not 678 as I originally thought.   

 

Anyone know how to get a lower rate?


You haven't provided enough info to know for sure. How much are you putting down? Is the IHDA portion your down payment or closing costs or both? Are you paying your own downpayment and closing costs or are you paying some and IHDA paying the rest?

 

I ask these questions because all of that information is tied into the rate. When you have a first time homebuyers type program, normally the cc and interest rate both are slightly higher but the program contributes toward your costs so you actually pay anywhere from zero to a small contribution. Each program is different. And each program has different qualifying criteria.  

 

What are all the terms? That is the only way to compare accurately.

Message 6 of 9
Scupra
Super Contributor

Re: 4.2% APR Mortgage Loan Good or No?

I'm getting 4.3% but it is a down payment assitance FHA loan. It gives us about 4% down though. I was told I could get 3.8% with a normal FHA
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
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Message 7 of 9
Weatherguy
Frequent Contributor

Re: 4.2% APR Mortgage Loan Good or No?

Anything under 5% is good.  

Message 8 of 9
Discus510
New Contributor

Re: 4.2% APR Mortgage Loan Good or No?

My last eat mortgage loan is 4.075 thats with me having a 810 score purchase price is 190k but my loan is under rental investment loan
Message 9 of 9
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