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So im in the middle of building a home and Im using the builders prefered lender. Im at a point where im wondering if I should apply elsewhere just so I can try to negotiate a lower rate. Ive come across Wells Fargo and they have a current FHA rate of 3.75 account to there website which is really low from what I keep hearing right now. My LO is telling me about 4.25% after I bought a point. How accurate is this? Are these rates they advertise on there website actually correct? Currently Im at 709 mid score if it matters. Thanks
https://www.wellsfargo.com/mortgage/rates/purchase-assumptions?prod=1
@Anonymous wrote:So im in the middle of building a home and Im using the builders prefered lender. Im at a point where im wondering if I should apply elsewhere just so I can try to negotiate a lower rate. Ive come across Wells Fargo and they have a current FHA rate of 3.75 account to there website which is really low from what I keep hearing right now. My LO is telling me about 4.25% after I bought a point. How accurate is this? Are these rates they advertise on there website actually correct? Currently Im at 709 mid score if it matters. Thanks
https://www.wellsfargo.com/mortgage/rates/purchase-assumptions?prod=1
Hi and welcome to MyFICO
99% of the time the advertised rates (their lowest) are reserved for those with scores 760+
Rates have been dropping lately as the market has finally realized that they never should have gone up last year.
My Fico mortgage middle score is 660 and my rate on a 30 year FHA is 3.87. So if you’re mortgage score is above 700, your rate could probably get a better rate with a different lender. I would advise shopping around.
Hunting and element gave me the same rate. Premia gave me 4.5. I went w Huntington.
Yes, my mistake. Those rates are indeed for a conventional loan.
@Madein84 wrote:My Fico mortgage middle score is 660 and my rate on a 30 year FHA is 3.87. So if you’re mortgage score is above 700, your rate could probably get a better rate with a different lender. I would advise shopping around.
Hunting and element gave me the same rate. Premia gave me 4.5. I went w Huntington.
Hmmm that seems like a good rate too me.
@JVille wrote:
When will your home be done? The rate today is worthless if you can’t close in 30 days. If getting an FHA loan when your FHA case # is issued it will be near impossible to get that case # moved to a different lender. It’s based on the property address and another lender can not come in and do an FHA loan and get a new case # for that address. Has you case # been issued?
Im not sure honestly. Im closing in late august on my new build. How early do they issue a number?