Mortage Interest rate and FICO

[Anonymous]

I have a credit score of 786-790 and 791, and when I applied for a fixed 30 year mortgage rate, I was quoted an interest rate of 6.5%.  Is this a good rate in the New Jersey area. I think the rate should be lower.  Any advise.

[Anonymous]

Interest rates depend on much more than just the FICO score. Other things considered would be:

• LTV
• Loan Amount
• Primary residence VS. Investment property or 2nd home
• Type of documentation provided

Also, rates in general are higher than they were a month ago.

[VLGaffEsq]

Your credit scores are EXCELLENT, and I really think you should be able to find a lower interest rate (like maybe 6.25% presently from SunTrust Bank) with those high scores.  Yes, many other factors are considered in obtaining an interest rate also, but shop around and ask competitors, but above all, don't give anyone your SS # until you are ready to pull the trigger and obtain your mortgage.  Information and your very high credit scores are your best weapons; use them wisely to your benefit and you should be able to get an interest rate lower than 6.5% at this time (7/19/07).  Do it quickly, as rates have been on the rise lately... 

[Anonymous]

I agree with boheme. They take a lot of other factors into consideration for your score. I would suggest shopping around to see if you can get a better rate. But do it in a short amount of time.