a person with 780 credit score wanting to finance a new home, what would be the finance rate for a 120,000.00?

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searching for interest on with a very good fica score. I am looking for input on the best finance interest on a 100,000.00 loan

11 Comments
  1. Reply
    mmorganloans
    June 26, 2011 at 10:42 am

    Since you have a good credit score, you will have not have a hard time finding an excellent rate. I am from Washington State and I am a Mortgage Broker. If you would like to email me with more info, I can call around to my banks and find out what rate you will get in your area.

  2. Reply
    Emperor Norton II
    June 26, 2011 at 11:08 am

    Depends on the lender and the type of loan.

    You might want to mention the type of loan you want, and the area or state you live in – since not all lenders are national.

    you could also ask on Craigslist.org in the housing forum – you will likely get many responses from loan officers telling you their rates, thus helping you with your search.

  3. Reply
    JFC I No
    June 26, 2011 at 11:58 am

    There are more variables than just your credit score.
    They look at and combine three bureaus… trans-union, equifax and experion.
    They check out your debt load, income to debt ratio, time on the job, the market value of the house.
    All these factors plus the prime rate set by the fed. will contribute to the rate you get.
    There are various programs that will give you alternatives
    fixed rate, variable rate.
    Percentage of money down is a factor as well.
    Shop around, study some.
    Go for it! The interest is a tax write-off and if you pay the loan off quickly, you will pay less interest.

  4. Reply
    ruguy2004
    June 26, 2011 at 12:11 pm

    I am a loan consultant. I can give you the best rate available. We have offices through out NY/CT/NJ. Email me for more information or any questions you might have at usmachau@yahoo.com. I can be reached by phone at 732 513 4578. Thanks!

  5. Reply
    hithere2ya
    June 26, 2011 at 12:40 pm

    Rates are just under 7% to 6.75% FHA or conventional financing. Go to a bank as they tend to assess lower fees that mortgage brokers. You also want a lender with in house approval. Out house approval stinks, and delays the deal.

    Best of luck and happy home-ownership!

  6. Reply
    Realty Shark
    June 26, 2011 at 1:27 pm

    For owner-occupied, follow the chart, ignoring “Jumbo” rates. For non-owner-occupied, you will be paying l/4% to 1/2% more.You can use the “jumbo rates” chart for that factor.

    example: $ 120,000 loan. 120 X 6.24 = $ 748.80

    First number is the rate, next is APR, then the factor per thousand to figure your payment,

    30-Yr fixed 6.375% 6.555% $ 6.24
    JUMBO 6.5% 6.73% $ 6.32

    15-Yr. fixed 6.25% 6.43% $ 8.57
    JUMBO 6.375% 6.605% $ 8.64

    7-Yr. fixed ARM 6.125% 6.305% $ 6.08 Jumbo 6.125% 6.355% $ 6.08

    5-Yr. fixed ARM 6.00% 6.18% $ 6.00 Jumbo 6.125% 6.355% $ 6.08

    3-Yr. fixed ARM 6.00% 6.18% $ 6.00
    Jumbo 6.125% 6.355% $ 6.08

    5-Yr. Interest Only 6.125% 6.305% $ 5.10
    Jumbo 6.25% 6.48% $ 5.21

    Monthly ARM 1.00% 1.23% $ 3.22 Jumbo 1.00% 146% $ 3.22

    *Rates are subject to change due to market fluctuations and borrower’s eligibility.

  7. Reply
    Searchlight Crusade
    June 26, 2011 at 2:22 pm

    Right now, it’s kind of difficult to find a reason to choose something other than thirty year fixed rate. The rates/cost tradeoff is practically the same as other loans.

    Now, you didn’t say how much of a down you have, but you can get 80/20 at something like 6.5 to 6.75 for the eighty percent, 8.5 to 9 percent for the twenty. Exactly where in that spectrum depends upon what costs you want to pay. The lower the rate, the higher the discount points.

  8. Reply
    linda_munoz01
    June 26, 2011 at 2:59 pm

    Best rate you could get at fixed or Interest only would be at about 6.125% Rates right now are not pretty.

    If you live in CA or NV feel free to contact me.

    http://www.lindamunoz.net

  9. Reply
    Skip
    June 26, 2011 at 3:50 pm

    From looking at your question I can tell 3 things

    #1 You have an excellent credit score

    #2 You plan to put $ 20,000 down on the property you want to purchase

    #3 The house you want to purchase cost $ 120,000

    I can not quote you an interest rate with the little information that I have from your question and no one else can either.

    There are other things that are involved in determining your interest rate.

    #1 The amount of money you and others earn that will be going on the mortgage.

    #2 The amount of other debts that you have to pay as per your credit report.

    #3. Do you have others that will be on the mortgage with you. I would need the same information from them as I need from you.

    #4 The terms of the loan ( How long do you want to finance this house 30 years, 20 years or 15 years.)

    Credit scores might be the same but all individuals are not the same therefore each individual is qualified by his/her own for each loan and the interest rate they are able to qualify for and be approved for.

    I will tell you this from the information you have supplied you will probably qualify for an excellent loan with a low rate.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  10. Reply
    Mr.Morgan
    June 26, 2011 at 4:17 pm

    6.00%

  11. Reply
    Richard M. Johnston, Realtor
    June 26, 2011 at 4:37 pm

    Visit your local bank for the best rates.

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