Q&A: What kind of mortgage rate can a borrower expect to get with a credit score in the range of 661-669?
Some cool chateau photos: Le château d’Amboise (Indre-et-Loire) Image by sybarite48 Château d’Amboise (37) If you would like to see a lot more houses click right here… It's Our Interest: The Need to Reduce Student Loan Interest Rates Reduced student loan costs boost the likelihood of repayment while also stimulating the economy by freeing up income that can be used and spent in other sectors of the economy. Refinancing even just those federal student loans with an … Borrowers … For more informaiton please visit here… Terri Ludwig, prescription Social Entrepreneur: Generosity is Contagious From 2002 to 2009, Terri served as President of the Merrill Lynch Community Development Company, where she led community development, committed more than $ 2 billion in loans and investments, launched a successful social investment platform for Merrill … If you would like more informaiton please visit here… Question by acvader: What kind of mortgage rate can a borrower expect to get with a credit score in the range of 661-669? Professionals please answer. Any website links with more information would be appreciated. Best answer: Answer by just common senseIt will depend upon the lender and the type of loan (conventional, more about VA, FHA, etc.) Your credit score is not bad for a home loan. ALWAYS shop loans. Do not waste your time doing this on the internet; you will have so many hits against your credit report that it can actually knock your score down 100 points or more! Contact several lenders in your area, by telephone or in person, and ask to speak to a loan officer. Tell the loan officer the details of your credit score, anything negative on your credit report, what type of loan you are seeking, and ask what the current rate is for that day. Interest rates fluctuate daily. Ask them if, based on the information you’ve given them, they would be likely to approve you for a home loan. If they demand to run your credit report, tell them you are currently only shopping rates and you will contact them again when you are ready to have your credit report ran. If several lenders run your report at the same time (NOT lenders over the internet, remember!), then your score will not drop so much as it will be obvious that you are looking to obtain a mortgage loan and you are shopping loans. Ask each loan officer what the policy of their Company is for “locking in a rate.” If you don’t know what that term means, ask the first lender; they can better explain it. In short, most lenders offer a certain period of time once you have been approved where you can “lock in” a good interest rate. It’s a bit like gambling. Do you, for example, take today’s interest rate ~ let’s say it’s 5.75% ~ and lock that rate in or do you wait for a lower rate? It is *possible* for the rates to go down, but it is also possible for them to go up. Your loan officer should be able to best guide you on what they believe the rates will do over the next day or so. You will also want to know how long the locked in rate is good for: is it good for a week? 10 days? 15 days? This tells you how much time you have to find the property you want, have a Contract written by a real estate professional, and make an offer. Once you have found your lender, obtain a pre-approval letter. You want a letter to show to your...
Read MoreAny US bank would make a mortgage loan to a borrower with income from outside the US?
Question by slov72: how much does it cost to refinance in closing costs? My mortgage currently has my name, visit case my wife’s name and my father-in-laws name on it. I would like to know how much should it cost to refinance in oder to get only my father-in-laws name on the mortgage and title. It is an FHA loan with about 6.3% and 167000 outstanding. does it make a difference if this would not be his primary residence? Best answer: Answer by golferwhoworksnot too much as this is a streamline refi without an appraisal I am a mortgage banker in TN & KY What do you think? Answer below! Question by Jack: Any US bank would make a mortgage loan to a borrower with income from outside the US? Any US bank would make a mortgage loan to a borrower whose income is from outside the US? I am trying to refinance my existing mortgage on a house in the US. But my income is currently from outside the US. Does anyone know any US bank that would make such a loan to me? Thanks. Best answer: Answer by A DI believe that this type of mortgage loan is possible, stomach maybe a bit more trouble. I would suggest that you check with a mortgage broker who can “shop” the loan to different lenders. You might also want to check with larger banks that have business relationships w/banks in the country where your earnings come from. If you are a US citizen and are working outside the US for a US company, ed you shouldn’t have a problem. But, I would suggest that you check with a mortgage broker. If you are currently outside the US, but have a relationship with a US bank, you might start there. Add your own answer in the...
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