Your Questions About Mortgage Loan Rates

Linda asks…

What does my credit score need to be to get competitive mortgage and auto loan rates?

Is there a magic number? Is it 650? 750? What should I use as my benchmark for being ready to apply for financing? I’ve done a lot to repair my formerly blemished credit history and would like to know when I should feel confident again.

John answers:

Anything above 650 should be good 700’s are considered very good and 800 excellent but anything above 650 should do.

Jenny asks…

VA loan mortgage rates?

My husband and I are thinking of buying our first home using his VA loan benefit. Our friends used theirs in Jan 2009 and they received 5.5% interest rate, they have really great credit and we dont, my husbands score is 635. When I called around today (i called 6 places mortgage companies and banks) I was told the VA interest rate has gone up, 2 banks quoted me 6%, 3 said 6.5% and another said 6.75%%.. These numbers have nothing to do with credit as I never provided any info for them, only asked what the current VA mortgage rates were… I thought rates were dropping…Im confused now

John answers:

Those seem high, im not sure what the current rate is but we just bought our house using the VA and we also got 5.5% fixed rate

Sharon asks…

Does each lender pull your credit when scoring you for mortgage rates?

If so, doesn’t all those credit inquiries hurt your credit? Or, can you provide your credit report to prevent them from pulling it?

I’m trying to learn how to shop for mortgage loan rates….

John answers:


Donna asks…

Mortgage loan rates?

I’ve been keeping an eye on home loan rates and have seen them go up and down over the past month. Now they are back on the rise and, of course, we are trying to buy a house. Do you think the rates will continue to go up? Or is it likely that they will come back down again in the next few weeks?

We have not yet locked in our interest rate – we were pre-approved too far in advance of our estimated closing date and would have had to pay extra fees to lock it it at that time. I’m going to keep an eye on the rates, I just wanted to get some opinions if they will continue to rise or if it’s just temporary and will go back down.

John answers:

The rates will go down slowly for the mortage market. The banks need the higher rates they are getting to make some much needed cash for themselves.
The prime rate has a web site that also has the odds on what the Fed will do.

Laura asks…

I am applying for an $81k FHA mortgage loan. What kind of interest rates will I get?

My wife and I are purchasing a foreclosure and got preapproved for a loan for $90k. I will actually only need $81k for the FHA loan. My credit is around a 650 and hers is around 670-700 range. What kind of interest rates will we get approved for? I know interest rates are extremely low right now.

John answers:

The news is reporting 4.5 percent interest on a 30 year fixed.
With your credit score I would expect about 5 to 5.5 percent.
An FHA will not have PMI……………

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3 Responses to Your Questions About Mortgage Loan Rates

  1. Pingback: Your Questions About Va Home Loans Rates | Home Equity Online Loans

  2. I really wish I hadn’t witnessed this as I really want just one now!

  3. Pingback: Your Questions About Va Home Loans Rates | Home Equity Online Loans

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