I have a 628 Experian Score, What kind of interest rates should I be thinking about?

Question

I want to buy a condo soon. What kind of interest rates should I be factoring?
Thanks

Answer 1

I agree with everyone else, however they may have missed the fact that you asking about condo rates not single family rates. You need to understand that condo's carry a higher interest rate as they are more of a risk than a single family or even a town home. Your credit is decent and should be able to get a rate of around 7% on a single family home, but your looking closer to 7.25%-7.375% on a condo. My advice is if your looking do it soon as both rates and prices are going up almost on a daily basis. Depending on which state your are in you may need to be pre-approved before you can make an offer as well. I hope this helps you but if you need any further help or have any more questions email me [e-mail].

Answer 2

Hi rox_hallums,



628 is pretty good, however, you need to know what your mid score is. That is out of the three scores you have, the one in the middle is the one that is typically used for home lending purposes.



Based on the following assumtions:



Mortgage Position:First Mortgage

(No Subordinate Financing)

Conforming Loan Amount: Up to $416,999.99

FHA Loan Amount: Up to $290,319.00 (May be less, varies by County)

VA Loan Amount: Up to $416,999.99 (includes any financed funding fee)

Jumbo Loan Amount: Over $417,000.00

Loan-to-Value Ratio: 90% or less (loan amount divided by lesser of property value or purchase price)

Property Type: Primary, Single Family Residence

Loan Use: Home Purchase or Refinance

Income Documentation: Full Documentation

Pre-Payment Penalty: None



and If your mid was 628 at 90% financing, full documentation, you are looking in the range of 6.50 to 6.875, on a 30 year.



Good Luck,

~Trey

Answer 3

There are too many factors that account for interest rates when applying for a loan. LTV ratio, total amount, avoiding PPP's, what index the loan program runs on, what program it is in general (i/o, 30yr, 15yr,etc) etc etc.



Consult with a competent mortgage planner about your needs and situation.



The first step in buying a home (or condo) will be finding out what you can afford and getting pre-approved for that amount which will give you a better idea of what your interest rates will be like.

Answer 4

I agree with the last response, as long as you conform to those basic guidelines, then you will qualify between 6.375-6.875%



It dosen't look like the last gentleman left any contact information for you, or any advice in what type of mortgage company to look for...



Here are a few tips..



Your best bet is to talk with someone that has a portfolio of investors they work with. There are a couple reasons i suggest that:





1. If a loan officer can shop your loan to multiple lenders they are bound to find one or more willing tho lend to you. By looking at multiple options and programs you will be sure to find the lowest costs and rates...



2. If you on your own call multiple banks to see what you qualify for, EACH AND EVERY LENDER will HAVE to pull a seperate credit report. The more times it is pulled the worse your credit gets. Now, when you work with a loan officer that can shop among their investors, they only have to pull one credit report, and use that copy to shop mortgage lenders for you..



So not only do you keep your credit score where it is, you dont have to worry about any of the busy work..you let the loan officer do it for you..



The most important thing to realize is that I as the loan officer with multiple investors to work with, am fully willing to keep shopping to different companies to find the best program for your needs.



Because, the better product i can offer to you then there's less chance that you will go to another company.



There are many mortgage companies out there, all having different things to offer. Fortunately for you, i can find out which one wants to lend to you at the lowesr rates and fees.



My name is Jason Fry, and I am a loan officer with Providential Bancorp, a nationwide mortgage lender. I'd be happy to assist you in purchasing a home, or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you.



Feel free to give me a call at 312-264-6448, or

you can email me at [e-mail].





Thank You,



Jason Fry

Providential Bancorp

312-264-6448

Answer 5

about 6-7%