Answers
Would a credit score of 750 get me the best mortgage rate?
To be honest, the current accepted truth in the US is that a higher credit score will automatically get you a better rate. Unfortunately it's not all true. It goes more the other way, a lower credit score will get you a higher rate. 750 is a great score. Your rate would not, at most banks, be any different than someone with an 800 or 850. Anything over 720 is not subject to the new underwriting guidelines from the Federal Reserve. Which primarily cover points, not rate. The best way to get the best rate for a mortgage in your current situation(not changing any factors) is to shop around. And shop smart. Before allowing anyone to pull your credit report, get a quote from several people. Let them know what you think your score is(I say what you think because it changes with time and with which CRA the Mortgage Originator uses) You could goto a broker. My first stop would be the bank you actually bank with. The reasons: you have a relationship with them. They will do their best to give you their best deal. In addition, having a mortgage with the bank where you bank is going to build your relationship with them and in not so many words, they will treat you much nicer in the future in regards to any other situation you have(You have a mortgage with me and accidentally overdraft, I'm going to waive it quicker, if you have a mortgage with me, I can see you have good credit history and am going to be more willing to let other things slide. Plus, your rate's still going to be competitive. Plus, when you have a question on something with your mortgage you can stop by your local bank instead of calling india, that's worth a whole percentage point to some) If you still want to shop, find a reputable mortgage broker. Again, do not let anyone pull your credit until you sure of what you want to do. When you decide what you want to do, have all of your sources pull your credit(apply with them) at once. You have a small window of time in which all real estate applications you submit count as one against your credit score(each inquire against your credit could lower your score, multiple inquires in the same time frame count as one hit even if by different companies) To sum up, with your credit score, your local bank will probably get your the best mortgage(look at everything not just rate, this is 30 years of your life) but either way if you're just looking at rate, you'll have to shop around still. Your score is worth as much as someone with an 800 especially during the december/january months.
Best Answer:
To be honest, the current accepted truth in the US is that a higher credit score will automatically get you a better rate. Unfortunately it's not all true. It goes more the other way, a lower credit score will get you a higher rate. 750 is a great score. Your rate would not, at most banks, be any different than someone with an 800 or 850. Anything over 720 is not subject to the new underwriting guidelines from the Federal Reserve. Which primarily cover points, not rate. The best way to get the best rate for a mortgage in your current situation(not changing any factors) is to shop around. And shop smart. Before allowing anyone to pull your credit report, get a quote from several people. Let them know what you think your score is(I say what you think because it changes with time and with which CRA the Mortgage Originator uses) You could goto a broker. My first stop would be the bank you actually bank with. The reasons: you have a relationship with them. They will do their best to give you their best deal. In addition, having a mortgage with the bank where you bank is going to build your relationship with them and in not so many words, they will treat you much nicer in the future in regards to any other situation you have(You have a mortgage with me and accidentally overdraft, I'm going to waive it quicker, if you have a mortgage with me, I can see you have good credit history and am going to be more willing to let other things slide. Plus, your rate's still going to be competitive. Plus, when you have a question on something with your mortgage you can stop by your local bank instead of calling india, that's worth a whole percentage point to some) If you still want to shop, find a reputable mortgage broker. Again, do not let anyone pull your credit until you sure of what you want to do. When you decide what you want to do, have all of your sources pull your credit(apply with them) at once. You have a small window of time in which all real estate applications you submit count as one against your credit score(each inquire against your credit could lower your score, multiple inquires in the same time frame count as one hit even if by different companies) To sum up, with your credit score, your local bank will probably get your the best mortgage(look at everything not just rate, this is 30 years of your life) but either way if you're just looking at rate, you'll have to shop around still. Your score is worth as much as someone with an 800 especially during the december/january months.
Answers:
Its a good score but not the best. Check your credit report and see if you have anything you can fix to inprove it.
Anything over 720 is strong and very little to gain after that.
there are 32 different factors that affect your interest rate. The best way to find out what kind of rate you would get is to talk to a mortgage professional.
some other factors that determine your rate are the following:
1. down Payment... the more you put down, the better your rate.
2. Income: creditors divide your total monthly bills (including your possible mortgage) by your monthly gross income.... the lower the percentage, the better the rate.
3. Can you prove your income? Many people in business for themselves can't show on paper what they really make.
4. Assets in the bank... do you have 2 - 6 months reserves? If you don't, you may have to qualify for a different program.
Feel free to contact me if you'd like to know what you could qualify for.
That's a good score. It should give you a good rate but you can ask a mortgage broker to see if there's anything you can improve on.
the best? no. you will get a preferential rate, but some one with an 800+ score (considering all other things the same) would most likely get a better rate.
750 is a very good score, but the BEST mortgage rate would be for someone with credit score 800 and above. But you should be getting a good interest (low) rate with that score. If you can wait till your score go up to 780 and above, do it.