Thursday, June 7, 2012

What Credit Score Gets the Lowest Interest Rates?

What credit score is needed to get the lowest interest rates? Here's what you need to know:

• For conventional (non-government) loans, a 740 credit score gets the lowest interest rate. Every 20 points below 740 has the potential to increase the rate. The amount of the increase depends on how the mortgage backed securities bond market is trading that day.
• For FHA loans, a 660 credit score gets the lowest interest rate. Scores between 640 and 660 pay a higher rate, and scores between 620 and 640 pay an even higher rate.
• For VA loans, scores above 660 get the lowest interest rate. Scores below 660 pay a higher rate.

Remember, there are many more things that go into determining the interest rate besides credit scores. If a lender quotes you a rate without knowing everything about your particular situation, they are just making it up.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

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