Keller.... My top score is Experian - 632. My low is EFX - 570. The middle score is TU - 601. So they are a bit on the low side. I was thinking about asking them to reduce the points and take a slightly higher interest rate since in a year or two (assuming rates are low at the time) I will try to refinance when my scores go up after my student loans fall off due to rehabbing them. Thanks
Congratulations on the approval tmitchell. If you would like for someone in the industry to give you some honest information, please contact me off-board and I will be glad to talk with you. You can email me contact information and I will call you either during the day or in the evening. Since some of the questions I will be asking are confidiental I just don't think that a public forum is a good place. Some of the questions I will be needing answers to are: 1) Are you employed by someone and if so, how long If self-employed...how long 2) What are your credit scores? 3) Is this going to be your primary residence? Based opon your answers, I will be able to tell you if the rate you received is a good one, though based on what you wrote it sounds like it is a little high. fla-tan
tmitchell, This is probably a stupid and obvious question, but just to make sure: when you say 7.75%, are you referring to the note rate, or to the overall APR listed on your Truth in Lending Disclosure Statement? For example, my rate is 7%, but my APR works out to be something like 7.6% when all the other charges and fees are taken into account. If 7.75% is your interest rate, then as others have said on this thread, you can probably do better. My scores are very similar to yours, and I managed to get 7% just by going from Wells (at 7.5%) to the builder's "preferred" mortgage company. One more inquiry, but so what? It's saving me over sixty bucks a month. Anyway, sorry for babbling...I just wanted to show that even with scores like ours, folks would do well to shop around wajaba
Thanks for the repsonse. 7.75% is the note rate. I haven't even thought about shopping around - just assumed I was lucky to get THAT approval.
