FICO score and Mortgage??
So we are hoping to buy a home soon. My wife and I both have pretty good credit (I think!) My FICO scores come in at: TU-705 EQ-730 EX-685 My wife has even better then this. MY CPA tells me that this is good enough to get a good jumbo rate for the 1.2m that…
So we are hoping to buy a home soon. My wife and I both have pretty good credit (I think!) My FICO scores come in at:
TU-705
EQ-730
EX-685
My wife has even better then this. MY CPA tells me that this is good enough to get a good jumbo rate for the 1.2m that we are looking to take out with 500k down. Does anyone have any insite on this? Can anyone post there FICO score and rate they got?
Any FICO around 700 or greater will give you an excellent mortgage rate (below 650 is considered sub-prime) even if you only put 25% down. You may want to get shorter terms 15 verses 30 years to pay it off sooner.
just a quick chime in on going rates – I just locked in a month ago and got a very competitive rate at the time of 5.875% with no points.. my understanding is that rates have come down slights since then, so you should be able to get something better now.
due to the amount you are putting down, your credit score has less weight. if you were going the completly traditional route of 20% down your credit score would have to be no lower than 720. the score that that the bank looks at is the banks choice.
10:28 AM, your response was rude…. are you “new” to manners? tsk, tsk…
The OP asked an honest question… and by the way OP good luck on the purchase of your home.
What does “classiness” have to do with anything you snob? This forum is for people seeking advice on all sorts of things related to homeownership. Seems to me the most expeditious way to find out if those are good scores and what his loan options are is to post them and get feedback. It’s hardly like he’s posting revenue or bank balances.
The only advice I can offer you as a 2 time homeowner is, when talking with mortgage brokers, SHOP AROUND A LOT and don’t get pressured or commit to working with one person/company too soon. You’ll have to eventually of course, but the name of their game is to get your money and they’ll say/do just about anything to get it.
FYI, I got 7.35 (refinance) for one loan and 6.85 (new loan) for the other at the height of the mortgage shake-down a few months ago. Good luck.
This is a perfectly legitimate question, and is something that everyone always wonders about but is too embarrassed to ask. Kudos to the original poster. Good luck with your mortgage.
Which score of the 3 do they use for the credit rating when applying? Or do they check all 3? Thanks in advance.
Oh shut up 10:08, that’s obnoxious. The poster is asking for help, not bragging. Only someone who is very insecure about their own financial standing would get so defensive. You can’t ask your friends and family for this info because THAT is considered rude, which is why sometimes you need to turn to an anonymous forum.
And 9:46 (who sounds like a real estate broker), why should the poster overextend himself? That’s ridiculous. $1.2 is a shitload of money, and that’s their budget. Get a life.
Back to your original question, those are good scores and your CPA is right. I’m not in the market for a mortgage right now, so I can’t comment about rates, etc.
Very new…sorry for the post.