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hey, i have a credit score of 750, I want to know how high my interest rate would be for a home loan of about $ 80,000. I can check mortgage calculators for how much payments will be, but only if i fill in the interst rate, i just want to know a realistic guess about what that might be!

8 Thoughts on If you have a credit score of 750, what kind of interest for home?
  1. Reply
    nipopazleh
    February 22, 2011 at 1:19 pm

    you should qualify for the lowest rate

  2. Reply
    jdlx_2
    February 22, 2011 at 2:03 pm

    A lot of things other than your credit score will be looked at when getting a loan. Right now a typical interest rate is about 6.75%. That may be a bit higher than what you can get now, but I would use that to be safe and make sure you can afford the payments.

  3. Reply
    unclejesse1
    February 22, 2011 at 2:36 pm

    Yes from 6.5% to 6.875% is a good range. For $ 80,000 you will not see much payment difference on a 30 year mortgage. If you can afford the difference I would do a 15 year mortgage and get a better rate and be done in 15 years. Because of that you want to be more careful about closing costs and loan origination fees. Good Luck. Any other questions e-mail me.

  4. Reply
    medicgvd
    February 22, 2011 at 2:58 pm

    I want to know where you are that you can buy a home for $ 80,000. here you need $ 300,000 just to get started, and that’s bare bones. I’d love to buy 2 or 3 of those and rent them out.

  5. Reply
    W. E
    February 22, 2011 at 3:46 pm

    Hi – Congratulations on our high score – You will have no problem getting a home mortgage. You qualify for a 100 percent 1 loan, 103, 105 if you are needing closing cost help. Or if the seller is mortivated in helping you wirh closing cost that is great.

    80,000 @ 6.50 rate 30/yr = 505.65 mo
    80,000 @ 6.75 rate 30 yr = 518.88 mo

    80,000 @ 6.50 rate 20 yr = 596.46 mo
    80,000 @ 6.75 rate 20 yr = 608.29 mo

    80,000 @ 6.50 rate 15 yr = 696.89 mo
    80,000 @ 6.75 rate 15 yr = 707.93 mo

    Decide on how much you want to spend, if you want to escrow the taxes and insurance.

    The above does not have Taxes and Your Home Owners Insurance included in the payment. A good rule of thumb, if you are wanting to escrow your taxes & HO Ins, is add an additional 125.00 to your payment. Estimating high, but it gives you and idea. You will need to bring a Insurance Binder to close (proof of 1 year insurance paid), with the mortgage clause of your lender who is doing your mortage. Your bank or broker will inform you what is needed. If you excrow, they will collect 3 months insurance and 3-4 months property taxes at the closing also. This sits up your escrows, so add that into what you need to bring to the closing table….

    It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help – especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 2-6 percent of the selling price, and you ask for 4-5 percent toward closing cost -assistance) Follow me so far??

    Talk with a broker, a broker underwrites for many company’s (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a “hard” pull and it drags down your credit score.

    By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only – not the final – but it does help you figure things out.

  6. Reply
    chacio
    February 22, 2011 at 4:13 pm

    Hello

    OK, you are buying a home worth $ 80,000 so you want to finance $ 80,000 that would make it 100% (LTV)loan to value with your credit score you can have the best rate in the market,

    ?????BUT ???????

    You also have to take under consideration other factors, banks don’t usually lend 100% LTV, what they do is what is called an 80/20 loan….

    80% first mortgage and 20% second mortgage…

    80% could be 30 year fix with and interest of 6.5% = $ 404.52 (PI) principal and interest,

    20% could be interest only (amortized over 30yrs do in 15yrs)
    at a probable interest of 11.5% = $ 153.33 (interest only)

    Now you can add the numbers 🙂 $ 404.52 + $ 153.33 = $ 557.85 total mortgage.

    Now interest could be higher is you are doing an “stated” loan, or if you are not going to live in it, and other factors…

    Good luck, also make sure you get the Good Faith, and the Truth and lendding and ask questions for anything that you don’t understand.. 🙂

  7. Reply
    Candy
    February 22, 2011 at 5:02 pm

    From what I recently found out myself about home loans and interest rates, you’re looking at interest rates of about 7%-8% if I’m not mistaken. You can check out a website and have a loan officer check out information for you free of charge at lowrateapprovals.com/11545.
    They have a plethora of mortgage companies to work from and help you find the best rates possible. That’s where I went and they were very helpful.

  8. Reply
    barraganf2001
    February 22, 2011 at 5:07 pm

    With low loan amount you must be in Lone Star State Texas. Interest rate run lower in Texas in comparison to the entire state. I Have a video that shows you the whole process of purchasing a home.

    If you would like to get exact Numbers give me a call Frank 909-489-4692 or check out my website: http://www.firstmeridiancapital.com/9StepstoOwnership

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