Does a good FICO score give you better mortgage rate?
- Thread starter RGLD
- Start date
It is one factor. It is not the only factor. Other inputs are income/job, years employed, how much you are putting down, the overall size of the loan (jumbo, etc..) type of loan (FHA)...what type of beer you like to drink, whether you have cats - long hair or short hair...vegans get higher rates than meat eaters, etc.
What's the difference between the vanilla and FHA 30 year anyway?
FHA usually allows for much less down (can be as low as 2% if memory serves). But you have to qualify for an FHA loan.
I have to be low income don't i? lol
Make sure you go to a bank if you're getting a mortgage loan. Avoid mortgage brokers unless you're getting some kind of specialized loan or something with down payment assistance. If you're doing the flat 20% down, you don't need a mortgage broker ever.
FICO determines the rate bucket you are in on any loan. All of the above just determines wether you meet the guidelines to actually get the loan. The beer is for when you clear to close. Lol
No
That's wonderful because my real estate broker just recommended me to get pre-approved from somebody he recommends at JPM. You saying I should just research to find a real bank with a low rate?