Does a good FICO score give you better mortgage rate?

[Amun Ra]

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?

Unless you're buying a new home with an in house lender, I've found it's always best to go with the big banks. If you're buying new build, then the incentives the builders gives for using inhouse will usually blow away anything that a big bank can offer. (At least in my experience)

 

[RGLD]

Unless you're buying a new home with an in house lender, I've found it's always best to go with the big banks. If you're buying new build, then the incentives the builders gives for using inhouse will usually blow away anything that a big bank can offer. (At least in my experience)

The lender is JP Morgan. That's a big bank. Can they be "in house"?

 

[Amun Ra]

The lender is JP Morgan. That's a big bank. Can they be "in house"?

No, an in house lender is when you have a brand new subdivision like KB homes, D.R. Horton or Taylor Morrison and you get your loan through the homebuilder. That's what in-house is. If you're not buying a new construction, there is no in house lender.

JP Morgan-Chase is a good bank and they would normally be who I use, so you're good with them in my opinion.

 

[bone]

If you can put 20 percent down that is the really big deal.

The real estate market would likely never have crashed like it did if that basic tenet had always been adhered to. The zero down NINJA loan was the match to the Investment Bank toxic asset firewood.

 

[Amun Ra]

If you can put 20 percent down that is the really big deal.

The real estate market would likely never have crashed like it did if that basic tenet had always been adhered to. The zero down NINJA loan was the match to the Investment Bank toxic asset firewood.

They were called NINA loans. No income, No assets. I remember this one program from back in 2003 or 2004 where this broker had a lender who would loan up to $1 million for 100% financing on a property and the only qualification was an 800 fico.

 

[senumouv]

A good FICO score is not the only thing that can impact your approval and interest rate. But a good FICO score can only help you in getting a more favorable rate. Remember, it takes a lot more to lock in the best terms.

 

[Tony Stark]

If you're doing the flat 20% down, you don't need a mortgage broker ever.

They are useful for no income verification loans and loans that might need a little finessing even with 20% down imo.They can be very useful for real estate investors imo.