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Answers (6)
Best Answer
- Clay Branch, "Georgia Loans"
- Contributions:7832
Most traditional lenders will not even approve a loan at 691.
Kimberly, that is misinformation. If the lenders you work with are telling you that then you need to work with other people. At 90% on a conventional loan w/a 691 Fico it would affect the rate .125, 4.00% to 4.125%, on a 15 Year Fixed it would have no affect at all, 3.375%. On an FHA loan, 4% with that score which is why I say it is misinformation.
Kimberly, that is misinformation. If the lenders you work with are telling you that then you need to work with other people. At 90% on a conventional loan w/a 691 Fico it would affect the rate .125, 4.00% to 4.125%, on a 15 Year Fixed it would have no affect at all, 3.375%. On an FHA loan, 4% with that score which is why I say it is misinformation.
- Wytana Thomas, "Wytana Thomas"
- Contributions:81
Alexander - I agree with Clay. You just need to contact several reputable mortgage brokers or officers and have them pre-qualify you.
- Rick Payne Home Buyers Specialist, "BUYER SPECIALIST !"
- Contributions:81
Your credit score should almost work with any type of loan you want ie. conventional, FHA, Veterans etc. Rates are excellent right now and you should be able to obtain a very good rate. Of course, when you work with a Mortgage Lender they will tell you what you can qualify for after the application process.
I work with some excellent Mortgage Lenders. Give me a call at
[contact info removed by moderator due to self-promotion] and I will give you their contact information.
I look forward to hearing back from you.
Rick Payne
Keller Williams
I work with some excellent Mortgage Lenders. Give me a call at
[contact info removed by moderator due to self-promotion] and I will give you their contact information.
I look forward to hearing back from you.
Rick Payne
Keller Williams
- Kimberly Hollins, "home1001"
- Contributions:237
A 691 is not a bad score, unfortunately in this new Mortgage Industry most lenders are requiring a min. credit score of 720 or higher to qualify you for a mortgage loan. Most traditional lenders will not even approve a loan at 691. My advise is take the next few months to improve your credit score to that 720 and then you will be able to qualify for rates in the area of 4%. Find a mortgage person (lender ) to review your credit bureau and then suggest ways to improve the score.
Good luck
Good luck
- Clay Branch, "Georgia Loans"
- Contributions:7832
It will depend on loan type, LTV, loan amount, and term. What type of loan do you have, Conventional. FHA, VA, etc? What is the loan balance and estimated value?
- Donna Schulze, "donnaschulze"
- Contributions:184
Hi Alexander,
No matter what your credit score several factors can determine your interest rate. How much money you are putting down, the appraised value oof the property, a co-signer, etc. I suggest that you get a copy of your ccredit report and start repairing any negative factors immediately. 691 is nnot a bad score!
No matter what your credit score several factors can determine your interest rate. How much money you are putting down, the appraised value oof the property, a co-signer, etc. I suggest that you get a copy of your ccredit report and start repairing any negative factors immediately. 691 is nnot a bad score!
Interest Rate
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