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Answers (5)
Best Answer
- Clay Branch, "Georgia Loans"
- Contributions:7839
Osiris, one more note. There is no price adjustment for credit score / LTV on a 10 or 15 Year Fixed conforming loan, the rate and fees should be exactly the same for a 620 or 760 score which may be what you are seeing.
- Osiris0716
- Contributions:3
Okay, that's the part I apparently left out. I am looking at 10 year fixed mortgages.
- Clay Branch, "Georgia Loans"
- Contributions:7839
There is a price adjustment of 2.75 points on a conforming loan when comparing a 760 score to a 620 score with 20% down. While you may see the exact same rate, the closing costs should be much higher because you will be paying the 2.75 fee in discount. FHA is very different, using your parameters you may be seeing 3.5% using the 760 score and 3.75% using the 620 score with little or no additional fees. Is your score 760 or 620?
- Osiris0716
- Contributions:3
I guess my question isn't really clear.
The question is: why does it seem that Zillow Mortgage Marketplace doesn't take credit score into account when making parameter changes?
I suppose it's more of a technical question than an actual Mortgage question, since I expected that credit score would be one of the top two factors in determining loan programs that I'd qualify for (the other being down payment).
The question is: why does it seem that Zillow Mortgage Marketplace doesn't take credit score into account when making parameter changes?
I suppose it's more of a technical question than an actual Mortgage question, since I expected that credit score would be one of the top two factors in determining loan programs that I'd qualify for (the other being down payment).
- Geofrey Merino, "GMerino"
- Contributions:445
Credit scores do play a huge factor in determining an interest rate. Especially, in a conforming loan because you have negative adjustments for having a low fico score and for a low loan amount. You might see rate in the upper 4 to 5 percent. For an FHA loan rates would be lower. I hope this answers your question.
Zillow mortgage marketplace lenders question?
Purpose: Purchase
ZIP Code: 75243
Purchase Price: 85,000
Downpayment: $17,000 (20%)
I discovered that, with these parameters, the lowest credit score range in order to obtain results was 620-639, for which I returned 7 programs. I decided to see what I could get if I am able to increase my credit score over the next year. I expected to receive more lenders and lower rates. As I pressed the credit score up, however, I did not see an increase in the number of loan program offers, and the interest rates didn't change much. two of the results were exactly the same for credit scores ranging from 620 all the way to 760+.
SERIOUSLY?
Are the credit scores actually taken into account, or are the lenders cached in the search process and new parameters are ignored?
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