LenderCity » Appraisals http://lendercity.com Home Loan Professionals Wed, 28 Apr 2010 16:39:21 +0000 en hourly 1 http://wordpress.org/?v=3.0 Rates Are Based on Your Credit Score and Equity http://lendercity.com/appraisal/rates-are-based-on-your-credit-score-and-equity/ http://lendercity.com/appraisal/rates-are-based-on-your-credit-score-and-equity/#comments Wed, 11 Nov 2009 04:33:23 +0000 Gregg Harris http://lendercity.leadpress1.com/?p=1469 It used to be that a 720 was considered an excellent credit score, however that’s no longer the case.  The new benchmark for excellent credit when it comes to mortgage rates is now a 740 or better.  When we obtain a credit report, we go off the middle score (not average) when there’s only one borrower, or the lower of the two middle scores when there’s a borrower and co-borrower.

We then look at the equity position.  Depending on the type of loan (rate/term refi, cash-out refi, or purchase), the rate can be higher or lower depending on the credit score and equity position.

]]> http://lendercity.com/appraisal/rates-are-based-on-your-credit-score-and-equity/feed/ 0