@Simon Dean Best piece of advice I've heard on this is from Graham Stephan on YouTube. He mentioned taking this quote to another bank to see if they can beat it. Once you find a bank to beat that rate, you then take it to yet another bank and have them beat THAT rate. Continue this until it's unbeatable and then you'll have your lowest rate :)
@Simon Dean Best piece of advice I've heard on this is from Graham Stephan on YouTube. He mentioned taking this quote to another bank to see if they can beat it. Once you find a bank to beat that rate, you then take it to yet another bank and have them beat THAT rate. Continue this until it's unbeatable and then you'll have your lowest rate :)
@Simon Dean sounds extremely high for that FICO score. I just got pre approved 2 weeks ago and received 4.125% fixed with an 800+ FICO score. I have student debt but I don't believe having debt factors into the interest rate much. From what I understand the rate is based mostly on your FICO and the loan pre approval amount is based on your DTI which includes your salary and current debt payments.
I see you went through Chase- maybe this is why? I would shop around to small local credit unions, community banks, and mortgage brokers. I have found it is much easier to deal with the loan officers at these types of institutions rather than the big name brand banks.
I just closed a 4.35% and 4.5% for 5 down on 2-4 unit buildings in last month. A house I sold yesterday buyer was at 4.15% these are with no PMI lender paid. Definitely shop rates right now Wells Fargo has the lowest rate brokers are selling out to them right after you close.
What's your DTI? Keep shopping, you should be closer to 4.5 assuming decent DTI. Check with multiple institutions, many will match or beat competitors numbers.
Just saw you mentioned no debt. Is this an investment loan? No matter what, the big institutions always throw out high rates and hope for less savy people to bit.
Agree with a lot of these opinions, but I wouldn't show 5.75%. Any smaller bank should beat that easily before they are even trying to beat a competitor.
If this is an investment property loan that may be reasonable. What type of loan do you have? Is it through a national bank/private lender/credit union/etc. If you are using the loan for a primary residence than i'd say that is a pretty poor interest rate. I'm closing on a loan now 703 credit with a 4.3% interest rate on 265,000. I have a repo from years ago and my credit length is still in the low category. This is on a primary residence loan.
@Simon Dean is this an investment property, non-owner occupied rate or an owner occupied rate? I was quoted 4.3-4.4 for owner occupied but 5.125 for non owner occupied.
If it’s for primary residence, the rate seems high. If it’s for investment property conventional, rates can be a little bit lower not a whole lot. If it’s long term rental loans rate seems reasonable interest rate.