Interest Rate on a 800 Credit Score

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Interest Rate on a 800 Credit Score

Orlando Ortiz
Rental Property Investor · New Jersey & Virginia · Member since 2020 · 29 posts · 11 votes

BP Family,

I've been trying to get a quote on a refi for my personal property with a mortgage broker, but it seems the interest is high. What interest rate should I expect for an 800 score?

Thank You in advance for you responses,

Orlando

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Julia Boiniceanu
Rental Property Investor · Naples, FL · Member since 2020 · 7 posts · 12 votes
5y

@Orlando Ortiz

Hi, as you can see it depends on the scenario. I work for a private mortgage lender and this is how it goes:

Your credit counts

Your DTI debt to income ratio counts

Primary/secondary/investment (type of property in that order)

Single fam/ condo/ duplex / multi fam ( in that order)

Take all that and it will determine your rate; now decide if you want a 15-30 yr refi and that will change your rate again.

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  • Casey Williams
    Tomball, TX · Member since 2020 · 6 posts · 0 votes
    5y

    @Orlando Ortiz

    I just filled out an application for refinance today. I’ll let you know what my numbers come back as.

    But my brother-in-law is my loan officer and in early December he told me the rates for 20 year were 2.875 with no points and 2.625 with 1 point.

    I’m looking to buy the point and get as low as I can. Plan to be in my residence for the next 20 years until kids are in college.

    0Reply
  • Orlando Ortiz
    OP
    Rental Property Investor · New Jersey & Virginia · Member since 2020 · 29 posts · 11 votes
    5y

    Okay, Please let me know. I'm curious to know what you get for an Interest rate. Thank you for taking the time to reply to this post.

    0Reply
  • Brian G.
    Rental Property Investor · Los Angeles, CA · Member since 2013 · 1k+ posts · 1k+ votes
    5y

    @Orlando Ortiz just did a refi on a 2nd home loan at 2.875% and sister just closed on a 2nd home loan purchase at 2.625%. For sure you should be sub 3%.

    0Reply
  • Alecia LovelessPro Member
    Member since 2019 · 3k+ posts · 2k+ votes
    5y

    @Orlando Ortiz I just locked in at 3.5% for a 4 unit non-owner occupied that might be a little high but it’s a small community owned bank that will not sell my loan.

    Alecia

    4Reply
  • Julia Boiniceanu
    Rental Property Investor · Naples, FL · Member since 2020 · 7 posts · 12 votes
    5y

    @Orlando Ortiz

    Hi, as you can see it depends on the scenario. I work for a private mortgage lender and this is how it goes:

    Your credit counts

    Your DTI debt to income ratio counts

    Primary/secondary/investment (type of property in that order)

    Single fam/ condo/ duplex / multi fam ( in that order)

    Take all that and it will determine your rate; now decide if you want a 15-30 yr refi and that will change your rate again.

    10Reply
  • Orlando Ortiz
    OP
    Rental Property Investor · New Jersey & Virginia · Member since 2020 · 29 posts · 11 votes
    5y
    Originally posted by @Brian G.:

    @Orlando Ortiz just did a refi on a 2nd home loan at 2.875% and sister just closed on a 2nd home loan purchase at 2.625%. For sure you should be sub 3%.

    0Reply
  • Orlando Ortiz
    OP
    Rental Property Investor · New Jersey & Virginia · Member since 2020 · 29 posts · 11 votes
    5y
    Originally posted by @Brian G.:

    @Orlando Ortiz just did a refi on a 2nd home loan at 2.875% and sister just closed on a 2nd home loan purchase at 2.625%. For sure you should be sub 3%.

    Brian - Between the 2.875 and 2.625 is what I am looking for, but this broker is a little too high on the interest rate. I might have to move on to another lender. Thank You for the information.

    0Reply
  • Orlando Ortiz
    OP
    Rental Property Investor · New Jersey & Virginia · Member since 2020 · 29 posts · 11 votes
    5y
    Originally posted by @Alecia Loveless:

    @Orlando Ortiz I just locked in at 3.5% for a 4 unit non-owner occupied that might be a little high but it’s a small community owned bank that will not sell my loan.

    Alecia

    Alecia - That's a great rate for an investment property! I've been advised before on getting loans from a smaller bank.....Also, with a smaller bank you have a great chance of getting a property financed when the price is under 75K.

    0Reply
  • Orlando Ortiz
    OP
    Rental Property Investor · New Jersey & Virginia · Member since 2020 · 29 posts · 11 votes
    5y
    Originally posted by @Julia Boiniceanu:

    @Orlando Ortiz

    Hi, as you can see it depends on the scenario. I work for a private mortgage lender and this is how it goes:

    Your credit counts

    Your DTI debt to income ratio counts

    Primary/secondary/investment (type of property in that order)

    Single fam/ condo/ duplex / multi fam ( in that order)

    Take all that and it will determine your rate; now decide if you want a 15-30 yr refi and that will change your rate again.

    Julia - I appreciate the break down on how the company you work for looks at it. Does your company do mortgage loans in VA or NJ?

    1Reply
  • Zack KarpPro Member
    Lender · Schaumburg, IL · Member since 2015 · 833 posts · 774 votes
    5y

    @Orlando Ortiz you missed your window for the lowest rates.  Rates have gone up about 0.25% since Wednesday after the Georgia senate election gave Dems total control.  Before Wednesday I was locking 30 year fixed rates as low as 2.375% with no points.  You'll still be in the 2's, but higher 2's now.

    847-387-5513
    4Reply
  • Orlando Ortiz
    OP
    Rental Property Investor · New Jersey & Virginia · Member since 2020 · 29 posts · 11 votes
    5y
    Originally posted by @Zack Karp:

    @Orlando Ortiz you missed your window for the lowest rates.  Rates have gone up about 0.25% since Wednesday after the Georgia senate election gave Dems total control.  Before Wednesday I was locking 30 year fixed rates as low as 2.375% with no points.  You'll still be in the 2's, but higher 2's now.

    0Reply
  • Orlando Ortiz
    OP
    Rental Property Investor · New Jersey & Virginia · Member since 2020 · 29 posts · 11 votes
    5y
    Originally posted by @Zack Karp:

    @Orlando Ortiz you missed your window for the lowest rates.  Rates have gone up about 0.25% since Wednesday after the Georgia senate election gave Dems total control.  Before Wednesday I was locking 30 year fixed rates as low as 2.375% with no points.  You'll still be in the 2's, but higher 2's now.

    Hi Zack - I'm aware that interest rates have gone up a little, but even at this time with credit in the 800's my quote  should be sub 3's. Since I am working with this broker, I will give him a chance to get me in the 2.75 range or else I will move on. 

    Thank you for the information you have giving me.

    I'll let you know what I get out of it.

    0Reply
  • Flavio Zanetti
    Investor · Andover, MA · Member since 2015 · 269 posts · 67 votes
    5y

    @Orlando Ortiz

    I just locked on a refi rate for a 4-fam non-owner occupied for 3.35% APR on a 25 year note and 3.5% APR on a 3-fam for a 30 year note.

    This is for Massachusetts with 780 credit score and no points.

    Hope that helps!

    0Reply
  • Orlando Ortiz
    OP
    Rental Property Investor · New Jersey & Virginia · Member since 2020 · 29 posts · 11 votes
    5y
    Originally posted by @Flavio Zanetti:

    @Orlando Ortiz

    I just locked on a refi rate for a 4-fam non-owner occupied for 3.35% APR on a 25 year note and 3.5% APR on a 3-fam for a 30 year note.

    This is for Massachusetts with 780 credit score and no points.

    Hope that helps!

     Flavio - That definitely helps.

    Thank You

    0Reply
  • Erik B.
    Rental Property Investor · Amityville, NY · Member since 2018 · 351 posts · 441 votes
    5y

    @Flavio Zanetti

    Flavio what type of loan product were these? Conventional or investment loan? Down payment?

    0Reply
  • Lien VuongBusiness Member
    Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    Credit score is one small portion of the rate evaluation, they would need to look at your collateral (property), DTI, type of loan, equity, etc.

    [email protected]
    The Elle Group5154 Reviews
    WebsiteView Page
    5Reply
  • Jesse Rivera
    Lender · Long Beach, CA · Member since 2013 · 496 posts · 296 votes
    5y

    Best case scenarios, locking 2.625% right now, no points, no cash out.

    0Reply
  • Robert Buscemi
    Lender · Miami, FL · Member since 2019 · 13 posts · 3 votes
    5y

    Hi Orlando, I am surprised no one has mentioned it yet but apart from your credit score and occupancy (owner occupied, or investment property- second home rates pretty much mirror o/o) your LTV will be the next biggest contributing factor to your interest rate. Hopefully you have at least 20% equity in the home and 30-40% will result in even better rates

    1Reply
  • Erik B.
    Rental Property Investor · Amityville, NY · Member since 2018 · 351 posts · 441 votes
    5y
    Originally posted by @Jesse Rivera:

    Best case scenarios, locking 2.625% right now, no points, no cash out.

     This rate is for non owner occupied investment loan?

    0Reply
  • Jesse Rivera
    Lender · Long Beach, CA · Member since 2013 · 496 posts · 296 votes
    5y
    Originally posted by @Erik B.:
    Originally posted by @Jesse Rivera:

    Best case scenarios, locking 2.625% right now, no points, no cash out.

     This rate is for non owner occupied investment loan?

    No. He is asking about his personal residence. Investment loans are in the 3s.

    0Reply
  • Erik B.
    Rental Property Investor · Amityville, NY · Member since 2018 · 351 posts · 441 votes
    5y
    Originally posted by @Jesse Rivera:
    Originally posted by @Erik B.:
    Originally posted by @Jesse Rivera:

    Best case scenarios, locking 2.625% right now, no points, no cash out.

     This rate is for non owner occupied investment loan?

    No. He is asking about his personal residence. Investment loans are in the 3s.

    Thanks just checking !

    1Reply
  • Matt Maupin
    Investor · Denver, CO · Member since 2018 · 18 posts · 24 votes
    5y

    I have 800 FICO mortgage scores and just locked 2.5% for NOO (investment) cash-out 30 year fixed on 5 deals. I would assume you can get better for primary residence.

    0Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    5y

    I am refinancing two investment properties and buying one new. I am locked in at 2.99% for 30 years on one and 2.75% for 15 years on the other. The third is a cash out refinance for 2.875 for 15 years. I locked in 3 weeks ago. Owner occupied would have been at .5% lower. These are conventional loans, so nothing special from a local bank.

    Ask three or four lenders what they can offer. Make sure they give you a sample settlement statement so you can see all fees. Sometimes they offer lower rate but you pay points or extra closing fees. Or the higher interest rate may involve waiving some upfront fees. 

    4Reply
  • Orlando Ortiz
    OP
    Rental Property Investor · New Jersey & Virginia · Member since 2020 · 29 posts · 11 votes
    5y
    Originally posted by @Robert Buscemi:

    Hi Orlando, I am surprised no one has mentioned it yet but apart from your credit score and occupancy (owner occupied, or investment property- second home rates pretty much mirror o/o) your LTV will be the next biggest contributing factor to your interest rate. Hopefully you have at least 20% equity in the home and 30-40% will result in even better rates

    Hi Robert, For this personal residence there is about 37% equity. He is coming in at 2.99 and I say that is way to high. I will give him a week to lower rate or else I will have no choice but to move on to another broker. 

    0Reply
  • Orlando Ortiz
    OP
    Rental Property Investor · New Jersey & Virginia · Member since 2020 · 29 posts · 11 votes
    5y
    Originally posted by @Joe Splitrock:

    I am refinancing two investment properties and buying one new. I am locked in at 2.99% for 30 years on one and 2.75% for 15 years on the other. The third is a cash out refinance for 2.875 for 15 years. I locked in 3 weeks ago. Owner occupied would have been at .5% lower. These are conventional loans, so nothing special from a local bank.

    Ask three or four lenders what they can offer. Make sure they give you a sample settlement statement so you can see all fees. Sometimes they offer lower rate but you pay points or extra closing fees. Or the higher interest rate may involve waiving some upfront fees. 

     Hi Joe, Those are great rates for investments! The only reason I'm been patient with this broker is that I don't want my credit pulled multiple times to hurt my fico score. 

    When I ask what they can offer, I would simply just give them my information and they could give me a quote without pulling credit?

    0Reply
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