I currently have a credit score of 747 and my interest rate is still higher than the local average. Why?

That is a good score... today. But what was your situation when you got the loan? What was your score when you got the loan? This is why refinancing can be a great idea for many people. If your existing loan rate is much higher than today's rates, you should contact a mortgage professional to have them examine your current situation to see if we can put you in a better position. I would love to help. Visit WI-MortgageBroker.com to find out more.

Derek, your question is pretty vague so it's hard to answer your question. Are you being quoted a rate on a new loan you are taking out, or do you have an existing loan that is higher? How are you determining the "local average rate"? How much equity do/did you have when taking out your loan? There are other factors that go into determining an interest rate than credit scores. That said, the good news is that with a 747 score, you should qualify for the best rate that any particular lender is currently offering. Feel free to reach out to me with any additional questions you have.

Hi Derek,There are many things that can determine your final credit score on a new mortgage loan. How much down payment you will have, are you buying a condo, are your doing cash out, and are you buying a 2 unit or an investment property? All of these things MAY increase the closing costs a lender has to charge to deliver your loan to the secondary market. One way to avoid paying these extra fees is by rolling them into your final interest rate. A typical single family primary residence with 25% equity and no cash out should not have additional delivery fees. Your loan officer should be able to describe your final rate in detail with you. Pick one that will take the time!Yvette JenkinsJohnson BankNMLS ID #455918

More information is needed to answer your question.

You have a good score. "Average rates" may include factors such as discount points, and other closing costs.

Hello Derek, I would shop around a bit before locking into any agreement. Most likely you find better pricing than the local average by shopping a bit more. I will be available for a call all day. Thanks!