If I get my credit score over 780, are there any mortgage rate discounts available?
My credit score is right at about 780. Are there any benefits to getting my score over 780? I heard that most rates stop lowering at about a 760 credit score by andrewws99515 from Ruskin, Florida. Mar 5th 2015
Derick Condron (rightstartoregon)
#30 ranked lender in Oregon - 598 contributions
You are in a spot that you should be getting the prime rates right now. Typically there is a loan level pricing adjustment at 740 and lower. Depending on the program and down payment
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
No... Most lending programs get you the best rate and terms for borrowers with a MID score of 740 or above.. there are a few that require 760, but that's really the peak.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Conventional loan interest rates are based on credit score. Basically anything above a 740 score gets you the best possible interest rates in the market. Then rates increase for every 20 point increments. 720 - 739, 700 - 719, 680 - 699, 660 - 679. So someone with a 660 credit score will pay about 1/2% HIGHER interest rate than someone with a 740 score.
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