The Mortgage Planners are San Diego Mortgage Brokers who specialize in working with clients who have credit scores (FICO scores) across a wide range, but if you are looking for a San Diego Refinance with a 740 to 760 Credit Score, you are in a great position to get the best interest rates and programs available! As a San Diego Mortgage Broker and Banker we are able to offer some of the most competitive rates and fees to those who are looking to refinance in San Diego with a 740 to 760 credit score. Please let me know if you would like a San Diego refinance quote.
San Diego Refinance with a 740 – 760 Credit Score – Loan Programs Available
When looking to Refinance in San Diego with a 740 to 760 credit score you have many options available to you. With a credit score of 740 or above you will have the option to Refinance in San Diego into a conventional loan or a government loan like FHA or VA that offers higher loan to values (LTV). A credit score of 740 – 760 would allow you to Refinance in San Diego with a conventional loan with Mortgage Insurance (MI) up to a 95% LTV in California. In addition, a San Diego Refinance with a 740 to 760 credit score would qualify for a conforming loan size in San Diego or a Jumbo loan. A client Refinancing in San Diego with a 740 to 760 Credit Score would also have the choice of a rate and term refinance or cash out refinance depending on their equity position. Of course, even clients with a 740 credit score still need to qualify for the refinance based on income and other factors as well.
San Diego Refinance with a 740 – 760 Credit Score – Sample Interest Rates
Credit scores play a more important role than ever in determining the interest rate you will qualify for on your San Diego Refinance. Fannie Mae and Freddie Mac have established a credit tiering system that sets out pricing adjustments for interest rates depending on your credit score. A client who has a 740 credit score or higher is going to get the best interest rate on their San Diego Refinance. As your score decreases in increments of 20 points, the available rate or cost to get that rate will increase. For example, someone with a 725 credit score would have to pay an additional .25 point to get the same rate as someone with a 745 credit score. Below are a few sample interest rate quotes for a San Diego Refinance with a 740 Credit score.
Conventional 30 year fixed 80% LTV – 4.75%, APR 4.776%
FHA 30 year fixed 96.5% LTV – 4.375%, APR 4.575%
Jumbo Loan 30 year fixed 80% LTV – 5.75%, APR 5.875%
Rates as of 5/4/2011
Credit scores of 745, 750, or 755 are still going to get the same interest rate as the credit score of 740 because it is in the credit score range of 740 to 760.