The Mortgage Planners 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 700 to 719 Credit Score we are here to help. As a San Diego Mortgage Banker and Broker we are able to offer some of the most competitive rates and fees to those who are looking to refinance with a 700 to 719 credit score. Please let me know if you would like a refinance quote.
San Diego Refinance Loan with a 700 – 719 Credit Score – Loan Programs
When looking to refinance your San Diego home or condo with a 700 to 719 credit score you have many options available to you. With a credit score of 700 or above you will have the option to refinance into a conventional loan or a government loan like FHA or VA that offers higher loan to values (LTV) and debt to income ratios. A credit score of 700 – 719 would allow you to obtain a conventional loan with Mortgage Insurance (MI) up to a 95% LTV in California. In addition, with a 700 to 719 credit score you could refinance into a conforming loan size in San Diego or a Jumbo loan. A client Refinancing in San Diego with a 700 to 719 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 700 credit score still need to qualify for the refinance based on income and other factors as well.
San Diego Refinance Loan with a 700 – 719 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 700 – 719 credit score is going to fall into the third tier for credit score adjustments on their San Diego refinance. As your score decreases in increments of 20 points from a 740 score, the available rate or cost to get that rate will increase. For example, someone with a 705 credit score would have to pay an additional .75 points 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 Loan with a 700 – 719 Credit Score.
Conventional 30 year fixed 80% LTV – 4.625%, APR 4.671%
FHA 30 year fixed 96.5% LTV – 4.375%, APR 4.910%
Jumbo Loan 30 year fixed 80% LTV – 5.75%, APR 5.905%
Rates as of 5/26/2011
Credit scores of 705, 710, or 715 are still going to get the same interest rate as the credit score of 700 because it is in the credit score range of 700 to 719.