At The Mortgage Planners, we 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 720 to 739 credit score, you are in a good position to get some of the best interest rates and programs available! 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 720 to 739 credit score. Please let me know if you would like a refinance quote.
San Diego Refinance Loan with a 720 – 739 Credit Score – Loan Programs
When looking to refinance your San Diego home or condo with a 720 to 739 credit score you have many options available to you. With a credit score of 720 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). A credit score of 720 – 739 would allow you to obtain a conventional loan with Mortgage Insurance (MI) up to a 95% LTV in California. In addition, with a 720 to 739 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 720 to 739 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 720 credit score still need to qualify for the refinance based on income and other factors as well.
San Diego Refinance Loan with a 720 – 739 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 720 – 739 credit score is going to fall into the second tier for credit score adjustments 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 Loan with a 720 – 739 Credit Score.
Conventional 30 year fixed 80% LTV – 4.625%, APR 4.692%
FHA 30 year fixed 96.5% LTV – 4.375%, APR 4.575%
Jumbo Loan 30 year fixed 80% LTV – 5.75%, APR 5.905%
Rates as of 5/9/2011
Credit scores of 725, 730, or 735 are still going to get the same interest rate as the credit score of 720 because it is in the credit score range of 720 to 739.