What mortgage rate & terms can I expect with 0 down and excellent credit?

I see this question over and over again on Answers when you have poor credit... what about with excellent credit?

I want a credit check with my loan... I want the best possible rate!

What kind rate of could I expect and where/who should I go to?

Which would cost me less in the long run, 0% down or a 20/80?

What mortgage rate %26amp; terms can I expect with 0 down and excellent credit?

I can do either the 80/20 or 100% with PMI, they price out very similar, it would depend on your financial profile.

I can do 5.875 100% with PMI.

January 14, 2008

http://WeFixRates.Com

What mortgage rate %26amp; terms can I expect with 0 down and excellent credit?

Depends on the price of the home and the loan amount. Rates vary day to day and are dependent on a few variables like income documentation, reserves, etc. Try your bank if your going to put money down, that%26#039;s more than likely where you will obtain the lowest rate. Good Luck

What mortgage rate %26amp; terms can I expect with 0 down and excellent credit?

Assuming you do not want to pay points,

Conventional: 5.875%

VA: 5.625%

Those were rates as of today. If you%26#039;re doing Conventional, it%26#039;s cheaper in the long run to do a 100% loan paying PMI vs. an 80/20. This is so because eventually the PMI will go away, whereas the higher rate 2nd mortgage won%26#039;t go away until its paid off. Also, through 2010 (for now anway) PMI is 100% tax deductible if you make less than $100,000 per year.

Be careful though when shopping lenders, don%26#039;t just shop for the lowest rate, shop the fees also. One lender may quote you a lower rate but be charging you more in fees to get it. Also, get everything in writing! Best way to compare apples to apples is by getting a Good Faith Estimate, which disclosures the terms, rate and fees.

What mortgage rate %26amp; terms can I expect with 0 down and excellent credit?

Right now, you are unlikely to find a 0% down loan, even with excellent credit. Unfortunately this is a side effect of the recent subprime credit crisis which also affects consumers with excellent credit. It is related to the falling home values and banks can%26#039;t trust the home value to be stable therefore they will be unlikely to loan if you aren%26#039;t able to put money down to secure the loan.

To find a loan you can call a mortgage broker that can run your credit once and give you quotes from several different mortgage companies, or you can go to a local bank directly. You are likely to get a slight discount and favorable terms with a bank you already do business with but I would still expect them to require a down payment in today%26#039;s housing market.