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I am recently purchasing a home. And have been approved. Trying to lower interest rate.?
Before applying for my home loan, I had applied for two credit cards, (i was not intending to buy a home at this time). The two cards raised my overall credit limit to double. But the inquiries slammed my credit score. I was wondering if in a month's time, if I will see a credit score increase due to the my debt to credit ratio. Due to the slam to my credit score it has given me a interest rate of 3.3%. But before I close I hope to obtain a better interest rate, is this likely?
interest rate: 5.3*
4 Answers
- 1 decade agoFavorite Answer
2 credit card inquiries are not going to "slam" your credit score. Multiple inquiries in a short period of time for the same type of credit product are counted as one. And a single inquiry won't affect your score more than 5 points or so.
If you qualified for a 3.3% rate you must already have outstanding credit. The credit cards didn't hurt you one iota. You're NOT going to get a better rate that that!
- 1 decade ago
How about 0% is that good enough; come on if you don't think 3.3% is low then I don't know what to tell you.
Here are the current rates for today so you can compare
Best Rates
Today
30 Yr FRM 4.84% 4.86%
15 Yr FRM 4.16% 4.17%
FHA 30 Year Fixed 5.05% 5.08%
Jumbo 30 Year Fixed 6.03% 6.06%
5/1 Yr ARM 3.99% 4.03%
Rate Disclaimer
Updated: 12/8/09 1:28 PM
Good luck finding a lower rate.
- Judge JulieLv 71 decade ago
3.3? - I'll pay you $1,000 for that info - Banks here are offering 5.5 - where are you!
