The better your score the better your rate, but there is no magic club for those "special people." There are plenty of under 5% offers out there. I doubt that this is a 30 year, under 5% fixed rate; I'd guess it's some kind of blended mortgage or has an adjustable rate built in at some point. It should be a better overall deal than people with lower scores get, but I wouldn't be that in awe of it.

Under 5 adjustable does not excite me, however 15 or 30 year fixed, now you are talking

It is unclear from the poster what the terms were

I had never heard of anything like this

I know usually if you have a relationship that helps but it seems to less and less these days

I have a 808 credit score and when we were looking at mortgages we were quoted between 5.75 and 6.15 fixed for 30 years. this was 6 weeks ago.
since you know your score you can save inquires on your credit report call a couple different lender and ask for figures based on your 800+ credit score.
nowdays it is so competative with your score you are in the drivers seat.

karla

Hubby and I are 800+ but haven't ever been offered a special rate with that mentioned as a specific threshold. We've purchased/refinanced five times, and it's never come up.

You can bet I'm going to ask about it the next time I shop for a mortgage, though. Maybe there is an "800 Club" and nobody ever told me! My invitation got lost in the mail... again...

Shop around the different lenders. If Lender "A" is offering you a certain percent, then there is a chance that Lender "B" will knock off a little in order to get your business. Mortgage rates will vary according to the lender, your credit rate, length of time wanted and type of property. 1/4% doesn't sound like much, but it adds up to a hunk of money over the duration of the loan.

Hi Saphire,

A post on the buying a home forum mentioned that her DH has a FICO over 800 and as a result he is offered substantially below market rates of under 5% which are just available to him. Is this possible? Does it exist, just curious

740 is the highest score that makes any difference in terms, rates or pricing, that I have ever seen... and that's only at a very few lending sources. In most cases 720 is the highest that matters.

Cheers,
Dave Donhoff
Strategic Equity & Mortgage Planner

Dave,
Wife has a fico of 820. Seems to good to be true. Dont ask me what mine is, lol.

What youre saying is there is no increasing benefit after 720? This is really interesing. Who woulda thunk...

Hi Misterz,
Yup... all the points above 720 is great for bragging... but meaningless in mortgage finance.

Still... GOOD for your WIFE!!!!

Dave Donhoff
Strategic Equity & Mortgage Planner

Well that answers my question, Thank you

Hello myfask,

Would you be willing to share which lender will give you those rates? We have scores over 800 and have been negotiating for awhile on a 30 year term and cannot find a rate below 6.25%.

Thanks in advance,

Teresa

Theresa
I got 5.75 from USAA,(I am not sure if you have to be a member to get a mortgage) their closing costs were also about $4k less than the builders lender,Pulte(who quoted 6.15) when I "shared" this information with the builders lender they said that if I faxed over the HUD they would "see what they could do"
I love to negoaite and found with my 20% down and credit score they wanted me more than I wanted them, such a nice spot to be in :)
Just make sure to run all of the numbers and compare specific closing costs.
Karla

Thank you Karla. We will look into it.

Teresa