I agree with most of the advice here. Averages mean nothing to you. What you need is the best rate available for your specific loan scenario. However, I disagree that sitting down with a loan officer is the first place to start. If a loan officer pulls your credit report for you, your name and personal information will likely be sold almost immediately as a "trigger lead" to multiple lenders. So before you shop, get your three bureau credit reports and scores from MyFICO. Yes, it will cost a few bucks but I think it's worth it. (I am not affiliated with them.) That's the only place that gives you the same scores most mortgage lenders use. At the same time call 1-888-5OPT-OUT to take your name off these marketing lists, unless you don't mind your info being sold to lenders you don't know. It will can take a week or so for the block to become effective. Make sure your credit is as strong as possible (FICO has some great tools for this), feel free to use our engine to find out what rates are available (we're not a lender) and then you'll be much more confident about what's available. Always make sure you are comparing the par rate (something like the "dealer invoice") and ask for a Good Faith Estimate, then hold on to it until closing to compare to the final GFE. Good luck with your loan!
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10-06-2007, 10:52 AM
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