I recently found a site (Freeratesearch.com) that searches for the best rate for you. You will be asked a series of questions including your FICO scores, which are your credit rating. You have the option of providing your three scores from the three credit bureaus, applying for them, or answering questions to estimate your score. I went through the questions and was given the range of 750-800.

The FICO score range is between 300 and 850 and about two years ago my score was about 790. The best credit rates are given to people with scores above 770, but a score of 700 -- out of a possible 850 -- is considered good. Generic interest rate calculations on the myfico.com web site show that when the score dips below the mid-600s, those consumers generally qualify only for "subprime" lending and the interest rate starts to climb significantly.

The rate listed for me was 6.0% and I checked with two of my national bank/credit union that I deal with and one rate was 6.0% and the other was 5.75%. The site does not list the local instutions, but someone will contact you. So if you are interested in buying or refinancing, it is worth shopping around with this site.

Labels: interest rates, Mortgages, Sub-Prime Mortgages