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Company Loan Type APR Est. Pmt.

Credit score and history

Posted on: 10th May, 2012 02:38 am
I need to know if getting a loan is based on the score or is it score and history.
I mean, I see people getting 6% loans with a 650 score whereas others get 10% loans with a 650 score. Is it because their history varies yet they have the same score? Or is it because some of them just got a bad deal?
Hi Tute,

Your score is mostly determined depending upon your credit history. However, there are other factors which are also taken into consideration while approving you for a loan. Those factors will also determine what type of rates you will qualify for.

Take care
Posted on: 10th May, 2012 03:23 am
Welcome Tute,

I agree with what Sara has said. Apart from what she has said, mortgage interest rates will also depend upon the the financial institution from where you are taking out the loan. If you take out a loan from the credit union, your mortgage interest rates will be low. However, if you're taking out a loan from a hard money lender, then the rates will be high.
Posted on: 10th May, 2012 08:23 pm
6% and 10% sound like hard money loans. The going rates today are 3 to 4.5%.
It is based on score and history. For example, someone applies with a 700 score but has a short sale from 2 yrs ago. they will not qualify for the 3 to 4% rates but they can get a 6% and up hard money loan.

[External link deleted as per forum rules. Thanks.]
Posted on: 14th May, 2012 08:39 am
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