Believe, there are many things affecting what kind of mortgage rate you will get when you apply and you need to understand them before you call your bank.
Here most of them:
1- FICO sores are at the top. They use the middle score. Prime rate is over 660-680, alt-A rate is between 620-to 680 and sub prime under 620. Each of those will give you a different rate. Actually 619 gives you a worse rate than 620 because it is consider a 610.
2- Mortgage history in the last 12-24 months: Were you on time every month for the last 12 months? Were you 1 time 30 days late (1X30), twice 30 days late (2X30), 60 days late (1X60), 90 days late (1X90) after that it is considered foreclosure. These affects your rate a lot!
3- How much will you borrow on the value of your house. If your house is valued at $200,000 (will need an appraisal)and you borrow $160,000, then you are at 80% Loan To Value (LTV). You will get a better rate than someone borrowing 90%, 95% or 100%. Anything under 80% is very good for the rate.
4- Debt to income ratio: How much comes in and how much goes out... No mortgage company will go over 55% but prime in way under that.
5- Did you have a bankruptcy? How long ago? Was it a Chapter 7 or 13?
As you can see, YOU cannot call a mortgage company and ask "what kind of rate do you have today?" because they have many kind of rates... I used to tell my customer "OK then, what rate do you want? We'll see if YOU can have it after..." They will need to pull your credit and see what is on it in order to tell you what rate YOU can get!
Enjoy!
You can read more about Mortgages and tricks they don't want you to know at: http://simpleopportunities.blogspot.com/
http://ezinearticles.com/?What-Mortgage-Rate-Do-You-Have-For-Me-Today?&id=618455
