Credit Score and Loan Rate

Hi Everyone, I posted here a couple of weeks ago regarding whether or not I should look into buying a larger car and taking advantage my credit union's good rates.  So I applied for the loan earlier today and I'm waiting to hear back.  The loan is for 1.99% for 60 months on any new car (2010-2015).  I decided while I wait to check my credit score on Experian since that's the bureau the credit union said that they would check.  My credit score is 743 which is pretty good given I had a short sale 5 years ago due to my divorce.   The short sale is the only bad mark I have no other lates.  So given this score what do you think the chance are of me getting the 1.99% interest rate?  Thanks!

Lmbolling wrote:
Hi everyone!I have an accepted offer on a house and the contract is being re-reviewed by the seller's agent.  I had previousy received my pre-approval from Close Your Own Loan.  The initial rate quote was 4.125.  A few days ago, they pulled my credit and my middle mortgage score is 709.  The loan officer then told me my rate would be 4.5% with a $1275 lender credit. Today, my hubby told me to try one more mortgage company... so I received a rate quote from Sebonic Financial.  They quoted me 4.125% with $615 in lender fees and no lender credit OR 4.25% with $0 lender fees and $1500 lender credit.I reached out to Close Your Own Loan and the loan officer there is telling me that there is no way I could receive that lower rate only putting 5% down.  Has anyone recently put down 5% on a conventional loan with a similar credit score and received a decent rate?  I think 4.5% sounds high for a 710 credit score.  Looking forward to your thoughts/experiences.  Thanks!Don't believe everything a competing LO tells you. Sebonic is known for good rates, and solid service based on some of the reports I've read here.  Rates don't matter until you lock, personally I'd have grabbed onto the Sebonic offer immediately as that's not a bad rate quote from the sounds of it. Looks like my own employer (I don't work in their lending arm) would have you at 4.125% base at 5% down and no closing costs, but we do charge a bit based on size of the mortgage and don't know what your purchase price is: that variance would be either .125 or .250 if you fell into one of those categories which sounds to be in the middle of your two; don't think we're necessarily as low as Sebonic though historically. 

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