With a 700 credit score, expect mortgage rates in the 5-5.75% range for conventional loans, with VA loans potentially offering even lower rates. You are now in the 'very good' credit tier where rate pricing becomes significantly more favorable. The difference between 700 and 760+ is typically only 0.25-0.5%, meaning you are close to the best rates available.

Yes, 700 opens up broad access to jumbo loan programs. Most jumbo lenders prefer 700+ credit scores, and you will receive competitive rate pricing. Jumbo loans are for amounts exceeding conforming limits ($766,550 in most areas for 2024). With a 700 score, expect to need 10-20% down payment and 6-12 months of cash reserves for jumbo approval.

At 700, conventional PMI rates are very favorable — typically 0.3-0.55% of the loan amount annually. On a $400,000 loan, that is approximately $100-$183 per month. With 10% or more down, PMI costs drop further. Remember, PMI automatically cancels at 78% loan-to-value on conventional loans, making it a temporary cost that decreases as you build equity.

The biggest advantage is lender confidence and program access. At 700, virtually every lender wants your business, giving you maximum negotiating leverage. You qualify for the widest range of programs including jumbo loans, receive near-premium rate pricing, pay minimal mortgage insurance, and can negotiate lower fees. This competition among lenders to earn your business translates into real savings.