720 is the threshold where most lenders begin offering their best or near-best rate pricing. You have crossed into 'excellent credit' territory where conventional loan pricing becomes highly competitive. PMI costs are at their lowest, jumbo lenders offer favorable terms, and you have maximum flexibility in loan structure. Most borrowers at this level receive rapid approvals with minimal conditions.

Absolutely. At 720, you are a highly desirable borrower and lenders will compete for your business. Request rate quotes from multiple lenders — NMHL compares options across our lending network to ensure you get the best deal. You also have leverage to negotiate lower origination fees, request lender credits toward closing costs, or secure a rate lock for longer periods.

Compared to a borrower with a 640 score, a 720 score typically saves 1-1.5% in interest rate. On a $400,000 30-year loan, this translates to $250-$400 less per month, or $90,000-$144,000 over the life of the loan. Factor in lower PMI rates, and the total savings are even more significant. Your excellent credit literally saves you a small fortune.

At 720, conventional loans are almost always superior to FHA. Conventional rates at this score are very competitive, PMI is minimal and cancellable, and you avoid FHA's upfront mortgage insurance premium (1.75% of loan amount). The only scenario where FHA might still make sense is if you have a very high debt-to-income ratio that exceeds conventional guidelines.