· With an FHA loan, for example, you may qualify for a low 3.5% down payment if your credit score is 580 or higher. Yet if your score falls between 500 and 579, you might have to put up 10% instead (if you can find a lender willing to approve your loan application). Your monthly payment can be influenced by your credit score.
Mortgage rates and credit scores go hand in hand. If your credit score decreases, you might be looking at an approximate 50 basis points (0.50%) increase in your mortgage rate. We show you how.
what mortgage options might be available for your first home – you probably came face-to-face with the credit score question. Knowing your credit score so important for a number of financial reasons.
· So you have a TransUnion FICO score and a TransUnion consumer score, and so on and so forth. When a lender pulls your credit score (and as I’ve noticed, this will always be your FICO score), the lender actually gets three scores, one from each of the three bureaus. The lender ignores the high score and the low score,
· To understand how credit scores affect your mortgage rate, first, you need to understand what a credit score is. A credit score is a number determined by credit reporting agencies that tells lenders how much of a risk you are for borrowing money.
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even those with excellent credit histories may have trouble getting a mortgage or other type of loan. That’s why it’s important to know your credit score and the effect it may have on your checkbook,
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Not your mortgage score. OP explained how you can obtain two of the three mortgage scores. There’s a difference because lenders use various FICO models that are more predictive for the type of loan they are providing. If you have a recent 3B report, then the additional scores provided include two of the three mortgage scores.
The FICO scores range from 350 to 850; an 850 is the Holy Grail of credit scores and 723 is the median score in the U.S., but you can expect good mortgage interest rates at the 720 to 760 level and up.