Bear in mind that lenders look at other factors when reviewing your mortgage application. Your monthly income, debt load and financial history affect. higher credit scores. Borrowers with high.
How the three scores are used How your various scores are used depends on what type of credit you are applying for, as well as what credit-checking system the lender is using. If you are applying for.
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Your credit score is "one of the most important parts to qualify," says Michelle Chmelar, vice president of mortgage lending with Guaranteed Rate in New York. "But it is a part.
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Without a high credit score, you won’t qualify for the best mortgage rates available, which could mean you’ll end up paying more money over the term of your mortgage. Even with rates at historic lows right now, the difference between 3.5% and 3.75% can add up, especially if you’re applying for a 30-year fixed-rate mortgage.
Before you can improve your credit score, you must know your score and make sure that the credit reports from each agency are correct. fair isaac has created a web site (www.myFICO.com) that lets you do just that. It’s inexpensive to quickly get your FICO score from all three reporting agencies, along with your credit report.
If you are transactor, you’re in good shape for buying or refinancing a home so long as you continue to pay off your credit card while supporting a high credit score. mortgage lender who can.
When you opt for a rate-and-term refinance, your new loan will be very similar to your old mortgage. The only factors that change are the interest rate, the length of the loan, or both. For example, you refinance your 30-year fixed-rate mortgage at 5.5 percent into a new 30-year fixed rate mortgage at 4 percent.
How Your credit score affects Your Mortgage. If your score is between 600 and 700, the rest of your application will need to be strong in order to get approved. The lower your score the greater risk you pose to the lender. To compensate for that risk, some lenders, such as trust companies and private lenders, will charge you a higher interest rate.