Having a good credit score is essential to securing a mortgage at a decent rate. You’ve read it so many times, the words may have lost meaning. I know, because I’ve written many of those words.
It’s true that when you apply for your mortgage loan, having good credit is better than having bad credit. However, it’s also true that while a borrower with 759 credit may pay a higher rate than one with a 760 credit score, another borrower with a 630 score might pay the same rate as one with a 770 score.
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"Good" credit is usually defined as a FICO score between 680 and 739. FICO scores of 740 or higher are generally considered "excellent." Most borrowers in the "excellent" category have.
Obviously, a good mortgage rate is a low one that you can afford to pay without breaking the bank. That being said, let’s go over a few things you can focus on that will help you find, or qualify for, a good mortgage rate. YOUR CREDIT. The most significant factor in getting the perfect mortgage rate is determined by your credit history and score.
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Your credit score plays an important role in the interest rate you pay, and whether you can qualify for a mortgage. Here’s what you need to know about your credit score.
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