What does your credit score generally have to be in order to secure a good mortgage rate?
by Author on Friday, May 21st, 2010 | 2 Comments
I have cleaned up my credit and my score is 661 right now. Should I wait until it gets over 700 before applying for a mortgage? Is there anything else I can do (besides paying bills on time) to get my credit score up a little higher?
Related Credit Card Sites
- How to Complete a Mortgage Application | reversemortgage
- Mortgage | Applying For A Mortgage In The Uk
- What happens to your credit score when you cancel a credit card? | WOW Best credit
If you enjoyed this post, make sure you subscribe to my RSS feed!
The credit rating is used by the lender or investor to assess the risk of lending or investing money to the individual or the business.Credit ratings are usually calculated using the financial history of the person and also current assets and liabilities.
if you are looking for the free credit score and report usa national site, check out this site
http://free-credit-report-national.com/
Here you can see your 3-in-1 Report from all three credit reporting agencies and your credit score.
Lenders price at the middle fico score at tiers, par improves at each of these tiers:
- 620
- 660
- 720
The loan programs available will not be affected by fico score, only the rate.
Be sure to work with a loan officer who will explain to you how you got where you’re at and why you priced at the score you did. I’ve seen loan officers price at 660 when the client really had 800+ (to make extra money).