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
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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.
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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).