Credit scores are a huge topic when it comes to mortgage financing. Not only do your scores dictate whether or not you can get approved, but also affect interest rate, mortgage insurance and homeowner’s insurance rates. In a majority of circumstances the minimum credit score allowable for mortgage approval is going to be a 620. From this 620 point, for every 20 point increase in credit score up to 740, the borrower will see a decrease in interest rate, closings costs or both.
It is very important when contemplating a mortgage to know your credit scores and work with a mortgage representative that can help build scores in order to make sure you receive the lowest rates and lowest closing costs. A knowledgeable mortgage rep can raise your score as much as 50 or 60 point in only a few day with no cost to the borrower. Please feel free to contact me with further questions in regards to how credit can affect your mortgage or if you’d like a free credit consultation for a home purchase or refinance.
Private Mortgage Banker“Where your American Dream starts” 3077 E. 98th Street, Suite 150 Indianapolis, IN 46280
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