Mortgage Expert Blog

6 Steps To Getting A Great Mortgage Rate

Credit ScoresMortgage lending today is based on tiered pricing, which means that rates are adjusted based on various criteria. One of the main criteria used is your FICO credit score. Your credit score will help to determine whether you qualify for the loan and what rate you’ll pay on your loan, and there is an inverse relationship. The higher your credit score, the lower your mortgage rate, all other things being equal.According to myFICO.com, the best mortgage rates are available to borrowers who have credit scores of 760 or above. As your score goes lower, your interest rate goes up....

April 14th, 2016 | credit score, Stability, down payment, loan, 6 Steps To Getting A Great Mortgage Rate