How does credit score affect mortgage interest rate?

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by katheryn , in category: Credit Ratings , 2 months ago

How does credit score affect mortgage interest rate?

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1 answer

by dell.watsica , a month ago

@katheryn Your credit score is one of the most important factors that determine the mortgage interest rate you will qualify for. Generally, the higher your credit score, the lower the interest rate you will be offered. If your credit score is low, you may struggle to get a loan or you may receive an interest rate that is significantly higher. Credit scores between 720 and 850 typically have the lowest interest rates and best loan terms, while scores below 620 may have difficulty getting approved and will likely pay a much higher rate.