The lower your credit score is, the higher the rate that you will pay on your mortgage.
The difference between a 625 credit score and a 750 score could add a half a percent to the rate you will pay for your loan.
A 750 credit score could qualify you for a $200,000 30-year mortgage, at a rate of 3.625 percent.
What mortgage rate can I get with a 800 credit score?
Mortgages: Based on current quotes, borrowers who have a credit score above 760 qualify for a 30-year mortgage with rates as low as 3.6%. That compares to a 5% rate offered to borrowers who have a score below 640. Rates can vary by location — see the Fool.com mortgage rate comparison tool for rates in your area.
Is 750 credit score good for mortgage?
A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
Is a credit score of 780 good?
780 Credit Score: Is it Good or Bad? Your FICO® Score falls within a range, from 740 to 799, that may be considered Very Good. A 780 FICO® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders’ better interest rates and product offers.
How does my credit score affect my mortgage interest rate?
When you apply for a mortgage, your credit score is one of the top factors that impacts your interest rate. Typically, the higher your score, the lower the interest rates you’ll be offered by lenders. Tackling credit issues early on can help you raise your score before you apply for a mortgage.