what credit score is good for a mortgage

A higher credit score earns you a lower mortgage rate, which means you'll save by paying less in interest. Scores of 720 and up earn the best.

If you want excellent credit, you must absolutely avoid late payments – a single 30-day late mortgage payment does a lot more damage to a good or excellent score than it does a fair one.

FICO scores – "FICO" is a leading brand in the credit score industry – are crucially important for mortgage borrowers. If you have a solid credit score, you will pay less to borrow.

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A higher credit score earns you a lower mortgage rate, which means you’ll save by paying less in interest. Scores of 720 and up earn the best rates on conventional mortgages.

680 – 740: Good credit – borrowers are typically approved and offered good interest rates. 620 – 680: Acceptable credit – borrowers are typically approved at higher interest rates. 550 – 620: Subprime credit – possible to get a mortgage, but not guaranteed. Terms will probably be unfavorable.

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Your VantageScore credit score heavily considers your payment history, followed by your how long you’ve had your accounts and your credit mix. Having a good combination of account types, like a.

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Her mortgage broker was able to bundle together $20,000. It is also possible to put far less than 20% down, assuming you.

Credit History and Score Requirements For those interested in applying for an FHA loan, applicants are now required to have a minimum FICO score of 580 to qualify for the low down payment advantage, which is currently at around 3.5 percent.

Excellent credit = 720 and above Good credit = 660 to 719 Fair credit = 620 to 659 Poor/bad credit = 619 and below How Credit Reports Affect Your Mortgage Before you start house hunting and getting pre-approved for a home loan, check your credit report and get your FICO scores.

Before you start house shopping, it's best to get your financial house in order. To get the lowest mortgage rate, you need a good credit score.

Getting a mortgage could cause a small dip in your credit score, but. This is probably a good thing: A mortgage can help build your credit in.