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Mortgage Rate Update
Know Your Credit Score
In the past, it wasn't out of the question to obtain a mortgage with a FICO score in the low 500 range. In fact, if you were willing to accept the payment, you could even do so with little money down.
Today, however, if you have a low FICO score, you may not be able to get a mortgage. In fact, depending on how much of a down payment you can afford and the mortgage program you are applying for, you may be looking at a minimum score of 680 to obtain a mortgage.
The point is, your credit score is more crucial than ever-not just for getting a low rate, but for qualifying for a mortgage at all.
So, before you sign a purchase contract or apply for financing, take the time to have your credit profile checked out. Often, there are steps you can take to help correct and improve your credit score. But doing so, requires the insight and advice of a professional who knows what to look for and what to do to achieve the desired results.
If you think your credit score and credit profile could use even a little improvement, contact me to discuss your situation. With a short conversation, we can discuss what your credit score looks like and what options you have.
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Thanks for information. Merry Christmas and hopefully a very pro prosperous New Year.
Thanks Edward & Celia. Same to you.
Great advice! It is getting harder to get a loan with a FICO score below 700. Best to know what your score is first and work on boosting it before you meet with your lender.
Suzy,
I actually recommend starting with your lender (assuming you are working with a knowledgeable lender). There are so many myths and misconceptions about credit, and with guidelines constantly changing, it's important to start out by knowing what the requirements are.