One thing that ultimately influences your mortgage rate is your credit score.
For first time home buyers, many aspects of home buying can seem daunting. We’re here to explain how your credit affects what mortgage rate you may be given once you decide to buy a home.
One thing that ultimately influences your mortgage rate is your credit score. Basically, the easiest thing to remember is: the higher your credit score, the lower interest rate on your mortgage.
A high credit score not only guarantees a lower mortgage rate, but sometimes it depends on whether you can get a home loan at all. Buyers below a FICO score of 620 have a miniscule chance of securing a mortgage, so step one to getting a home loan and low mortgage rate is working on that credit…