What is a Good Credit Score to Have to Get a Good Motgage Rate?

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Latest post Thu, Dec 30 2010 5:03 AM by kates (10 pts ). 5 replies.
  • What is a Good Credit Score to Have to Get a Good Motgage Rate?

    If my credit score was over 800 I wouldn't be asking this question. Unfortunately my credit score could be improved but I'm wondering what range in credit scores is still good enough to get a reasonable rate on a 30 year mortgage. I don't think my score is low enough to put me in the 'sub-prime' category, but what would that credit score level be? 500? 600?

    Any advice would be greatly appreciated.

    Published by reader (102 pts ) on Jul 28 2009, 03:29 PM to
    Personal Finance Discussions
  • Re: What is a Good Credit Score to Have to Get a Good Motgage Rate?

    In reply to

    Sadly, I cannot offer a definitve answer to this question because banks all have different lending practices, and all of them are tighter now. Some will give those with lower credit scores (in the 500-600 range) a chance, with a higher interest rate, but many require a cosigner at that FICO score these days.

    For a sub-prime mortgage rate, you'd likely need at least a 700, which is nearly perfect credit. Don't quote me on this, as my mortgage lending experience is a bit dated. I have recently tried to get a mortgage with a lower end score, and was unable to do so all together due to the lack of a cosigner.

    If high interest rates are a concern, be prepared with a higher percentage down payment--around 15-20% and/or a cosigner with a good score. You can shop around without damaging your score if you place all inquires in a 14 day period, but don't go too crazy.

    Hope this helps! Consider asking a few banks what their minimum credit score is for a rate you like--and this should help you, provided you know your own score. If you need to check your score, you'll need to pay a fee, as the score doesn't come with the free annual credit report.

    Published by Lucinda Watrous (23,559 pts ) on Jul 29 2009, 09:49 AM to
    Personal Finance Discussions
  • Re: What is a Good Credit Score to Have to Get a Good Motgage Rate?

    In reply to

    I believe 750 or above is considered to be an outstanding credit score. If your score is more than 770 then you can get one of the best lending rates. It is always a good idea to talk with your lender who will give the best answer to this question.

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    Published by fdisale (5 pts ) on Nov 24 2009, 12:07 AM to
    Personal Finance Discussions
  • Re: What is a Good Credit Score to Have to Get a Good Motgage Rate?

    In reply to

    Another source to try is MyFico, they give a chart of how your credit score affects the loan you will receive and how much the overall cost mean for you.

    http://www.myfico.com/HelpCenter/Mortgages/

    I hope this help you gauging what score lenders may be looking for.

    Published by ShawnTe (3,674 pts ) on Dec 22 2009, 02:49 PM to
    Personal Finance Discussions
  • What is a Good Credit Score to Have to Get a Good Motgage Rate?

    In reply to

    I appreciate the concern which is been rose. The things need to be sorted out because it is about the individual but it can be with everyone. I like this particular article It gives me an additional input on the information around the world Thanks a lot and keep going with posting such information. =========================================== Buy To Let Mortgage Rates
    Published by kalvindale (4 pts ) on Dec 13 2010, 04:31 AM to
    Personal Finance Discussions
  • Re: What is a Good Credit Score to Have to Get a Good Motgage Rate?

    In reply to

    I would say it about above 770,
    Published by kates (10 pts ) on Dec 30 2010, 05:03 AM to
    Personal Finance Discussions
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