How Your Credit Score Affects Your Mortgage Rate » Mortgage Masters Group

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. Why? Your credit rating may be the single most important piece of financial information you have to obtain a mortgage at the best interest rate.

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Check Your Credit Score.. A 5-1 ARM is a popular mortgage offered by lenders, which is a hybrid between fixed and adjustable rate mortgages. Your mortgage would start out at a lower fixed rate for the first five years, then after that time period has elapsed, the rate would then be adjusted.

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Without a high credit score, you won’t qualify for the best mortgage rates available, which could mean you’ll end up paying more money over the term of your mortgage. Even with rates at historic lows right now, the difference between 3.5% and 3.75% can add up, especially if you’re applying for a 30-year fixed-rate mortgage.

The higher your credit score, the better rates you’ll be able to get, which can lead to significant savings over the life of your mortgage. Your credit score also affects your pricing for mortgage insurance, which is required if you make a down payment less than 20%.

Credit scores surprise many people who assume that if they never miss a payment, their FICO must be good. But your credit score is more than just your payment history. It takes 5 factors to create.

While many people try to compare lenders to secure the best possible rate, one of the main determinants of a mortgage rate is your credit score. Borrowers with higher scores are more likely to receive a lower rate than those with lower credit scores.

Raising your score can take time, but there are things you can do to get started – such as paying your bills on time and monitoring your credit utilization and limits. Plus, taking the time to work on raising your credit score can be great preparation for managing a mortgage.

Mortgage rates and credit scores go hand in hand. If your credit score decreases, you might be looking at an approximate 50 basis points (0.50%) increase in your mortgage rate. We show you how.