Impact On Rates
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What impact does your credit score
have on your mortgage interest rate?

In the ever changing world of mortgages, your credit score is now more important than ever. Not long ago, most lenders gave the same interest rate to a borrower that had a middle credit score of 620 and to the one that had an 800 score. That is no longer the case. Today, consumers are many times shocked to find out that they no longer qualify to get the best rate available due to their credit score. Understanding the new criteria that lenders are looking at will help you to avoid sticker shock. To the right is a chart with a few examples of how credit scores may affect your next interest rate. This chart is for illustrative purposes only as criteria may change from time to time.

Risk based pricing will vary from lender to lender. However, all lenders now have it. The lower the credit scores, the higher the risk to the lender. The above examples are for illustration purposes only. Additional variables such as, the amount of the down payment or the equity in your home on a refinance, may impact the rates and/or fees charged. You can certainly see that lower credit scores equal higher interest rates. It is therefore critical to keep your credit scores as high as possible. Our goal is to educate you and make you aware of the "mortgage world" that we are now in.

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