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Importance of credit. Lower scores can make it harder to qualify and can lead to a higher interest rate and a larger down payment. Mortgage lenders can have difficulty assessing the ability to pay by people who don’t have credit scores, since credit scores are considered good predictors of if someone will repay their home loan. Non-traditional.
Credit Scores and Mortgage Interest Rates- How Do They Relate? – Credit Scores and Mortgage Interest Rates Credit scores have a very significant impact on a borrower’s chances of getting an affordable interest rate on a home mortgage loan. In the extreme, they can even affect whether a potential home buyer will even be approved for a loan at all.
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Making Late Payments. Late mortgage payments sometimes affect credit scores. Getting reported as 30 days late on a mortgage payment, even one time, can cause a drop in your credit score. For example, a mortgage borrower with a 720 credit score that’s reported as 30 days late on a payment may see a 70- to 90-point drop.
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Mortgage Credit Score: How Important Is It? The Mortgage. – A mortgage credit score obtained by a mortgage company will usually be a little different than scores pulled from a free credit report service or from some other type of business. This is important since your score determines the interest rate and the approval.
FHA.com Reviews. FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier.
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