Ever Wonder How Your Credit Rating Affects Your Mortgage Rate?

By mark-slade January 4, 2012

As you can see from the chart above, referenced from Fair Isaac, your credit rate can dramatically impact the rate you will get for your mortgage. Credit Score Ranges are located on the bottom-most level of the chart and directly above the score ranges are the increments of added rate cost. The Bars show you the total interest rate you will have to pay and i have used today’s rate of 3.94 as a base point.

This is why I highly recommend you check your credit first and, especially if you are on the cusp of a level, work to improve your scores as quickly as possible! In some cases, you may need to utilize a credit counselor and I am happy to provide you with a referral if requested.

So, now you know!

Mark Slade
Keller Williams
917.797.5059