Tuesday, February 5, 2013

What is the correlation between credit scores and mortgage rates?

If it's low, do anything you can to make it better!
Does a low credit score really cause my mortgage rate to increase? And by how much?  The data is pulled by myFICO, a division of the Fair Isaac Corporation, with interest rates as of November 13, 2012.

FICO Score Mortgage Interest Rate
760-850       2.926 percent
700-759       3.148 percent
680-699       3.325 percent
660-679       3.539 percent
640-659       3.969 percent
620-639       4.515 percent

As you can see, a good credit score can definitely work in your favor. Raising your credit score is a trick and there is a way to do it most effectively and quickly.  I can help with guidance and suggestions on how to do it.

Here is an excellent place to begin repairing your credit: 
I recommend credit monitoring 


2nd of 10 clever ways to save money on your mortgage!

2. Cut Out the PMI PMI protects the lender in case of loan default If you borrow more than 80% of the value of your home, you normally...

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