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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