How your Credit Score affects your mortgage rate

We wanted to run some things by you to help you understand the credit scoring system when you apply for a mortgage.

Your Credit Score doesn't evaluate your financial resources; it measures how much of a risk you are for repaying the loan. Credit scoring looks at your credit habits, practices, and choices. And it watches how you spend money. If you are a good credit manager, your score will show it.

Most people think that married couples have a combined credit score but actually they don’t. All scores are individual so you can apply for credit and be evaluated separately from your spouse.

If your Credit Score is below 600, you may be denied mortgage credit as a matter of practice. A credit score above 700 usually will qualify you for the lowest available rates in today's market.

You'll want to maintain good credit and keep your score within a favorable range while home shopping. If you have any questions or concerns about your credit, I can help you by arranging for a credit report and pre-qualifying you for a loan.

Please Contact Us if you or someone you know would like to know more about credit scores.

At Rochester Mortgages we strive to make the mortgage process as fast and easy as possible. Click HERE for your FREE mortgage consultation.