When you need a mortgage pre-approval, you’ll want to shop around. But beware of overshopping-or your credit score could pay the price. Don’t Let mortgage pre-approvals sink Your Credit Score.
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In simple terms, the lower the credit score is, the higher the mortgage interest rate. It all boils down to the level of risk. Statistically, those with low credit scores are more likely to default on their mortgage, so loan approval or eligibility becomes that much more difficult as a result of more stringent requirements.
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Mortgage Q&A: "What credit score do I need to get a mortgage?" If you’re thinking about purchasing a new home or refinancing your existing mortgage, you should know that your credit score is hugely important.In fact, it can make or break your approval and carries the most weight when it comes to determining your mortgage rate.
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The Average FICO Credit Score For Approved And Denied Mortgage Loans Posted by Financial Samurai 52 Comments In the Spring of 2012 I almost had a heart attack and then a meltdown when my bank told me on day 80 of my mortgage refinance saga they weren’t going to proceed.
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What credit score do you need if your debt-to-income ratio is high? Behind credit scores, the second-most important factor affecting your mortgage loan approval will be how much debt you have compared to your pre-tax income. This is known as your debt-to-income ratio, or DTI. A higher DTI and a low credit score may create approval problems.
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.
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Borrowers who come to the table with lower credit scores can find that their mortgage loan costs more because of their bad credit scores. This is true for first-time buyers as well as people.