How Much Does Your Credit Score Affect Mortgage Rates?
Whether you’re looking to buy your first home or refinance your current mortgage, understanding your finances gives you an advantage when approaching a mortgage broker in Boca Raton. Your mortgage rate is calculated based on a variety of factors including income, payment history, down payment, and credit score. Having a credit score of 800 has more buying power than $100,000 cash. While a perfect credit score isn’t necessary for a home loan in Coral Springs, it is one of the main factors mortgage brokers consider when determining if you qualify. The better your credit score, the more likely you are to get a low rate on your home loan. One study conducted by Realtor.com’s chief economist found that raising your credit score by as little as 25 points can positively…