Do I have good enough credit?3 of 8Borrower credit scores play a big role in securing a good mortgage rate. In fact, you'll need a good credit score to qualify for any type of mortgage at all.Mortgage rates operate on a sliding scale, with the lowest rates going to applicants with the highest credit scores of 720 or higher.Borrowers with scores below 620 will have trouble qualifying for a mortgage at any rate. Related Articles:N.Y. tops in closing costsFHA changes mortgage rulesHow to derail a refinanceHow to kill a loan closingRelated Links:7 reasons to refinance5 keys to mortgage ratesLenders want tax returnsFAQs on mortgage refis advertisement
Borrower credit scores play a big role in securing a good mortgage rate. In fact, you'll need a good credit score to qualify for any type of mortgage at all.
Mortgage rates operate on a sliding scale, with the lowest rates going to applicants with the highest credit scores of 720 or higher.
Borrowers with scores below 620 will have trouble qualifying for a mortgage at any rate.
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