How Credit Score Affects Mortgage

Apr 18, 2019

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How Credit Score Affects Mortgage

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How Credit Score Affects Mortgage Credit score has a major impact on mortgage. It is important because most mortgage lenders consider credit score of the applicant before approving the loan. The borrowing capacity or the amount you can borrow as mortgage is also dependent on credit score. 1 Credit score affects the type of mortgage you may be approved for as different loan types have different minimum credit score requirements. 2 Lower the credit score, higher are the mortgage rates. Borrowers with a high credit score enjoy lower mortgage rates. 3 Low credit score could prevent an individual with a mortgage from getting a second lien home equity loan or refinancing their current mortgage later on. 4 First Convenience Bank www.1stnb.com Banking services are extended throughout Texas, New Mexico & Arizona. Image Source: Designed by Freepik All loans and collateral subject to approval First National Bank Texas | NMLS #402924 | Member FDIC | Equal Housing Lender

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How Credit Score is Calculated?

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