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How Does My Credit Score Impact My Loan?

June 6, 2018 7:33 pm
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How Does my credit score impact my loan?

Lenders use credit scores to determine:

  • Who qualifies for a loan

  • At what interest rate

  • What credit limits

typically, credit scores will range from 300-850. Fair to excellent credit scores will range from 600-850.

there are many benefits to having a fair to good credit score

  1. You’ll pay less for your home overtime

  2. Borrow money at a lower interest rate

However, you don’t need a high credit score to qualify for a home loan. Some Trulend Mortgage  programs require a minimum score of 580 to qualify.

Talk to your Trulend Mortgage Loan Officer today about your path to home ownership!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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This post was written by Trulend Mortgage