How Does My Credit Score Impact My Loan?
June 6, 2018 7:33 pm
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
You’ll pay less for your home overtime
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