for those girls who have/are getting a mortgage...
how important was your credit score in securing the mortgage and/or you interest rate?
I know it's personal, you def do not have to answer, but if anyone has any general knowledge of this, it would help me A LOT!!!!
GiannisWifey
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Re: credit score question
I have no applied or currently have a mortgage, but I am pretty sure your credit score is extremely important in getting approval and interest rates!!!
AwaitingAugust
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Re: credit score question
yeah, it's very important ... your FH's score also matters.
You can get approximate quotes on many websites and they always weigh in your FICO
vv117
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Re: credit score question
Posted by GiannisWifey
I have no applied or currently have a mortgage, but I am pretty sure your credit score is extremely important in getting approval and interest rates!!!
agreed. i have been paying my credit cards off in anticipation of when i apply for a mortgage so i get the best possible interest rates.
AngnShaun
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its very important for your interest rate and just being approved at all...
MrsHandsome2Be
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while your credit score is important.. your debt to income ratio matters to most
AgaBride062610
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Also, if both of you will apply for loan the bank will take the lowest score to calculate the interest rate. so if your score is fine but your FH has a 'bad' one then the interest will be based on his..
Michy2009
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Re: credit score question
Dont quote me on this, because we looked into this briefly, so I am no expert.
I believe a better credit score will get you a better rate and will effect your down payment.
We looked into qualifying for a FHA loan because the down payment required is lower...I have decent credit(mid 700's) and FH has excellent credit...they told me that I needed to raise my credit score before we could be considered for this.
MayBride2010
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Re: credit score question
Posted by MrsHandsome2Be
while your credit score is important.. your debt to income ratio matters to most
ITA - we just secured an FHA mortgage yesterday (woohoo!) and our mortgage broker has been saying all along that the debt to income ratio is extremely important....and yes, your credit does help...both FH and I have good credit and was able to secure an FHA loan with a good rate and a low down payment.
mybabylovesmoi
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Re: credit score question
Credit score is very important to get a good loan with low rates especially now with the economy. Banks are more leery now of who they give loans to.
FH and I just closed our house back in November and if you are buying a house with someone else, they take the LOWER score between the two applicants.
Yes, and they also check your debt to income ratio.
es2189
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i was told that you in order to qualify, you have to have a credit rating of over 660. it is best to have over 740, and after that the interest rates get incrementally larger as you go down.
mybabylovesmoi
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Re: credit score question
Posted by Michy2009
Dont quote me on this, because we looked into this briefly, so I am no expert.
I believe a better credit score will get you a better rate and will effect your down payment.
We looked into qualifying for a FHA loan because the down payment required is lower...I have decent credit(mid 700's) and FH has excellent credit...they told me that I needed to raise my credit score before we could be considered for this.
Mid 700's is actually very good! I am very surprised that they told you this! FH and I went to two different lenders (bankofamerica & weichert) to compare rates and we were told anything over 740 would not ve a problem.
FuTuRe MrS MaZz
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Re: credit score question
Credit score is huge and so is your income to debt ratio.... As far as your score, they will take the lower score of both you and DH and use that to base the martgage off of... If you have a bad credit score, you will not be able to secure a traditional mortgage and may have to take out an FHA loan instead... Also, you wont get the best interest rate out there without an almost perfect score... And of cousre that affects how much you're really going to end up paying after 30 yrs...
As for income to debt ratio, try to get those CC/loans payments down....
Honestly, before getting yourself tied down to a mortgage, I would def make sure credit score is over 700 and have very little debt
* This is just my opinion... Im no expert, but I did just close on a home 2 months ago so its still fresh in my mind
DWKSwed
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Does student loan debt count a lot? If so, I'm never getting a house lol
RitasEngaged
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It is the most important thing!!!
RitasEngaged
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Posted by FuTuRe MrS MaZz
Credit score is huge and so is your income to debt ratio.... As far as your score, they will take the lower score of both you and DH and use that to base the martgage off of... If you have a bad credit score, you will not be able to secure a traditional mortgage and may have to take out an FHA loan instead... Also, you wont get the best interest rate out there without an almost perfect score... And of cousre that affects how much you're really going to end up paying after 30 yrs...
As for income to debt ratio, try to get those CC/loans payments down....
Honestly, before getting yourself tied down to a mortgage, I would def make sure credit score is over 700 and have very little debt
* This is just my opinion... Im no expert, but I did just close on a home 2 months ago so its still fresh in my mind
