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Credit Part 3: How Your Credit Score Affects Your Home Loan

Having a credit score well enough to buy a home doesn’t mean you’re going to get a great deal. Your credit score will affect the interest rate you get. The higher your credit score, the greater potential to lower your rate.

579 AND LOWER
Expect an interest as much as 2% higher than the current lowest available. Individuals with this score range need to work on raising their score, as there are fewer available mortgage financing options available.

580-619
Expect an interest rate as much as 1% higher than the current lowest available.

620-679
Expect an interest rate as much as .5% higher than the current lowest available.

680-739
Your rate should not be affected much at all in this range.

740 AND HIGHER
You should receive a very competitive interest rate. As your score should only affect your rate for the better.

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