Historically, a 700 credit score has been considered more than sufficient for low mortgage rates. In today's complicated environment, most lenders offering conforming rate mortgages have moved credit score requirements up.
For example, in November 2013, a recently updated table on the myfico.com website shows someone with a 700 credit score qualifies for a 30-year mortgage rate of 4.235 percent. A person with a lower score of 650 would be looking at a 5.056 percent rate.
You can have good income and a 700 credit score (which is about average) and still not qualify for a mortgage.
Fannie Mae and Freddie Mac charge extra fees to borrowers with credit scores between 720 and 739. The fees are higher for borrowers with credit scores of 700 to 719, and they continue to kick higher for every 20-point drop. Search for the lowest mortgage rates.
700 Credit Score Mortgage Loan.
700 – 800. In this range, your credit rating is between “good” and “excellent.”
The mortgage rate you receive depends heavily on your credit score. For this reason, let’s get a basic understanding of your credit score.
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However, a 700 credit score will still get you in the door with most issuers. You just might not get their lowest APRs, most generous credit lines or best rewards right off the bat.
A 630 credit point mortgage is possible for many people, so ask your company for more information. How to Improve Your 630 Credit Rating Mortgage Wisely.