The way to get a mortgage Having a credit history away from 550
How to Be eligible for a great fifteen-Season Fixed-Rates Financial?
Just as it determines whether your be eligible for other types away from credit, your credit score has an effect on if you earn recognized to own a mortgage loan. Because most loan providers like to see fico scores greater than 700, it could be difficult to get accepted that have an excellent 550 borrowing from the bank score off mortgage lenders. Even though you get a home loan, you will spend a higher interest rate having a lesser credit rating.
Investopedia cards you to definitely a credit score out of 635, such as, versus a score regarding 760 can lead to merely a beneficial little more than a-1.5 per cent rates distinction.