Your credit score tells lenders how responsible you are with managing and paying back debt. It plays a significant role in the interest rate that you will pay as part of your mortgage. Specifically, the higher your credit score, the lower your interest rate. A slight difference in interest rates can save you thousands of dollars over the life of your loan.
While there are many different companies that calculate credit scores, FICO is the most popular. FICO scores are based on a scale from 300-850, divided as follows:
Excellent credit: 800+
Very Good Credit: 740-799
Good Credit: 670-739
Fair Credit: 580-669
Poor Credit: 579 or less
According to FICO, your score is determined by the following features of your credit history:
If your credit is less than stellar, there is no need to despair. The following tips can help you raise your score:
Like all mortgage lenders, Choice Mortgage Group uses your credit score and credit report to help put together your mortgage. Unlike other lenders though, we are committed to helping people obtain a mortgage even if they lack excellent credit. Contact a Choice Mortgage Group loan originator today to learn how we can help you finance the home of your dreams.
Since 1995, Choice Mortgage Group has been providing homeowners with the best real estate financing programs available. As a licensed lender, we offer a wide variety of services and programs that satisfy the unique needs of each of our clients.
Specializing in residential mortgage lending for over 25 years, our programs include conventional and government lending, purchases, and refinances. We also offer portfolio lending for self-employed borrowers and borrowers with complicated tax situations. South Florida is where Choice Mortgage Group started, and we like to call it home. We are devoted Florida Atlantic University Owls fans and are proud to be the official mortgage lender of FAU Athletics. We also support numerous other local organizations. For more information about Choice Mortgage Group, visit www.choicemortgage.com.
Choice Mortgage Group
2424 N Federal Hwy,
Boca Raton, FL 33431
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