| If you have a below average credit score, you may | | | | First, it's a good idea to check you mortgage credit |
| be surprised to find out what kind of mortgage you | | | | score if you plan to buy a new home or refinance |
| can get approved for. The mortgage credit rating is | | | | your existing mortgage. The banks won't know your |
| designed to make it easy for banks and lenders to | | | | current rating until they pull your credit, and you can |
| determine how likely you are to pay your mortgage on | | | | increase that in order to get approved for the best |
| time. A bad score tells them you are at risk, while a | | | | possible rates. By doing so, you'll have lower payments, |
| good score can allow you to get approved for the | | | | get approved for more money, and may get away |
| best possible rates. | | | | with a lower down payment. |
| What's a good mortgage credit score? | | | | Once you check your credit information, you'll see |
| The average rating in America is around a 680. Not | | | | exactly where you stand on the credit score scale |
| long ago that would have allowed you to receive a | | | | and be able to determine they type of loan you can |
| favorable home loan. But today, after the mortgage | | | | get approved for and what your monthly payments |
| crisis, banks are requiring a higher score. Luckily, it has | | | | will be. That way you can tell before you start |
| become increasingly easy to increase that score and | | | | shopping for your new home exactly how much you |
| polish up your rating before the banks ever have a | | | | can afford to buy. |
| chance to look at it. | | | | |