Hey Homebuyers: Get Credit Where Credit Is Due!

Wondering just HOW important your credit score is when you go to get a mortgage? One word: VERY. If you're looking to buy a property in the next few months, get your credit pulled ASAP. Your loan officer can help you through the process. There may be leftover credit history items that are still lingering, or have never been removed, that will negatively affect your score - sometimes by 40 points! Getting credit cleaned up can take up to three months or longer in some cases.

Not sure where to begin cleaning up your credit? Contact me and I'll be happy to help.

To give you an idea of credit score and loan rates, here are the very latest rates available according to credit score:

Credit Purchase Refinance no cash out
Score Equity 20% $400K loan Equity 20% $400K loan

740 4.625% 4.875%
720 4.750% 5.000%
700 4.875% 5.500%
680 5.125% 5.625%
660 5.625% 6.875%
640 6.250% 6.875% .5 pt
620 6.875% 6.875% .75 pts