Does your credit score affect mortgage approval? You bet.

There are several factors that lenders look at that affect your ability to get a mortgage. Your credit score being an important one.

Here’s a breakdown of credit scores and how likely you would be to get approved for a mortgage for each.

🔸740-850: Excellent credit – easy credit approvals and the best interest rates.

🔸670-740: Good credit – typically approved and offered good interest rates.

🔸620-670: Acceptable credit – typically approved at higher interest rates.

🔸580-620: Subprime credit – It’s possible to get a mortgage, but not guaranteed. Terms will probably be unfavorable.

🔸300-580: Poor credit little to no chance of getting a mortgage, you will have to take steps to improve your credit score before being approved.

There are always case-by-case scenarios, so don’t let your credit score discourage you from buying a home.

Work with your mortgage broker on a realistic game plan to ensure you’re making the best choice for your unique situation.

Wondering what you might qualify for today? Cambria Mortgage, the Joe Metzler team will be happy to give you an idea with a free, not obligation review, and a ’soft pull’ credit report, which has zero effect on anything.
Free Pre-Qualification Review, or call (651) 552-3681

NMLS 274132 – Equal Housing Lender in #Minnesota #Wisconsin #Iowa #NorthDakoa #SouthDakota.#creditscore #creditrepair #credittips #firsttimehomebuyer #firsttimebuyer #mnrealestate #mnhomesforsale #mnrealtor #Minneapolis #wirealestate #iowarealestate