How Credit Scores Affect Interest RatesThe lower your credit score is the higher interest rate you will receive on a loan program. Lenders will see you as a higher risk borrower. However, they are still willing to risk it by giving you a loan. It will just cost you a little more than someone with stellar credit.
How To Increase Your Credit Score* Paying bills on time * Keep balances as low as possible * Pay off a credit card instead of transferring to another credit card * Don’t open new credit cards and don’t close any unused credit cards for now Depending on what the score is, there are different loan programs for you. Although your interest rate may be a little higher, you will still be able to get a loan if your income is good and can show that you can afford the monthly payments.
Can Credit Score of 580 Get a Mortgage?Below you will notice that with a credit score of 580 you can still get a loan with as little as 3.5% down. Even if your credit score is poor or fair, it’s not as hard as you may think in some cases to increase your score. We can set you up with an experienced lender that can help you raise your score very quickly. The McT Real Estate Group would love to help you with your next home purchase when the time comes. Please know that we have incredible lender recommendations for you when you are ready. It’s important that you get prequalified prior to viewing homes so we know what your budget is and so that you will be ready to write an offer when we find the home you wish to buy. If you like we can have on of our lenders contact you? Just let us know! If you have any questions, please do not hesitate to reach out to us right away.
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