Your Credit Matters!By First IB Mortgage Team on August 14, 2014
Maintaining a good credit score will help you qualify for the best possible terms on a mortgage. Typically, borrowers with excellent credit scores receive lower rates and better loan terms.
There are three credit bureaus: Equifax, Experian, and TransUnion. Creditors share information with credit bureaus, which allows these agencies to assess your credit history and the likelihood you will continue to pay your obligations in the future. The credit bureaus assign a numerical value to you based on your credit history and perceived risk. (If you have ever had a loan or credit card, you probably have a credit score.) Credit scores can range from 300 to 850. Higher scores are better.
Currently, most mortgage lenders require that you have a median credit score of at least 640.