Mortgage Rate Update... Know Your Credit Score
By Karl Peidl, Accredited Loan Consultant
Mortgage Rate UpdateKnow Your Credit Score In the past, it wasn't out of the question to obtain a mortgage with a FICO score in the low 500 range. In fact, if you were willing to accept the payment, you could even do so with little money down.Today, however, if you have a low FICO score, you may not be able to get a mortgage. In fact, depending on how much of a down payment you can afford and the mortgage program you are applying for, you may be looking at a minimum score of 680 to obtain a mortgage.The point is, your credit score is more crucial than ever-not just for getting a low rate, but for qualifying for a mortgage at all.So, before you sign a purchase contract or apply for financing, take the time to have your credit profile checked out. Often, there are steps you can take to h...