What is a good credit score for a mortgage?

It is difficult to determine a specific credit score that is considered "good" for obtaining a mortgage in California. Generally, lenders look for a score that is higher than 620 for a conventional loan. However, credit scores can range from 300 to 850, and each lender has a different criteria for what score is considered good. In general, the higher the credit score, the more attractive it is to lenders. This is because higher scores show that the borrower is more likely to repay the loan on time. A FICO credit score of 680 or higher is usually the cutoff for highly competitive interest rates. A score of 620-679 is an average score and may mean higher interest rates. Lower than that may result in a denial of the loan depending on the lender. Lenders also consider other factors when deciding whether or not to provide a loan. These factors include income, assets, and debt-to-income ratio. Therefore, having a good credit score is important, but it is not the only factor that lenders take into consideration. Ultimately, the best way to get a good mortgage in California is to maintain a good credit score and also have a stable income and assets. A good starting point is to make sure that your credit score is higher than 620.

Related FAQs

Are there any special mortgage programs for veterans?
Are there any mortgage programs for first-time homebuyers?
How can I lower my mortgage payments?
What is a mortgage-backed security (MBS)?
What is an adjustable rate mortgage cap?
What is an escrow account?
How does a lender decide whether to approve my mortgage application?
How can I compare mortgage rates?
What is an assumable mortgage?
What is a down payment?

What is a good credit score for a mortgage?

Related FAQs

Related Blog Posts