How often you make your payments on time. Any bankruptcies and delinquencies will have a negative impact on your payment history.The outstanding balances you have on any of your accounts as well as how much of your available credit you actually use. A good rule of thumb is to use only 30% of your available credit.Credit mix :How many credit accounts you’ve opened recently. Too many applications for new credit accounts can lower your score.
Several companies offer free credit score checks, which can help you understand your current financial standing and how you can improve your credit score. Just remember that these services won’t always give you the same number that your mortgage provider uses, as there are many different methods for calculating your score.To understand how bad credit affects mortgage rates, it helps to think like a mortgage lender.
A higher mortgage rate can make a big difference in the amount of interest you pay. Let’s take a $500,000 mortgage with a 25-year amortization period as an example. With a rate of 1.99%, you’d pay $45,654 in interest over a 5-year term. With a mortgage rate of 3.99%, you’d pay $92,837 in interest over the same 5-year term — more than twice as much! Use aIf you have bad credit but want to get a mortgage, don’t despair completely.
If you’re able to take the time to increase your credit score to 680 or higher before you apply for a mortgage, you’ll give yourself more options, and a better chance of getting a great mortgage rate.
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