Home Purchase Mortgage Calculators
Mortgage Program Calculators
There are many factors that go into determining your mortgage rate but generally borrowers with lower credit scores pay higher rates. For example, the interest rate for a borrower with a 640 credit score is typically .125% - .500% higher than the interest rate for a borrower with a 725 credit score. Other factors including loan-to-value (LTV) ratio, loan program, loan length and mortgage amount also influence your interest rate
We provide a Comprehensive Overview of Your Credit Score and the Mortgage Process as well as advice on How to Improve Your Credit Score Before You Apply for a Mortgage and How to Get a Mortgage with Bad Credit on FREEandCLEAR. Reviewing these resources will help you understand your options and make more informed decisions when you get a mortgage.
Additionally, if you have a collection on your credit report, mortgage lenders want to understand when the collection occurred, the type and amount of the collection and if the collection has been settled. Lenders want to make sure that the collection has been resolved and that no creditors have a first priority lien on any property you own such as a home. Please note that some lenders may be more flexible with a collection that occurred several years ago even if it only recently showed up on your credit report. Additionally, collections related to medical care or other special circumstances may be treated more favorably by lenders. In all cases, borrowers should provide a written summary of the collection with an explanation of why it happened and what steps you took to resolve the issue. If you have not experienced any other collections or adverse credit issues you should also note that information in your written summary.
Finally, we recommend that you contact three-to-four mortgage lenders to review your specific situation and shop mortgages. To review lenders in your area click INTEREST RATES. You can also use our Personalized Mortgage Quote function to receive no obligation mortgage quotes from up to four lenders. These features will help you find the mortgage that is right for you and are free to use, like everything on FREEandCLEAR.