Your credit rating will affect whether or not you can actually get a mortgage. Those with bad ratings may not get a loan from a bank. A great site for checking mortgages is moneysupermarket.com
If you are refinancing your mortgage for a 30 year fixed rate you can expect a rate of about 4.250% and if you are refinancing your mortgage for a 15 year fixed rate you can expect a rate of about 3.375%. Of course, this will vary with credit rating, current mortgage standing, etc.
If you are trying to refinance your mortgage... it will affect the interest rate. (it will be higher) It will haunt you for at least 12 - 24 months.
The higher your credit score, the lower your payments. The lower your credit score, the higher your payments. The analogy above shows how your credit rate affects you mortgage rate.
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.
Yes, people who have fair credit get good mortgage rate. They will have to look a lot harder for someone to give them a good mortgage rate, as there are less of them out there.
Several factors affect the home mortgage refinancing rate. The amount of money the bank has to loan out is one such factor. Another factor is the borrower's credit rating.
If you have bad credit you will not only have a hard time getting a loan, but you will be charged a higher APR. As a result, your mortgage payment will be higher than if you had good credit. If you already have a home mortgage, having bad credit will not affect it. If you have bad credit and go to get a mortgage, you run a risk of being denied a loan until bad debts are taken care of and even then you may have a higher rate.
I have the exact same credit score but with about $10,000 to put down. How did you do?
Often, a mortgage rate depends on the person's credit. If the credit rating is good, then they usually get a lower interest rate. But if their credit is not good or if they have not yet established a credit history, then they often pay a higher rate.
A bad credit mortgage is sometimes called a sub prime mortgage. It is for people with low credit rating who wish to purchase a house. Due to the risk of lending to such people, the rate will be slightly higher.
The worst thing about a bad credit mortgage is the price you have to pay. You get a worse rate and have to pay more for longer than if you have a good credit mortgage.
Often you can get a mortgage with bad credit. Bad credit can, though, increase your interest rate, increasing your monthly payment.