“How important are FICO scores when you get a loan?”
Answer:
Vital.
They can be the difference between getting a loan or not, how much you need to put down, and the rate and points you pay.
My longtime lender recently priced an owner-occupied conventional loan for someone with 20% down. Based on the FICO score the person stated, the rate was a spectacular 4.5% with 1 point.
But when he ran his credit, it was below 680. That jacked up the rate to 5.875% and 2.5 points. Ouch.
Bottom line, pay your bills on time and keep your credit up or you’ll really pay when you get a mortgage.
Attend My Free Seminar January 30th On Improving Your Credit
