Minimum Credit Score for a Mortgage

A credit score alone is not the only information that a potential mortgage lender will look at to determine whether or not to process an application. History of outstanding debts and the fact of a person having steady and a long history of income are other major contributors.

However the credit score will likely be used to determine the level of risk of a borrower and therefore the rate of interest that may be borrowed at. The lowest rates of interest are offered to those with the best credit scores, while those with low credit scores receive the worst offers with high interest and higher monthly repayments for the same value of mortgage. To know more you can visit http://www.clearcreekfinancial.com