[Factor #1 – Credit Score]
Let’s start with credit. Here’s the breakdown:
• 740+ credit score = best rates
• 700–739 = good rates
• 660–699 = average rates
• Below 660 = higher rates
If you’re getting a $400,000 loan, the difference between a 660 and a 740 score could cost you around $150 a month. That’s nearly $54,000 over 30 years.
[Factor #2 – Down Payment]
Now you’d think putting more down always gets you a better rate — but that’s not always true.
Here’s what most people don’t realize:
Improving your credit score by just 20 points could save you more than putting down an extra 5%.
Want to make sure you’re getting the lowest rate possible?
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I’m Chris Graves, and that’s your mortgage minute.
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