For many years credit scores played a smaller role in mortgage risk assessment.  In fact, there was usually no difference in the fixed mortgage rate obtained for a home buyers credit score of 640 vs. 740.  But ever since Fannie Mae and Freddie Mac introduced credit risk based pricing; credit scores do make a difference.

When clients contact our office and mention they have excellent credit; we inform them that “excellent” is usually defined as credit scores at or above 740.  With a credit score that high, there is no price adjustment for credit score risk.  In other words, you should be able to receive the lowest fixed mortgage rate available from any given mortgage lender or bank.

Florida home buyers seeking to purchase a new primary home, 2nd home or vacation home; can expect to receive today’s very low fixed mortgage rates.  The higher your credit score; the lower your Florida mortgage fixed rate.  For immediate assistance with our accurate Good Faith Estimates; please contact our office at 888.399.0520.

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