When you apply for a mortgage, your credit score is one of the top factors that impacts your interest rate. Typically, the higher your score, the lower the interest rates you’ll be offered by lenders.
Generally, a score of 800 or higher is considered exceptional; 740 to 799 is very good; 670 to 739 is good; 580 to 669 is fair; and 579 or lower is poor.
If you face some credit challenges you are not alone, I recommend reaching out to my lending team well in advance of beginning your home search to best position yourself. They can advise you on how to raise your credit scores, whether it’s best to pay off debt or keep reserves for your down payment.