Worried About Your Credit Score? Here's How to Get the Best Rate on Your Mortgage
Trying to get a good mortgage rate without the world's best credit score? New research suggests you shouldn't overlook old-fashioned, brick-and-mortar banks.
Even with interest rates at historic lows, getting a home loan at a great rate isn’t necessarily an easy task these days. If you have weak credit, securing a mortgage is an even bigger challenge. Some big lenders have embraced credit score minimums for new borrowers as they try to stave off potential forbearance requests or delinquency.
Yet despite the publicity these announcements have gotten, a new report from the Housing Finance Policy Center at the Urban Institute finds that borrowers with weaker credit may actually be better off going through a traditional bank than a non-bank lenders for a mortgage.
