A credit score is one of the requirements for a Dallas home mortgage. The expectation of lenders is that an applicant for a home loan should have at least 700 points to avail of the low interest rates.
While they will still entertain applicants whose credit scores do not reach 700 points, there is a small price to pay. Usually, if the difference is even just 10 points below 700, a 1% increase is added to the current interest rate.
Today, the interest rate is pegged at 4.875% on a 30 year loan period. If you fall below 700 points, that interest rate could be raised to 5.875%. This is still low if you compare it to the pre sub-prime mortgage rates, so you should not feel too bad.
If anything, there are other ways to bring down your monthly dues, such as a bigger downpayment, availing of the tax credits and incentives programs of the state and federal agencies, and a shorter loan period.
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