| Basics | | | | best possible interest rates. |
| Your credit report usually has three different credit | | | | As your credit score declines the interest rates |
| scores. | | | | offered by lenders increase. |
| Each score is from one of the three credit bureaus. | | | | Mortgage lenders typically offer many different loans. |
| A mortgage lender usually uses the middle of the | | | | Each of these loans has a different set of criterion for |
| three credit scores. This is known as a "mid score". | | | | approval. One loan may require a minimum credit |
| Your credit scores from different bureaus are usually | | | | score of 680, while another loan may require a credit |
| within a similar range. For example, your credit scores | | | | score of at least 580. |
| may be: | | | | Lenders may also make exceptions to their guidelines |
| - 720 | | | | if there are extenuating circumstances. |
| - 706 | | | | There are loans for all types of borrowers, even |
| - 691 Sometimes there is a substantial difference | | | | borrowers with credit scores below 500. |
| between these scores. | | | | Often times a borrower with a lower credit score may |
| Ratings | | | | be approved for a loan type but is capped in the |
| A credit score over 720 usually gets a borrower the | | | | amount of money they can get on a loan. |