TIP: Improve your credit score to get a better rate
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Video Description:
Even though VA loans don't have a minimum credit score requirement set by the VA, your FICO score still matters when it comes to getting a great interest rate. So, the sooner you can start taking your credit score seriously, the better.
Lenders always look at your credit history AND your score because they need to make sure you're a satisfactory credit risk. A higher score usually means lower risk, and in mortgages, lower risk translates to a lower interest rate while higher risk means a higher interest rate.
So if you want a better rate, then make sure you follow today's tip, which is to get your credit score up BEFORE you start shopping for a new mortgage or buying a home. For more information on HOW to actually do this, you can check out one of our other videos: • TIP: 3 quick ways to improve your credit s... .
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About Low VA Rates:
Low VA Rates is a VA-approved mortgage lender that was built out of a desire to help veterans access their VA home loan benefits. With over 10 years of experience specializing in the VA loan, you can trust the Low VA Rates team to help you find a mortgage with great rates and terms.
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This video is not intended for residents or homeowners in the states of NY or MA.