How Your Credit Score Affects Your Interest Rate
How Your Credit Score Affects Your Interest Rate
How Your Credit Score Affects Your Interest Rate
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October 27 2010 (Shirley Allen)

A survey of 25,000 loan quotes and requests by Zillow Mortgage Marketplace during the first half of September found borrowers were unlikely to receive even one loan quote if they had a credit score of below 620 — even if they offered to make large downpayments of 15 to 25 percent and that most Americans have credit scores that are too low to qualify for the best rates on a mortgage loan.

The chart below breaks down the data that was obtained by Zillow:

FICO Score Percent of Americans in this category Non-FHA average annual percentage rate (APR)
Below 620 29.3% N/A
620-639 3.7% 4.9%
640-659 4.3% 4.73%
660-679 4.6% 4.6%
680-699 5.1% 4.56%
700-719 6.1% 4.44%
720 and up 47% 4.3%

Source: Zillow and Fair Isaac Corp.

According to Fair Isaac Corp., the creator of the FICO algorithm used by credit reporting agencies to calculate FICO scores, 29.3 percent of Americans have credit scores below 620.

About 47 percent have scores above 720, which would placed them in the group that Zillow’s analysis found was likely to get the best mortgage rates.

The best annual percentage rate quoted by loan originators on Zillow Mortgage Market Place for 30-year fixed-rate loans to borrowers with credit scores of 720 averaged 4.3 percent.

Where do you stand?

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
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With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
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LOAN CENTER WORKS
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

October 27 2010 (Shirley Allen)

A survey of 25,000 loan quotes and requests by Zillow Mortgage Marketplace during the first half of September found borrowers were unlikely to receive even one loan quote if they had a credit score of below 620 — even if they offered to make large downpayments of 15 to 25 percent and that most Americans have credit scores that are too low to qualify for the best rates on a mortgage loan.

The chart below breaks down the data that was obtained by Zillow:

FICO Score Percent of Americans in this category Non-FHA average annual percentage rate (APR)
Below 620 29.3% N/A
620-639 3.7% 4.9%
640-659 4.3% 4.73%
660-679 4.6% 4.6%
680-699 5.1% 4.56%
700-719 6.1% 4.44%
720 and up 47% 4.3%

Source: Zillow and Fair Isaac Corp.

According to Fair Isaac Corp., the creator of the FICO algorithm used by credit reporting agencies to calculate FICO scores, 29.3 percent of Americans have credit scores below 620.

About 47 percent have scores above 720, which would placed them in the group that Zillow’s analysis found was likely to get the best mortgage rates.

The best annual percentage rate quoted by loan originators on Zillow Mortgage Market Place for 30-year fixed-rate loans to borrowers with credit scores of 720 averaged 4.3 percent.

Where do you stand?

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

October 27 2010 (Shirley Allen)

A survey of 25,000 loan quotes and requests by Zillow Mortgage Marketplace during the first half of September found borrowers were unlikely to receive even one loan quote if they had a credit score of below 620 — even if they offered to make large downpayments of 15 to 25 percent and that most Americans have credit scores that are too low to qualify for the best rates on a mortgage loan.

The chart below breaks down the data that was obtained by Zillow:

FICO Score Percent of Americans in this category Non-FHA average annual percentage rate (APR)
Below 620 29.3% N/A
620-639 3.7% 4.9%
640-659 4.3% 4.73%
660-679 4.6% 4.6%
680-699 5.1% 4.56%
700-719 6.1% 4.44%
720 and up 47% 4.3%

Source: Zillow and Fair Isaac Corp.

According to Fair Isaac Corp., the creator of the FICO algorithm used by credit reporting agencies to calculate FICO scores, 29.3 percent of Americans have credit scores below 620.

About 47 percent have scores above 720, which would placed them in the group that Zillow’s analysis found was likely to get the best mortgage rates.

The best annual percentage rate quoted by loan originators on Zillow Mortgage Market Place for 30-year fixed-rate loans to borrowers with credit scores of 720 averaged 4.3 percent.

Where do you stand?

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.