Do you REALLY know the effect credit scores can have on the mortgage rate for which you can qualify? The highest credit score category is 740+, and the categories below are in 20 point drops, like 720-740, and down to 620-640 for Conventional Fannie Mae and Freddie Mac loans. If you are doing a loan for more than 15 years ( 20,25, or 30), a chart is used to determine how much extra costs are added to the rate, or closing costs if you would rather pay the extra fees. For example, a Borrower putting down 5% ( 95% LTV) and having a 740+ score would incur .250% extra, where as a Borrower witha 620-640 score would incur 3.250% extra added to the deal. On a $100,000 loan this would be $250 for the 740+ Borrower and $3250 for the 620-640 Borrower. If adsorbed into the rate instead of paying the difference in cash, this would result in a .500% rate increase for the loan. And IF the loan was a refinance and involve getting cash or paying off a 2nd mortgage, additional fees would be involved based on the credit score category....HENCE , it is so important to get your credit scores as high as possible, or to consider a shorter mortgage term. A good Mortgage Broker and Realtor can discuss options with you that can help you get the best deal possible. For fair treatment and education give us a call-Diversified Mortgage Brokers, Tel: 434-237-3143, Email: firstname.lastname@example.org, Web: www.diversifiedmortbrokers.com . WE EDUCATE & DELIVER!