Credit Score
Personal Debt Issues

Credit Score Averaging

Credit scores are very important in the mortgage industry. It is a factor in determining your interest rate. Most people have three scores from the credit agencies; Experian, Equifax, and Transunion. For people with limited credit, they would have one or two or even no scores.

Refinance at Today's Low Rates!

Most lenders will usually take the middle of the three scores. If there are two borrowers, then the lenders use the lowest of the two middle scores.

For example, there are two borrowers and their scores are as follows:

Borrower 1: 750, 701, 685

Borrower 2: 678, 643, 601

The middle score for borrower 1 would be 701 and the middle score for borrower 2 would be 643.

The lowest of the middle scores would be 643.

However, some lenders will take the average of the scores instead of the middle or the lowest of the middle scores. To take the average, you take add all the scores and then divide by the number of scores.

In the example above, the average score for borrower 1 would be 712 ((750+701+685)/3). For borrower 2, the average score is 640 ((678+643+601)/3).

The average of both scores is 676 ((712+640)/2). Another way is to sum up all the scores and then divide by 6.

The credit scores of 643 versus 676 isn’t that great but to the lender it makes a huge difference. It can be a matter of getting an excellent rate or a mediocre one.

Refinance at Today's Low Rates!

 

Credit Score Average for Cities

National Credit Score Average

Fannie Mae & Jumbo Mortgage Rates

Just One Click! = Current Rate Chart

Pennsylvania Mortgage Rates Current Mortgage Rates - Hawaii Current Mortgage Rates - Alaska West Virginia Mortgage Rates Virginia Mortgage Rates District of Columbia Mortgage Rates Maryland Mortgage Rates Delaware Mortgage Rates New Jersey Mortgage Rates Connecticut Mortgage Rates Rhode Island Mortgage Rates Massachusetts Mortgage Rates New Hampshire Mortgage Rates Vermont Mortgage Rates New Hampshire Mortgage Rates Maine Current Mortgage Rates Vermont Mortgage Rates Current Mortgage Rates - New York Current Mortgage Rates - Michigan Current Interest Rates - Wisconsin Current Mortgage Rates - MINNESOTA Ohio Mortgage Rates Current Mortgage Rates - Kentucky Current Mortgage Rates - Indiana Illinois - Current Mortgage Rates Current Mortgage Rates - Iowa Missouri Mortgage Rates Current Mortgage Rates - North Carolina South Carolina Mortgage Rates Current Mortgage Rates - Florida Current Mortgage Rates - Georgia Current Mortgage Rates - Tennessee Current Mortgage Rates - Alabama Current Mortgage Rates - Mississippi Current Mortgage Rates - Louisiana Current Mortgage Rates - Arkansas Current Mortgage Rates - Oklahoma Current Mortgage Rates - TEXAS Current Mortgage Rates - New Mexico Current Mortgage Rates - Arizona Current Mortgage Rates - Kansas Current Mortgage Rates - Nebraska Current Mortgage Rates - Colorado Current Mortgage Rates - Wyoming South Dakota Mortgage Rates Current Mortgage Rates - North Dakota Current Rates - Montana Idaho Current Rates Washington Mortgage Rates Current Mortgage Rates - Oregon Current Mortgage Rates - Utah Current Mortgage Rates - Nevada Current Mortgage Rates - California

Start by selecting your state

 

 



Get the Updated and Improved Mortgage Rates App from ERATE.com

iPad for Mortgage Rates

Refinancing: Getting Started

Refinancing Info and Advice

Refinancing: Selecting a Loan


FREE Mortgage Rate Widgets
Your State's Rates or National Rates
Get this Widget for any State you want