Credit scores play a huge role in the world of mortgages. They can impact which loan products you qualify for as well as determine the pricing (APR) for your loan.
635 is a slightly below average credit score. Because lenders consider borrowers with this credit score a higher risk, you may have fewer loan options and should expect to see a large pricing impact to the rates you are offered.
Here are current mortgage rates for borrowers with a 635 FICO credit score assuming a purchase transaction in colorado for a single family primary residence, a $403,750 loan amount and 5% down. Below are our best current mortgage rates for Conventional, FHA and VA loans or visit our mortgage finder to customize pricing for your specific needs.
Explore mortgage options with other credit scores: 625 FICO | 645 FICO
Interest rates, annual percentage rates (APRs), monthly payments, lifetime cost, and fees or credits, shown here are valid as of today and are subject to change without notice.
Loan assumptions: monthly payments, interest rates, APRs, fees or credits, lifetime cost, and products are based on the information you provided, including loan type, amortization type, transaction type, state, loan amount, down payment, purchase price or estimated value, credit score, property type, occupancy type, first time homebuyer status, and military status and are subject to verification. Should your credit score or other information you provided differ from what we verify, the actual monthly payments, interest rates, APRs, fees or credits, lifetime cost and products may be different from what is shown here.
Your APR and lifetime cost will vary based on your final loan amount and finance charges.
The APR and lifetime cost on all ARM products does not include potential payment changes that will occur once the initial fixed period is over.
The APR, monthly payments, lifetime cost, and credits and fees for the VA products do not include the required VA Funding Fee. The VA Funding Fee can range from .5% to 3.6% of your loan amount depending on several factors including but not limited to down payment amount, first time or subsequent use of a VA loan, and transaction type. The addition of the VA Funding Fee on VA loans could increase the monthly payments, fees, lifetime cost, and APR.
These rate quotes are not a commitment to lend. Any loan is subject to credit approval.
Mortgage payment amounts include principal and interest only and do not include homeowner's insurance, flood insurance (if applicable), mortgage insurance (if applicable) or property taxes that must be paid in addition to your loan payment.
Fees or credits shown are a combination of charges and points from the lender for the cost of originating the loan. These fees are commonly labeled as Origination, Application, Processing, Underwriting, or Administration fees on the Loan Estimate. These fees do not include all costs associated with originating your mortgage. Please visit the Consumer Financial Protection Bureau's website for more information on common costs associated with taking out a mortgage loan.
The APR, monthly payments, lifetime cost, and credits and fees for the FHA products do not include the required upfront mortgage insurance premium and the required annual mortgage insurance premium (collectively known as MIP). The upfront MIP is 1.75% of your loan amount and the annual MIP will vary in amount and duration depending on several factors including but not limited to loan amount, value and loan term. The addition of MIP on FHA loans could increase the monthly payments, fees, lifetime cost, and APR.