know why you want your score know what score you're getting and make sure it's relevant to the reason that you want it because it's usually not relevant to mortgage loans hey guys welcome to my office have you ever wondered why you pull your own credit or you look at one of the apps and then you call your mortgage lender and you're like my score is what and why doesn't it match and also another piece of this is have you ever wondered what mortgage credit score you actually need to be able to get approved for a loan those are the topics for today's video welcome to your one stop shop for anything and everything mortgage education i drop new videos every tuesday and saturday i would love and appreciate if you would subscribe to the channel give me a like if you enjoy the video and i hope that you helped me to continue to spread mortgage peace throughout the world my name is stephanie weeks and i am a loan officer i have been doing this for 17 years i've been recognized in the top 1 in the nation for loan officers in production for several years in a row there are over 300 000 loan officers to choose from i have decided to make it my mission to add an education piece to my business where i help you understand anything and everything mortgage so welcome to my channel and i hope you enjoy the information i bet you're wondering why should i watch this video why should i stay tuned until the end well not only am i going to talk about credit scores and why they're different than what you see on these free services i'm also going to talk about what credit scores you generally need in order to be able to get a mortgage and on top of that i'm even going to talk about the credit scores you need to have to not to get a mortgage but to get the best mortgage at the absolute best interest rate so if this information sounds good to you don't forget to give me a like on the video so that more people get to see it share it with your friends and family and hang in there with me until the end and i'm going to teach you everything you need to know so let's dive in because i know that you're dying for this information and i am dying to get it out there there's so much information on the web about credit scores and how to get them what's good what's bad what you need for different loan types what you need for different mortgages so here's something that's very important to realize each program type has its minimum set of credit scores but on top of that then each lender that decides to stick their neck out and give these loans may have their own requirements as well that is part of the reason for so much contradictory information on the internet is that one lender might need a 640.
The next lender needs a 620 but fha says they'll take a 580. it's like what in the world yes i know it's so confusing so generally speaking generally speaking because it does vary and it does change why does it change yes especially through these last few months it has changed up down up down so generous generally speaking you need a 620 for a conventional loan a 620 for an fha loan a 620 for an rd loan and a 620 for a va loan again generally speaking because sometimes in some instances you might actually need a 640 and then sometimes in rare instances you might actually be able to get something or get a loan shall i say with less than that 620.
What are the different credit scores there's a beacon score there's a fico score there's a vantage score and those are all different i like to say remember when you were in high school and maybe your school was on a six point grading scale and the school down the street was on a ten point grading scale well nobody really cared at all about what those grades were different at each school because they had their own grading scale that's how it goes with the beacon versus the fico versus the vantage and on top of that there's different versions of these scores that is the reason why you might go to annualcreditreport.com that's the one that i believe is the best to go to annualcreditreport.com or whether you go to some of these other ones like i've heard of credit sesame i've heard of credit karma you've got experian apps transunion apps equifax apps you've got your credit card that wants to give you um your credit score right it's from all these different sources i could be wrong but i don't think that i am when you go to get your credit score why do you want to know and why do you care well you want to know because you probably want to know what kind of grade that you're going to get if you go to apply for a loan and especially with a mortgage what's that credit score going to be so if you're pulling from these apps or these free sites and getting a score but you don't know what score you're getting that's why i have 15 conversations a day that go like this oh hi i've got your application everything looks great i've pulled your three credit scores i have a 620 a 622 and a 645 and the phone goes silent and like well what do you mean i don't have 700.
I went on this app and i went on this website and my credit card said it had 700. well that's because there's different grading scales and that's because i'm pulling for a mortgage which is a different type of pull than some of the other polls it's so confusing and it's also frustrating and it's a big piece of information that's not being shared clearly with the consumer so of course track your credit of course get your scores of course monitor your credit on a constant basis but know why you want your score know what score you're getting and make sure it's relevant to the reason that you want it because it's usually not relevant to mortgage loans within my experience of the 15 conversations i have a day that repeat just like what i just said be happy to rewind and replay it for you i wish i could just record that and just like put it out there because i talk about it so much because it is very confusing don't get me wrong another thing people ask a lot about is what is an average credit score and guess what that's another moving target welcome to my world mortgage industry today it's a tomorrow it's b then it's yellow nope now it's green now we want purple it's all over the place so even the average credit score seems to move i've read things that for years said it was a 680.
I've more recently read things that said it was a 720 so let's just meet in the middle let's just assume that a 700 is an average credit score anything above 740 is always considered excellent credit so of course you want to shoot for the moon hit the stars or if you can hit the moon even better because having great strong credit puts you in a great position when it comes to getting any type of loan that you're looking for so make sure you work hard on that and you do a good job and you know what you're getting what you have and maybe where you're going the last thing that i promised you i promised you that i would talk about what credit score do you want to get the best free to get the best mortgage listen the world is not rainbows and butterflies as i'm sure you've probably figured out by now but in the rainbows and butterflies worlds you would get a conventional loan you would put 20 percent down so you pay no mortgage insurance and you would have over 740 credit scores so that that compared with some other factors can get you the best interest rate possible but don't fret because here's some good news let's say you don't meet that criteria it's okay rates are not dramatically different between that scenario and maybe fha with a 660 credit score and a 3.5 down payment but a dollar is a dollar we work hard for our money and every penny counts but if you don't fit in that little probably three percent window of the population that put 20 percent down and have an excellent credit score you're probably still gonna be fine as long as you keep your credit up you stay at least average or above which would be great remember i said average is 700 and i just told you a couple minutes ago that sometimes you get a mortgage loan with a 620 that's pretty below average so pay your bills on time keep watching all the videos keep pulling information so that you have applied knowledge because that is power and you'll have the best mortgage transaction you can and you'll know what to expect my download for you today is going to be your home loan cheat sheet just click the link below download that for free and i hope that it helps you as it's helped thousands of others with figuring out the different types of mortgages did this video give you a much better massive understanding about credit scores and how some of this stuff works because if it did don't forget to subscribe to the channel give me a like for the video give me that thumbs up and drop me a comment let's just say why don't you type in there shout from the rooftops help me shout from the rooftops and get this information out there if you enjoyed this video give me a like subscribe to the channel reminding you i drop new videos every tuesday and saturday and let's connect dm me i answer all those personally you can also connect with me uh through my website which is stephanieweeds.com i've got weaksteam.com and my insta is underscore the real stephanie weeks