When securing a mortgage, borrowers have the option to reduce their interest rate through a mortgage buydown. This strategy can help lower monthly payments, either temporarily or permanently, depending on the type of buydown chosen.
The Difference Between FICO Score and Credit Score: How It Affects Your Mortgage and Rates
When applying for a mortgage, your creditworthiness plays a significant role in determining your loan approval and interest rates. Two commonly referenced terms are FICO score and credit score, which are often used interchangeably but have distinct differences.
