In addition to income, debt, assets, and employment status, credit scores also play a key role in whether or not consumers will be approved for a mortgage. These are qualifications that all conventional lenders will assess when deciding whether or not to approve a mortgage application.
Obviously, a higher credit score will increase the odds of mortgage approval, as well as a lower interest rate. On the other hand, a lower score will place a mortgage application in jeopardy. That’s because low credit scores are associated with borrowers with a shady financial past, namely from missing payments.
As the year 2018 is nearing a close, the question remains: what is the exact credit score needed to get approved for a mortgage in 2019?