Credit - Not Just About the Rate!

Written by Posted On Tuesday, 05 April 2022 00:00

We are all aware that a person’s credit score impacts their ability to obtain a mortgage; it dictates the cost of that loan if they qualify. However, very few people focus on all the factors involved in a credit score. Further, while many people think that they are “good” if their score is over 620; most people are unaware that according to Experian®, the average credit score in the United States as of 2/22/2022 was a record high of 714! Why is this important? Because anything below 714 is BELOW AVERAGE! So, if you put it into perspective, that client with that 620 score, is 93 points BELOW AVERAGE! 

The reason this is important is that the borrower’s credit score impacts not only the interest rate on the loan, but it also can impact:

  1. Loan program
  2. LTV
  3. Ability and cost of PMI
  4. Ability and cost of homeowner’s insurance


The point I want to make here is simple; we can’t control the interest rate market, but we can do something about the costs by improving credit scores!

Now would be a good time to put together short video with your:

  • Self, explaining the pricing differences between 620 to 800
  • Your PMI rep showing the impact on those payments
  • Your Insurance Professional show the impact of credit score on different types of home insurance policies.

This kind of information can help you help your clients by reducing costs that they can control!

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Michael White

After 18 years working in all phases of mortgage originations, Mike left day to day originations to start his consulting and coaching company. Now, more than 18+ years later, Mike is working with clients across the country in all markets, big and small, that have generated more than three billion dollars in loan originations within a year.

Mike teaches a system that is focused on time management, action planning, marketing a message, and creating value for both clients and referral sources alike. Quite simply, providing more value leads to more opportunities, more income, less time, and a systematic approach that begs to be duplicated.


By breaking down individual aspects of the mortgage business and providing a step by step approach to creating a consistent flow of opportunities that can lead to a highly successful mortgage practice. That is why people who incorporate these strategies out produce the national averages by almost 3 to 1!

Fundamentals and simple strategies provide day to day activities that help provide a “scheduled success” philosophy. It’s all about identifying, targeting, and establishing profitable referral relationships using exceptional value to keep you in the center of your own referral triangle.

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