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When looking for a mortgage loan, the lender will usually remove your credit score as part of the approval process.
Most consumer credit scores range from 300 to 850 – 850 being the highest score – but you don’t need the best possible score to qualify for the lowest mortgage rates. A credit score of 750 is generally considered “excellent” and can help you get good loan terms.
Here’s what you need to know about credit scores of 750 or higher:
What is the value of a 750 credit score?
A credit score of 750 is better than the US average, which was 711 in 2020, according to the credit bureau Experiential. Lenders tend to rate credit scores in ranges and offer the same rates to people in the same range.
A credit score of 750 is generally in the “excellent” range, which shows lenders that you are a very reliable borrower. People with credit scores in this range tend to qualify for loans and get the best mortgage rates.
A credit score of 750 could help you:
- Qualify for a mortgage
- Negotiate the terms of the loan, as the lender may be ready to compete for your business
- Get low mortgage rates, which makes borrowing less expensive
Some lenders might consider a credit score of 750 on the borderline between “good” and “excellent,” which could influence the rate you receive. Be sure to monitor your credit rating in the months leading up to your mortgage application.
Keep reading: How Your Credit Score Affects Mortgage Rates
Average mortgage rates for a 750 credit score
Your credit score measures how you’ve handled your money in the past and helps the lender predict how you’ll pay off a loan in the future.
A higher credit score usually indicates that you have paid back the money as agreed, which lowers the lender’s risk and can help you get a lower mortgage rate.
The table below shows a sample of the interest rates of our partner lenders. You can fill in your financial information and select a credit score range from Excellent (740+) to see what types of mortgage rates are available in your area.
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The quotes here are for a Annual Percentage Rate (APR), which is the interest rate plus fees charged by the lender.
This is a more accurate measure of the costs involved, so always compare loan APRs when shopping for mortgages. Typically, a lower APR means you have less to pay on top of the amount you borrowed.
Enter your loan information to calculate how much you could pay
mortgage, you will pay
monthly and a total of
interest over the life of your loan. You will pay a total of
over the term of the mortgage.
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Checking rates will not affect your credit score.
Other factors behind your mortgage rate
Mortgage rates are based on many factors, including your overall financial health and general economic trends.
Each lender has a different way of determining their loan terms. So while a credit score of 750 may help you get a favorable rate, you need to understand what goes into the decision:
|More important economic factors||Personal economic factors|
You control some of these factors:
- Deposit: An important the down payment could help you get good loan terms because it reduces some of the risk for the lender. And if you can comfortably put 20% on a conventional loan, there’s another plus: you avoid paying for private mortgage insurance.
- Amount of the loan : You might receive a higher interest rate on a particularly large or even a very small loan. Talk to your lender about ways to adjust your loan amount.
- Term of the loan: Typically, mortgage rates are lower on shorter term loans because the lender extends the risk over a shorter period. Compare interest rates and monthly payment amounts over different loan terms, such as 15, 20, and 30 years, to see what you can afford.
- Debt-to-income ratio: Your DTI ratio compares the portion of your monthly income spent on debt repayment. A lower DTI ratio – around 43% or less – could help you qualify for a low mortgage rate because you have room in your budget.
Learn more: What is a mortgage rate and how do they work?
Comparing mortgage rates from different lenders is one way to ensure you are getting the best possible mortgage rate. Credible can help you compare prequalified rates from our partner lenders without hurting your credit score, and it only takes a few minutes.