Alaska Mortgage Refinance Calculator
Alaska Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your mortgage can improve your long-term finances. However, it’s important to understand the savings and costs involved before making any decisions regarding your home loan. An Alaska mortgage refinance calculator can help you gauge the financial impact of refinancing by providing estimates for your monthly payments, the total interest you might pay over the life of the loan, and your break-even point. This guide will explain how you can use a mortgage refinance calculator to help you make an informed decision about whether mortgage refinancing aligns with your financial goals.
Key Points
• An Alaska mortgage refinance calculator can help you make an informed decision about whether refinancing is right for you.
• Mortgage refinancing costs typically range from 2% to 5% of the loan amount, and you should factor them into your decision-making process.
• Extending the loan term can lower monthly payments but increase the total interest you’ll pay, while shortening the term can do the opposite, so it’s important to consider your long-term financial goals carefully.
• Purchasing mortgage points can lower your interest rate, reduce your monthly payments, and lead to significant long-term savings, especially if you plan to remain in your home for an extended period.
• The break-even point, calculated using a refi calculator, can help you determine if the savings from refinancing will outweigh the upfront costs within a reasonable time frame.
• Improving your credit score can help you secure a lower interest rate and more favorable loan terms when refinancing.
Alaska Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your current mortgage, excluding any accumulated interest charges. How much you still owe affects how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the loan amount charged annually by the lender. A new interest rate can significantly affect both your monthly payments and the total interest you’ll pay over the duration of the loan.
• Remaining/New loan term: The remaining loan term is the time left on your current mortgage, and the new loan term is the duration of the refinanced loan. Shorter terms will reduce the total interest paid but increase your monthly payments.
• Points: Mortgage points, or discount points, are optional upfront fees paid to lower the interest rate on your loan. Each point costs 1% of the loan amount and can reduce your interest rate by 0.25%.
• Other costs and fees: Other costs associated with refinancing include origination fees, appraisal fees, and attorney fees. These expenses typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly payment covers the principal and interest on your mortgage loan. A home refi calculator helps you compare your current and estimated new monthly payments.
• Total interest: Total interest is the amount you pay to the lender over the duration of the loan, excluding the principal. Using a refi mortgage calculator to compare the total interest you’ll pay on your existing mortgage and the estimated total interest following a mortgage refinance can help you identify potential long-term savings.
How to Use the Alaska Mortgage Refinance Calculator
To use the Alaska mortgage refinance calculator, enter your current mortgage details and proposed refinance terms. The calculator will estimate your break-even point and assess the overall impact on your monthly payments and total interest paid.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining home loan balance. This is the principal amount you still owe on your current mortgage.
Step 2: Add Your Current Interest Rate
Input the interest rate you have now to estimate your current monthly payments and total interest costs. You can find this on your latest mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Rates may have dropped since you took out your initial loan, so compare offers from different lenders or check current mortgage rates to estimate your new interest rate. A lower rate can reduce your monthly payments or total interest paid.
Step 4: Select Your Remaining Loan Term
Enter the number of years left on your current mortgage. The refi calculator will then estimate the total interest you’ll pay if you don’t refinance.
Step 5: Choose a New Loan Term
Select a new loan term that aligns with your financial goals. A longer term can lower monthly payments but accrue more interest, while a shorter term can reduce the total interest paid but increase monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Enter any discount points you intend to purchase. Each point costs 1% of the loan amount and reduces the interest rate by 0.25%. Using the mortgage refinance calculator can help you determine whether purchasing points is beneficial to your financial situation.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as origination, home appraisal, credit report, and attorney fees. These costs can range from 2% to 5% of the loan amount. Enter the estimated total into the refi calculator to see the impact on your potential savings.
Step 8: Review Your Break-Even Point
This is the number of months it will take for the total savings to equal the cost of refinancing your mortgage. A mortgage refinance may be beneficial if you plan to remain in your home beyond this point.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a mortgage refinance calculator can help you determine if refinancing is a viable option to lower your monthly payments or interest rate. The tool provides a thorough comparison of your current and potential new terms, including monthly payments, interest rates, and total interest paid.
The calculator can help you determine how to refinance a mortgage by showing how different interest rates and loan terms impact your monthly payments and the total interest paid. By experimenting with various scenarios, you can evaluate whether refinancing will save you money in the long term and if the savings will outweigh the upfront costs.
What Is the Break-Even Point in Refinancing?
The break-even point is one of the most important factors to consider when deciding whether to refinance your mortgage. It is the time it takes to recoup the closing costs on your mortgage refinance through monthly savings. The refi mortgage calculator computes your break-even point by subtracting your new estimated monthly payment from your current mortgage payment, then dividing the closing costs by the monthly savings.
For example, if refinancing saves you $200 a month and your closing costs are $8,000, it would take 40 months to break even. If you plan to sell your home before reaching this point, refinancing may not be the best strategy. If you don’t see any savings, or the refinance shows a negative number, it might not make sense to refinance your current loan.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Alaska
Mortgage refinancing costs in Alaska typically range from 2% to 5% of the new loan amount. Fixed costs include application fees (up to $500), credit report fees ($25-$75), appraisal fees ($600-$2,000), recording fees ($25-$250), and attorney fees ($500-$1,000+).
Percentage-based costs include loan origination (0.5%-1%), title search and insurance (0.5%-1%), discount points (1% of the mortgage amount per point), and mortgage insurance (which varies depending on the type of mortgage loan you choose). Refinancing may not require certain fees, such as title insurance and inspection fees.
You can reduce your refinancing costs by comparing lenders, negotiating fees, and maintaining a high credit score. Some lenders offer a no-closing-cost refinance but will increase the interest rate to cover the closing costs, so they’re not always cost-effective.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
Lowering your monthly mortgage payment before starting the refinancing process can help reduce your mortgage refinance payment. To achieve this, you could:
• Improve your credit score to secure lower interest rates.
• Extend the term of your loan, but remember that this may increase the total interest paid.
• Appeal your property tax to potentially reduce your annual tax bill.
• Shop for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
Refinancing your mortgage can help you manage your finances effectively, but it’s a process that requires careful consideration. An Alaska mortgage refinance calculator is a tool that can help you estimate potential savings, associated costs, and your break-even point to determine if refinancing aligns with your long-term financial goals.
Whether you’re looking to lower your interest rate, change your loan term, or access home equity with a cash-out refinance, using a refi mortgage calculator can help you make a well-informed decision.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in Alaska?
Refinancing your mortgage in Alaska involves closing costs ranging from 2% to 5% of the new loan amount. These costs can include application, appraisal, credit report, and title insurance fees. Comparing offers from different lenders and negotiating these fees could help you reduce your refinancing costs.
How much does it cost to refinance a $400,000 mortgage?
Refinancing a $400,000 mortgage can cost between $8,000 and $20,000, or 2% to 5% of the loan amount. Fixed costs you must typically pay include lender fees, appraisal fees, and title search fees. A mortgage refinance calculator can estimate your total costs and potential savings.
Do you have to put 20% down to refinance?
You don’t need to put 20% down to refinance, but having at least 20% equity can help you secure better terms and avoid private mortgage insurance. To calculate your equity percentage, subtract the balance you owe on your mortgage principal from your home’s estimated value, and then divide this amount by your home’s value.
At what point is it not worth it to refinance?
Refinancing may not be worthwhile if your break-even point is too far in the future, relative to how long you plan to own your home. The break-even point is the time it takes for savings to cover closing costs. For example, if closing costs are $8,000 and you save $200 per month, it would take 40 months to break even. In this case, if you didn’t plan to own your home for at least 3 years, refinancing probably wouldn’t be beneficial. A mortgage refinance calculator can help you assess the long-term financial impact of refinancing.
What month is best to refinance?
The best month to refinance depends on prevailing mortgage rates and your financial goals. Rates are often lower during the fall and winter months, making these periods more favorable for refinancing. However, you should monitor current rates and ensure you’re financially stable before beginning the process.
Which bank is best for refinancing?
The best bank for refinancing depends on your specific financial needs. Consider factors such as interest rates, closing costs, and customer service. Comparing offers from multiple lenders will help you find one that best meets your requirements.
What credit score do you need for refinancing?
Most lenders require a minimum credit score of 620 for conventional loans. A higher score, such as 700 or above, can help you secure better interest rates and terms. Check your credit report and do what you can to improve your score before applying
What are the advantages of refinancing your home?
Refinancing can lower interest rates, reduce monthly payments, or decrease total interest paid. You could also access home equity through a cash-out refinance, which can provide funds for home improvements or debt consolidation.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry. However, making your new payments on time can help your credit score recover and potentially improve over time. Conversely, not making your payments on time can harm your score. A mortgage refinance calculator can help you assess the financial impact of mortgage refinancing and make sure it is affordable before you apply.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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Alabama Mortgage Refinance Calculator
Alabama Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your mortgage can help you manage your finances effectively and achieve your financial objectives. However, it’s important to be aware of the potential benefits and drawbacks. An Alabama mortgage refinance calculator can provide estimates of your potential savings and costs. Keep reading to gain a clearer understanding of the financial implications involved in this decision.
Key Points
• Using an Alabama mortgage refinance calculator can help you estimate potential savings and costs, making it easier to decide if refinancing aligns with your financial goals.
• A mortgage refinance can lead to a lower interest rate, leading to significant savings over the duration of the loan.
• Refinancing to a shorter loan term can reduce the total interest paid over the duration of the loan, while a longer term can lower monthly payments.
• Mortgage points, which cost 1% of the loan amount per point, can lower your interest rate and monthly payments.
• The break-even point, calculated by dividing closing costs by monthly savings, is used to determine whether refinancing is worth it based on how long you intend to stay in your home.
• Mortgage refinancing costs typically range from 2% to 5% of the new loan amount and include origination, appraisal, and attorney fees.
Alabama Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your existing mortgage loan. This figure determines how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the loan amount charged by the lender. The new interest rate you secure through refinancing can significantly impact your monthly payments or the total interest paid over the duration of the loan.
• Remaining/New loan term: The remaining loan term is the number of months left on your current mortgage. A new loan term can be shorter or longer, affecting your monthly payments and total interest costs.
• Points: Mortgage points are upfront fees paid to the lender to lower your interest rate. Each point costs 1% of the loan amount and can reduce your interest rate by .25%.
• Other costs and fees: Refinancing involves origination, appraisal, and attorney fees. They typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment includes the principal and interest. A refinance calculator helps you compare your current payment to the estimated payment after refinancing.
• Total interest: Total interest is the cost you pay to the lender over the duration of the mortgage. Comparing your current total interest to that of a potential refinance will help you determine your possible savings.
How to Use the Alabama Mortgage Refinance Calculator
To use the refi calculator effectively, provide information about your remaining loan balance, current interest rate, and the potential loan terms.
Step 1: Enter Your Remaining Loan Balance
Begin by entering your remaining home loan balance into the mortgage refinance calculator. This figure will give you a reliable estimate of your potential savings and costs. If you’re unsure about the figure, check your most recent mortgage statement or contact your lender for the outstanding balance.
Step 2: Add Your Current Interest Rate
Entering your current interest rate into the mortgage refinance calculator will allow it to provide a baseline for comparison, showing how much you’re currently paying in interest and how a new rate might affect your monthly payments and overall savings.
Step 3: Estimate Your New Interest Rate
By adding a new interest rate into the home refi calculator, you’ll see how it would affect your monthly payments and total interest paid. A 0.50% reduction can lead to substantial savings over the duration of the loan. You may also want to check current mortgage rates online in your area.
Step 4: Select Your Remaining Loan Term
Enter the number of months you have left on your current mortgage. This helps the calculator show how much you’ve already paid and how much you still owe, which allows you to explore the impact of a shorter or longer-term loan.
Step 5: Choose a New Loan Term
Selecting a new loan term will let you determine how it affects your monthly payments and total interest costs. A shorter term can reduce overall interest, while a longer term can lower monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Provide the number of points you plan to buy. Each point costs 1% of the loan amount and can lower your interest rate.
Step 7: Estimate Your Other Costs and Fees
Don’t forget to include other costs such as lender, appraisal, and title insurance fees to get a more accurate estimate of your total expenses.
Step 8: Calculate Your Break-Even Point
The home refi calculator can then work out the break-even point by dividing closing costs by monthly savings. For example, if your closing costs are $5,000 and you save $100 per month, it would take 50 months to break even. Use the break-even point to ensure the refinancing aligns with your financial timeline.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a mortgage refinance calculator can help you evaluate whether refinancing can lower your monthly payment or interest rate, potentially saving you money in the long term. It provides a comparison of your current and potential new mortgage terms.
By testing out different rates and loan terms, the calculator can help you decide how to refinance a mortgage. It will show you how refinancing may affect your monthly payments and the total interest you’ll pay. A decreased monthly payment could free up funds, whereas paying less total interest could result in substantial savings over the duration of the loan.
What Is the Break-Even Point in Refinancing?
The break-even point is the time it takes for the savings from your new mortgage to cover the closing costs of refinancing. To find this point, the calculator will subtract your estimated monthly payment after refinancing from your current mortgage payment, then divide the closing costs by this value.
For example, if refinancing saves you $100 a month and your closing costs are $2,500, it would take 25 months to break even and start benefiting from savings. If you plan to stay in your home longer than the break-even point, refinancing could be a smart financial move.
Recommended: Explore a Cash-Out Refinance
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Alabama
Mortgage refinancing in Alabama can cost 2% to 5% of the new loan amount in closing costs. This includes fixed costs such as loan application fees (up to $500), credit report fees ($25-$75), home appraisal fees ($600-$2,000), recording fees ($25-$250), and attorney fees ($500-$1,000+). Percentage-based costs often include loan origination fees (0.5%-1% of the loan amount) and title search and insurance (0.5%-1% of the loan amount), although the associated costs vary depending on the type of mortgage loan you choose.
Compare lenders’ offers and negotiate fees to reduce these costs. Some lenders may also offer a no-closing-cost refinance, but these often have increased interest rates to cover closing costs, so may not be a more cost-effective option.
Recommended: Refinancing a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
Before refinancing, you have several options that may help you reduce your mortgage refinance payment. You could:
• Improve your credit score by paying bills on time, reducing credit card balances, and addressing credit report errors.
• Extend the term of your home loan to reduce monthly payments, though this may increase the total interest you’ll pay.
• Appeal your property tax to potentially lower your annual tax bill, but gather evidence and consult a professional before proceeding.
• Shop for a lower homeowners insurance rate by increasing your deductible, bundling policies, or making your home more secure or storm resistant.
The Takeaway
Refinancing your home loan can be financially beneficial by helping you save on monthly payments or the total interest you’ll pay. An Alabama mortgage refinance calculator can help you estimate potential savings and determine the break-even point. Whether you’re planning to lower your monthly payments, pay off your home loan more quickly, or access your home equity, the refi calculator can help you make a well-informed decision about the financial implications of refinancing.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in Alabama?
Refinancing your mortgage in Alabama typically costs 2% to 5% of the new loan amount. This can include lender, credit report, appraisal, title search, and insurance fees.
How much does it cost to refinance a $300,000 mortgage?
Refinancing a $300,000 mortgage typically incurs costs ranging from $6,000 to $15,000, or 2% to 5% of the loan amount. Fixed costs can include lender, appraisal, title search, and insurance premium fees.
Do you have to put 20% down to refinance?
You don’t need to put 20% down to refinance. However, many lenders require that homeowners have 20% equity to qualify for the refinance.
At what point is it not worth it to refinance?
Refinancing is not worth it if your break-even point extends beyond the amount of time you plan to stay in your home. For example, if your closing costs are $5,000 and you save $100 per month, your break-even point is 50 months. If you plan to move within three years, refinancing might not be beneficial.
What month is best to refinance?
The best month to refinance can vary based on market conditions and your financial situation. Interest rates are often lower in the fall and winter, but monitor the market and ensure you are financially stable before proceeding.
Which bank is best for refinancing?
Choosing the best bank for refinancing depends on your financial needs and the terms offered. Consider factors such as interest rates, loan terms, and closing costs. Compare offers from multiple lenders to find the best financial benefit. Look for transparency and responsiveness in the lending process.
What credit score do you need for refinancing?
A minimum credit score of 620 is typically required for conventional loans. A higher score, such as 700 or above, can secure better terms and rates. Check your credit report for errors and improve your score before applying.
What are the advantages of refinancing your home?
Refinancing can lower your monthly payments or the total interest paid by lowering your interest rate or extending your loan term. A cash-out refinance allows you to borrow extra funds for home improvements or debt consolidation.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry. However, your refinanced terms may improve your debt-to-income ratio and potentially boost your score over time. Continue making timely payments and manage your debt levels.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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Is 670 a Good Credit Score?
Is 670 a Good Credit Score?
By Timothy Moore
(Last Updated – 11/2025)
A credit score of 670 is at the very lowest edge of the “good” category. So is a 670 credit score good? Technically, yes, and you should be able to qualify for most types of loans.
But is 670 a good credit score in terms of getting the best rates and lowest fees? Not usually. You’ll need to work on building your credit score to earn lower interest rates and fees, higher borrowing amounts, and more flexible terms.
Below, you’ll learn the full story on what a 670 credit score means and what types of loans you can get with this score.
Below, you’ll learn what it means to have a credit score of 670, including what kinds of loans you’ll likely qualify for and what rates you can expect.
Key Points
• A 670 credit score is considered good but is at the lower end of this category.
• With a 670 score, most loans are accessible, though they may come with higher interest rates and fees.
• 66% of borrowers with a 670 credit score have auto loans.
• Leasing a car may be more difficult with a 670 credit score.
• 36% of individuals with a 670 credit score have mortgages.
What Does a 670 Credit Score Mean?
Think of your credit score as a grade. Credit scoring companies like FICO® and VantageScore® review your credit report (you have one with each of the three major credit bureaus) and assign a number to you based on how reliable you are when borrowing money. On-time payments, a healthy credit mix, and low credit utilization are some of the factors that affect your credit score.
The most popular credit scoring model in the U.S. is FICO, which has five credit score ranges:
• Exceptional: 800 to 850
• Very Good: 740 to 799
• Good: 670 to 739
• Fair: 580 to 669
• Poor: 300 to 579
A 670 FICO score is officially in the “good” range — but just barely. To get the most out of a “good” credit score (like low interest rates and low fees), you should aim to build your score into the 700s or beyond.
What Can You Get with a 670 Credit Score?
A 670 credit score is at the absolute bottom of the “good” range in the FICO credit scoring model. While the score indicates that you should qualify with lenders advertising loans for borrowers with good credit, your status right on the edge might throw your application into question.
Even if you do qualify for loans, you likely won’t enjoy as low of interest rates and fees as you might if you were on the higher end of the “good” range or had a score in the “very good” or “exceptional” range.
But don’t let that discourage you. With the right lenders, you should still be able to qualify for all major types of loans. Keep reading to learn more.
Recommended: FICO Score vs. Credit Score
Can I Get a Credit Card with a 670 Credit Score?
The minimum credit score to get a credit card is 300, which is the absolute lowest score you can have. In fact, some credit card issuers will give you a credit card even if you haven’t established any credit history at all.
The caveat? You’ll likely only qualify for a secured credit card (that means making a cash security deposit as collateral on the card), and interest rates will be high. However, using this card responsibly means that, over time, you can expect to build your credit history and score.
With a 670 credit score, you’ll probably qualify for a wider range of credit cards, including unsecured credit cards (no security deposits required!). However, a 670 score is typically not good enough to get rewards credit cards that offer cash back or travel points. You may also still have a low credit limit and high interest rate until you build your score.
Can I Get a Personal Loan with a 670 Credit Score?
Along the same lines as credit cards, there’s no official minimum credit score to get a personal loan. Instead, each lender sets its own requirements, and many lenders — especially those found online via lending marketplaces — are available to those with poor credit. Again, these might be secured loans and have steep interest rates, which can go as high as 36%.
With a 670 credit score, however, you likely don’t have to worry about a security deposit and interest rates that steep. Personal loan lenders that are willing to work with good credit will still likely have high interest rates and origination fees, but there may be some more flexibility with how much you can borrow and how long you have to pay it back.
Credit scores are only one factor lenders consider when approving you for personal loans, however. They typically also consider your income streams and outstanding debts before approving you. If you’re hoping to consolidate multiple outstanding debts with the personal loan, make this known to the lender. Getting a credit card consolidation loan can be a way to combat competing payment due dates and high interest rates and pay off your debt.
Can I Get a Mortgage with a 670 Credit Score?
You can get a mortgage with a 670 credit score, as long as you meet other qualification requirements. In fact, the minimum credit score needed to buy a house with a conventional mortgage is 50 points lower: 620.
And even those prospective homebuyers with scores below 620 have options through government-backed loans, such as FHA loans, VA loans, and USDA loans.
Buying a home with a 670 credit score is popular. According to Experian®, 36% of people with a 670 credit score have a mortgage loan in their credit portfolio. Just remember that credit score is only one facet of the loan approval process; lenders will also want to see steady income, a low debt-to-income ratio, and enough funds to cover your down payment. At the very least, you’ll need 3% in cash for a down payment when purchasing a home through a conventional mortgage.
Recommended: Different Types of Home Mortgage Loans
Can I Get an Auto Loan with a 670 Credit Score?
You can also get a car loan with a 670 credit score. However, auto lenders typically use a specialized auto credit scoring model, either the FICO Auto Score or VantageScore 3.0 or 4.0, instead of the traditional scoring model. The FICO Auto Score runs from 250 to 900.
Technically, there’s no minimum credit score to buy a car. Even borrowers with subprime credit can usually find some kind of loan, though the amount they can borrow might be low, and the rate will certainly be high — and falling behind on payments means the car could be repossessed.
Borrowers with a 670 credit score are in a much better place when it comes to financing a car. While you won’t get the lowest rates and fees available, you should be able to drive away from the dealership in a new set of wheels without much hassle. In fact, 66% of borrowers with a 670 credit score have an auto loan, according to Experian.
Leasing a car with a 670 credit score can be more challenging. While car dealerships will lease cars to drivers with a lower credit score, 680 is the preferred threshold.
The Takeaway
A 670 credit score is considered a good credit score on the FICO scoring model — but only just barely. It’s on the cusp of “fair” and “good.” You’ll likely be able to qualify for credit cards, personal loans, mortgages, and auto loans, but 670 is not good enough to get the industry’s best rates and lowest fees. It may be wise to keep working to build your credit score, and consider applying for a loan once you’ve made it to the “very good” level (740 to 799) or higher, if possible.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.
FAQ
Can I buy a house with a 670 credit score?
Yes, you should be able to buy a house with a 670 credit score. You need at least a 620 credit score to qualify for a conventional mortgage. Lenders will also want to see steady income and employment, and you’ll need enough money to cover the down payment.
Can I buy a car with a 670 credit score?
While auto lenders typically look at your FICO Auto Score rather than your traditional FICO score, a 670 credit score is usually good enough to get a typical car loan. A 670 score may make it harder to lease a car, however.
Photo credit: iStock/tolgart
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