Your credit score is critical for Cave Creek mortgages. It determines your loan approval, interest rate, and down payment requirement. Cave Creek: .2M+ median, luxury market.
Higher scores = lower rates. A 50-point difference can cost/save thousands over 30 years. Check AnnualCreditReport.com for your free report.
| Credit Score | Rate (2026) | Monthly Payment ($400K) | 30-Year Interest |
|---|---|---|---|
| 760+ | 6.25% | $2,413 | $268,680 |
| 700-759 | 6.50% | $2,531 | $311,160 |
| 660-699 | 6.75% | $2,652 | $354,720 |
| 620-659 | 7.25% | $2,898 | $443,280 |
Conventional: 620+ (better at 640+)
FHA: 580+ (3.5% down)
VA: No minimum (lender-dependent)
USDA: 640+ recommended
Pay on time: Late payments hurt most. Lower utilization: Keep credit card usage under 30%. Dispute errors: Check AnnualCreditReport.com for mistakes. Build history: Length of credit matters. Results: 3-12 months of improvement.
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