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Q1) "is it true that people with the lowest credit scores get the highest interest rate mortgages?"
A1) Yes. Lower credit score means higher risk. And the lender gets more money for the increased risk.
Q2) "Can a consumer negotiate the interest rate?"
A2) Of course they can.
And keep in mind that the lower the FICO score, the less negotiating power the consumer has.
Consumers that have the high scores have the best bargaining power and can shop around.
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