What credit rating do I need to qualify for a mortgage, and how can I enhance my credit for better rates?
Creditworthiness plays a pivotal role in mortgage approval and the interest rates borrowers get.
The credit rating varies depending on the lender and the kind of mortgage. For most loan types, though, the credit rating required to buy a house is at least 620. However, a higher credit score can increase the likelihood of approval.
To improve credit for better rates, consider the following:
Timely Payments: Pay bills on time, as timely payment carries considerable weight in your credit rating.
Reduce Debt: Work on reducing credit card balances and overall debt, aiming to keep credit utilization below 30%.
Avoid New Debt: Minimize opening new credit accounts in the months leading up to your mortgage application.
Seek Professional Advice: Mortgage brokers can offer tailored guidance on credit requirements and strategies to enhance your creditworthiness.
Wave Lending Group in Puyallup is an experienced mortgage broker that guides clients throughout the mortgage process, supporting you to secure a more favorable mortgage deal. Contact us today!
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